Using a property as an alternative, or in addition, to traditional investment methods has become a popular option over the last couple of decades.
The introduction of buy to let mortgages in the late 1990’s made buying a second property much more accessible. Over the years tighter borrowing criteria and more recently, changes to taxation mean you should consider a buy to let purchase as a long term investment.
The introduction of the Housing Act 2004 increased the legal obligations for landlords and since then we have seen a steady stream of legislation designed to regulate the Private Rented Property Sector.
Buying to Let remains popular. It is vital though that you understand the legal framework of being a landlord and the responsibilities you have to your tenants. This is another reason that a long-term approach needs to be taken before taking the plunge.
This is where we can help those wanting to enter the market. Alongside giving you our opinion on the style of property to buy, we can provide you with an indication on the level of rent you can expect to achieve and the type of tenants you can expect to attract.
We can also provide advice on some of the legislation, regulations and requirements you will need to consider including:
- Housing Act 1988
- Housing Act 2004
- Landlord and Tenant Act 1985 and 1987
- Deposit Regulations
- Assured Shorthold Tenancy Notices and Prescribed Requirements (England) Regulations 2015
- Deregulation Act 2015
- Housing Health and Safety Rating System (England) Regulations 2005
- Homes (Fitness for Human Habitation) Act 2018
- Tenant Fees Act 2019
- Gas Safety Regulations 1994, 1996 and 2018
- Electrical Equipment (Safety) Regulations 1994 & 2016
- Smoke and Carbon Monoxide Alarm (England) Regulations 2015
- Housing and Planning Act 2016
- Electrical Safety Standards in Private Rented Sector (England) Regulations 2020
- Furniture and Furnishings (Fire) (Safety) Regulations 1988
- GDPR (General Date Protection Regulation)
- Energy Performance of Buildings (England and Wales) Regulations 2007 and 2012
- Energy Efficiency (Private Rented Property) Regulations 2015
- Distress for Rent Act 1737
- Legionella Risk Assessments
- Management and Licensing of Houses in Multiple Occupation
- Right to Rent
- Rent Smart Wales
- Consumer Rights Act 2015
- Consumer Protection Regulations 2008 & 2014
So, if you are thinking of buying to let in Somerset, please do contact us for sound advice based on over 20 years experience.