Aylesbury landlords drop in to see us

As readers will be aware Saturday 19th of March was the day of our landlord drop in session. This event had been heavily promoted and offered Aylesbury landlords the chance to meet a tax advisor/accountant, a financial advisor, an inventory expert and the Mortimers team at the same time enjoying drinks and nibbles.
There was a healthy turnout and we met several new landlords and others venturing in to the market for the first time. We were able to assist new landlords with information and reassure a couple of them that moving from one agent to another was an easy thing to do, much of the paperwork would fall to us not them.
It was interesting to meet new landlords who were venturing in to the market for the first time. They were not fazed by the fullness of market prices and were not put off by the new Stamp Duty rates, understanding that these costs could be claimed back from any Capital Gains Tax bill when they sold the property. Primarily they were looking to buy for the long term and therefore these factors did not feature greatly in their thinking.
Worth sharing with you three situations in particular where we were able to assist landlords...

Landlord 1.
This landlord has just had an offer accepted on a local property. Although he lives locally he does not know the area well having moved here from London. When it comes to property he is not experienced but does want to get on to the buy to let ladder. The area he has found a property in is primarily Local Authority stock, the agent he is buying from had assured him the area was sought after and a fine location to buy a property for investment. Further the property is three bedrooms. not in great condition and he has agreed a rather full price whilst not being able to benefit from beating the Stamp Duty changes. I believe he is reconsidering his purchase.

Landlord 2.
These are experienced landlords owning two local properties and hoping to acquire a third. They use  a local agent to manage their property, have done for years, but were not aware how competitive the market has become amongst agents. If they were to switch agents to us they would save almost £1000pa just on management fees and possibly more after all the add-ons are considered.

Landlord 3.
This first time landlord is also a first time buyer. He wanted to consider buying a property via a company to potentially benefit from the different tax breaks. We were able to demonstrate that initially this would not be the right method of purchase. As a company the pool of lenders is reduced but it is reduced still further to a first time landlord. The costs of setting up and maintaining a company outweigh the costs benefits in this case.

Buying to let is not just about choosing a property that feels right, instructing the agent you buy from because you like them and sitting back. There are many aspects that can make a difference.
The advice I give to landlords can have a real impact, you can reach me by phone 01296 398555 or email ian@mortimersaylesbury.co.uk



A big thanks to our invited professionals for their help on the day