Although most people choose to use solicitors in North Wales to help them buy their first house, these legal experts can also support with the purchase of a second home.
In many ways, the buying process is the same as buying a primary home, but there are some differences, especially when the second house is bought for business reasons.
Many second homes are used as buy-to-lets, and there are some specific steps that must be taken to secure it legally and safely. A lot of the procedures are the same as most standard house purchases such as searches, examining property deeds and ownership. They will also handle the fees and transfer the monies to purchase the property.
The differences for purchasing a buy-to-let include having the solicitor ensure there are no clauses in the purchase, preventing the house from being rented out or how to deal with a sitting tenant. Conveyancing solicitors in North Wales may also be able to offer advice on tenancy agreements, tenancy deposit schemes and the tax implications of having an income from renting out a house.
A buyer could be liable for additional stamp duty, so it is important to seek the advice of a legal expert. They will also be able to tell the buyer how quickly they can start renting out the house and the implications of houses of multiple occupation.
Speak to us now here at Bennett Smith Solicitors to talk about buying a property as a business investment.
