Renting out a property can be a great way to make extra money but can also come with its own challenges, which are difficult to fix without expert help. From organising a mortgage to dealing with disputes, a property lawyer can help to take the stress out of any situation and advise you on the best course of action.
How can a property lawyer help landlords?
1. Getting a mortgage: Rising interest rates mean that mortgage deals on Buy to Let properties have become more expensive and complex. Before you decide on a specific mortgage, it’s a great idea to speak to a property lawyer. They’ll be able to break down the mortgage contract and explain your rights and responsibilities under the agreement. This can be especially helpful if this is your first time renting out a property.
Before getting a mortgage on a rental property, you’ll also need to complete an occupier waiver form. This gives your mortgage provider the right to evict tenants if you fail to keep up with payments. Before completing this document, you’ll want to speak to a property lawyer to make sure you’re clear on the terms and conditions. Independent firms such as Parachute Law can help you to complete this document.
2. Supporting you in rent recovery: In a recent article, Which? reported on proposed new legislation that will significantly impact the rights of landlords. Called The Renters’ Reform Bill, this legislation gives more power to tenants in rented housing and requires landlords to provide a longer notice period before rent increases. If anything happens which means that your tenant can’t pay their rent, whether this is through illness, injury, or a change in their personal circumstances, you may need to negotiate a solution with them. Advice from a property lawyer can help you to find the best solution for everyone quickly and easily.
3. Explaining tenant law: Property and tenant law can be complex and ever-changing! For example, the aforementioned new Renters Reform Bill gives tenants more power to challenge eviction notices and increases in rent. To make sure that you’re up to date with the latest legal information, consulting a property lawyer is a wise move and means you won’t have to worry.
4. Dealing with disputes: Whether you’re the landlord of a business or residential property, disputes can arise for a number of reasons. This could be anything from a disagreement over boundaries to a conflict with a tenant. Speaking to a property lawyer means that you can explore your options and be clear before you decide on a course of action.
How to find the right property lawyer?
Property lawyers are specialist property solicitors who can advise you on all aspects of the law. Before choosing your lawyer, it pays to look at several different firms and assess the services they can offer. Estate agents can often recommend local firms but it’s also worth looking online for the most appropriate property lawyers.
