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Why invest in buy to let property?
There are several easily accessible alternatives for investors with cash to choose from: stocks and shares, gold, deposit accounts and, currently in favour, buy to let properties.
While there is an abundance of conflicting data to persuade investors that each option is the more attractive, typically the good old saying: “an Englishman’s home is his castle” demonstrates our confidence in property as a long term investment.
We can see it, we understand it, we know that generally over time it will increase in value and we feel familiar owning property, because, in the main, we have confidence in property. Most importantly, we are in direct control of it. Stocks, shares, unit trusts and gold all come with a degree of the unknown. Deposit account interest rates look to offer no help to investors in the next few years.
Why invest in the West Country?
The West Country’s expanding and economically stable environment provides a safe haven for your investment – stability which is seldom found in the stock market or savings.
Bricks and mortar have provided strong rates of appreciation for generations of home owners. Of course, there have always been peaks and troughs, but compare overall yield to shares and current cash accounts and it doesn’t take long to recognise the long term investment opportunities afforded by property ownership.
Chancellor George Osborne’s recently announced plan to boost the South West economy by £6.8 million, by 2030, is sure to have a positive pull on property prices.
With plans of new roads and rail services, a further 150,000 jobs planned and an expanding regional airport, the west country offers much more than just stunning beaches!
Why buy a property from Westcountry Investments?
We have been investing in property for 15 years. During that time we have encountered every problem imaginable, now giving you the benefit of our experience, making your purchase more probable of being a safe and secure long term investment.
We are releasing a number of freehold residential buy to let investments, which we have owned for a number of years. As well as providing full details of the property, we offer the payment history of each tenant and any work carried out to the property to date. You don’t get this information if you buy at auction.
We will not provide a yield rate, unless it is expressed as the amount of rent per annum charged against the sale price of the property. Other than monthly management charges there are no other costs, and you may choose to manage the property yourself. Most of our managing agents have reduced their fees due to our volumes.
Rent will be paid to you, by either the tenant, or the managing agent monthly. This is another benefit of buy to let investments: yield rates quoted annually with the benefit of monthly cash payments.
Frequently Asked Questions
All our Properties are managed by one of several professional letting companies. They are all members of ARLA. All Tenants will have been credit checked, occupation referenced and will all have paid a deposit. If we have accepted a tenant outside of these parameters we will have required a guarantor that is a homeowner. You will be given full tenant information prior to exchange.
All our tenancies are “assured short-hold tenancy agreements”. This is the standard form of agreement used by the majority of landlords. By law you may serve notice at any time giving at least two months notice. i.e. if you want to sell with vacant possession. Tenants must give one months notice to end the agreement.
All tenants lodge a deposit. On the day of departure, the managing company will inspect the property with the tenant and compare its condition to photographs taken when the tenant moved in. Any tenant damage will be quantified, agreed and retained from the deposit. Any remainder of deposit will be refunded to the tenant.
We have owned hundreds of leasehold flats… we continue to own a substantial number… But we find it increasingly difficult to recommend flats as the yield is affected by the behaviour, condition and skill of the freeholder and management company… therefore it is difficult to provide a subsequent buyer with an honest yield. We have had numerous issues with other flat owners allowing a difficult tenant access, noise, nuisance and other factors affect the success of the investment. We have had situations of deceased freeholders, other tenants not paying maintenance and properties falling into a state of disrepair. Therefore we will continue to buy, manage and retain leaseholds but would not recommend them to others.
We do not give advice on mortgages. However we are aware from press articles that the buy 2 let market is now a substantial part of the overall mortgage market and most banks offer these products. Specialist mortgage brokers also exist to cater for buy 2 let investors.
Entirely your choice. You should seek accountants advice and compare the costs v the returns on an unencumbered property v the cost and return on say two or three mortgaged properties.
We charge no fees. We only sell properties that we have owned, have a long term paying tenant in situ and that we feel should pass to a new investor free of any issues. You will have to pay legal fees and stamp duty. You will have to pay for a survey if required. You will have fees if you are obtaining a mortgage.
You must produce a gas safety certificate annually. You should insure the building for its re building cost.
With regard to electricity – the landlord is responsible for the safety of the electrical installation (& any appliances they provide – which would require more regular checks). The law does not specify testing periods (other than for HMOs which is 5 years) but it is recommended to have the electric installation checked every 5 years.
You should be aware of health and safety legislation that generally relates to landlords of residential dwellings. Most landlords will have this looked after by there letting agents,plus regular checks of smoke detectors and CO2 alarms.
For more full details on landlords obligations visit gov.uk landlords section or speak to your solicitor before completion.
Many Buy To Let investors choose to buy property at auction, generally auctions provide no information on the quality or payment history of the tenant. In addition to this the property is only available on the day of the auction where you may feel rushed into a purchase.
With a West Country Investments property you will be provided with full information on both the property and the current tenant before completion. In addition your investment will not be time sensitive giving you the opportunity to fully research prior to purchase.
What the press say...
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