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New guide for buy-to-let landlords launched
By Simon Thompson |
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The Royal Institution of Chartered Surveyors has launched a series of free guides to help first-time property buyers through the home buying maze - including those wanting to invest in buy-to-let property.
The guides help buyers and sellers alike understand what is expected of them, the pitfalls of the property buying process and what they will have to do to comply with regulations.
The organisation says it was forced to act because an industry survey found that nearly one third of UK first-time buyers admitted that they did not understand the property buying process.
RICS also point out that 25% of first time buyers admit to not understanding the difference between an estate agent’s appraisal and a market valuation to underline just how wide the knowledge gap is on property matters.
A similar number also admitted to not knowing what role the surveyor played in the property-buying process.
Advice for landlords called ‘Letting a property’
This ignorance of property buying fundamentals, says RICS, could lead to serious problems for both sellers and buyers alike with them having to pay for unexpected charges and increase the potential for sales transactions to fall through.
Alongside their guide for potential new landlords called ‘Letting a property’, RICS has also produced guides for renting a property, property auctions, buying a home, home surveys, selling a home and one for boundary disputes.
Peter Bolton King, the residential director for RICS, said: “The property market is beginning to find its feet again with the number of buyers increasing and more sales going through.
More information on how to let a property,
“However, it’s a concern that there doesn’t appear to be enough advice to help people wanting to buy and sell their homes which is why we have produced guides which are designed to help those looking to rent, buy and sell a home.”
Mr Bolton King added that first-time buyers were particularly at risk since they haven’t been through the stress of buying their first property and, he hoped, that the guides will help future property transactions go more smoothly.
RICS says that the much anticipated second phase of the government’s Help to Buy scheme will probably see a sharp increase in the number of potential buyers with 56% of chartered surveyors saying they expected to see transaction levels increase in the coming months.
The survey by the Building Societies Association (BSA) also found that the Government’s ‘Help to Buy’ scheme was causing confusion with a third of people not appreciating that they could only get a 95% from a lender who had signed up to the scheme.
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