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Your solicitor for the purchase. Please note that this conveyancing process is much quicker than normal process and we can recommend solicitors who are able to complete the purchases within the given time frames. Whilst you have freedom of choice to instruct a solicitor of your own choosing, we recommend using one of the solicitors whose details we can forward to you, as they have experience of conducting conveyancing in this geographical area which promotes efficiency and timely completions which are in everybody's interest. Their fees start from £950+VAT + disbursments.
Stamp duty surcharge of 5% for ‘additional’ properties over £40,000
Selective Licence fee for some properties - One off charge of up to £555 for a 5 yr period 1 April 2022 to 31 March 2027 (discounts available) please click on the following link for more details https://www.readylet.co.uk/blog/selective-licensing
Annual costs
Landlord’s buildings insurance approx. £200 a year (we can also put you in touch with someone to organise this for you)
Following the initital gas certification which is included in the price of the property, all tenanted properties require an annual cp12 gas certificate. Your agent arrange this and keep the records. The charge for this is approx. £95+VAT per year
Monthly costs
Following the purchase, if you choose to have your property managed you will be charged 10% of rent + VAT (minimum £45+VAT per month) for a full management service.
Ad-hoc costs
The properties are refurbished by our builders before you complete your purchase, and there is no charge to fix snagging issues for 6 months from your completion date.
Your letting agent will deal with emergancy repairs and other maintenance issues as they arise and arrange for appropriate tradesman to affect necessary repairs and decorationto a maximum agreed cost of £200. If it is more than this amount your agent will obtain your approval first except in cases of emergancy.
All tenanted properties require an EPC, and there will be one in place when you purchase the property but this will need to be renewed 10 years following the date the EPC was carried out. The charge for this is approx £108+VAT
All tenanted properties now require an electrical report, again there will be one in place when you purchase the property but it will need to be renewed 5 yrs after it was first done. Again your agent will arrange this and keep the records. The charge for this is approx £185+VAT.
As part of the price of the property we find a suitable tenant to the property, paying close attention to applicant history and references. The majority of the tenants are long term tenants, however if the tenant does decide to move out there is a charge of approx £497+VAT to appoint a new tenant.
If the property is empty you will be liable for the council tax, but the tenant will be responsible for this whilst the tenant is in situ (please note that if a tenant does decide to move out they can be replaced quickly so this is rarely an issue).
Disclaimer
There are many responsibilities of being a property owner and a landlord and we have created the list above to give you a good idea of what can be expected, but it should not be interpreted as comprehensive.
