Buying an investment property is one of the best and assured foreign investment.
There are several things you need to know and do to ensure that you become a successful investor.
The Key players are: You, The Estate/Letting agent, the Surveyor and the Solicitor.
You will need to engage a solicitor or conveyancer to carry out the legal work attached to the purchase of your house. A solicitor covers many aspects of the home-buying process, including helping you when negotiating the price of the property. The Solicitors’ Regional Directory lists names and addresses of solicitors and their web sites can also be useful.
Your solicitor will also:
- Contact the seller’s solicitor and initiates a contract
- Requests title deed to the property
- Carries out a local authority search
- Reads the survey report with comment
- Finalises the contract details with the seller
- Collects money from you and transfers the money to the seller’s solicitor
- Arranges for the deed to be stamped by the local authority
- Takes the deed to land registry to record you as owner.
You can usually find a surveyor through recommendation from your solicitor or estate agent. Alternatively, you can find the names of firms in the Yellow Pages or telephoning direct enquiries. The surveyors report may highlight any major structural problems that are immediately obvious, such as major damp, subsidence or heave. It cannot be relied upon to spot anything other than superficial problems. Modern buildings are usually free from aging problems.
Buying a property to let is not something to rush into. Speak to letting agents in the area where you want to buy a house to find out:
- If there are demands for rental properties
- How much income to expect
- The most popular property and locations for tenants
- The areas that are easy and cheap to maintain.