There are 7 key people you need to know to buy then manage a property, and they are:
1 – Mortgage advisor
If you intend to buy a property with a mortgage, I suggest the mortgage advisor is the first person you need to speak to.
They will need to know your income, property experience, amount and source of your funds.
They can tell you:
how much you can borrow,
how much rental income the property must achieve,
and the value of the property you can buy.
Also, the likely interest rate, therefore the monthly mortgage cost.
Often they can advise on insurance products too.
You can go to a:
high street bank’s mortgage advisor,
an estate agent’s mortgage advisor,
or an independent mortgage advisor
I always use an independent mortgage advisor and find they have a better handle on the mortgage market and can often access more mortgage products.
2 – Accountant
I recommend talking to an accountant who specialise in property, early on.
You need to understand the differences when you buy property in your name compared to when you purchase property in a limited company.
Depending on your income and tax circumstances, buying a property in a limited company could be advantageous from a tax and cash flow perspective.
But speak to a accountant first.
3 – Estate agent
Most houses are bought and sold via Estate Agents. Showing your agent that you are serious about buying a property, have funds available, and have spoken to a mortgage advisor will help.
4 – Solicitor
Once an offer is accepted, your estate agent will ask for your solicitor’s details.
5 – Letting Agent
A letting agent can be a useful person to speak to before you make an offer.
They will be able to advise on the likely rental price and demand for a property.
If you have decided to use a letting agent, Let them know when you are nearing completion so they can market the property and minimising any void.
There is an increasing amount of legislation a landlord must know about. To avoid problems in the future, you must make sure you meet all the requirements.
We have a free ebook with all you need to know to manage your property compliantly and you can find it on our website.
Alternatively, we can manage your property compliantly when you taking one of our managed service products.
6 – Trusted Trades People
Electricians, plumbers, heating engineers, gardeners, property maintenance people and cleaners – all keep your property up to the required standard.
7 – Other Property Investors
I have always found it invaluable to speak to other property investors.
They can tell me, their experiences of investing in similar properties in the same area, they can advise on good letting and estate agents, general support and advice.
I host a monthly property investor meeting where you can:
1 – meet other new and experience property investors
2- meet many of the property professionals you need to be successful like mortgage advisors, accountants and solicitors
3- Listen to 2 property experts each month and learn about different aspects of property investing
It really is a supportive meeting and i would be delighted if you came along.
You can find more details on our website.
We can put you in touch with the people we use and can recommend.
Jones&Co Lettings can help so please do get in touch.
