Buy to Let Properties
At McCarthy + Co, our buy to let conveyancing service oversees the legal transfer of ownership of properties that our clients intend to purchase and rent out to tenants. Our solicitors also guide our clients on the tax implications of purchasing a buy to let property, helping to structure the purchase optimally.
Efficient Conveyancing for Your Buy to Let Investments
With demand for rental properties continuing to rise in Ireland, there are lucrative opportunities for both new and established investors to make a profitable investment. However, buy to let mortgages differ from standard residential mortgages, and there are additional costs associated to the investment such as letting agent fees, income tax, capital gains tax, landlord insurance, and stamp duty.
At McCarthy + Co, we go beyond offering just a straightforward conveyancing service to oversee the legal aspects of your investment. We provide our clients with guidance and expertise based on our many years of experience in Ireland’s property market. From advising on the tax implications of your planned purchases, to helping you draft tenancy agreements, our property team can help you every step of the way in your investment journey.
Some of the key areas where our buy to let solicitors provide assistance include the following:
- Ensuring seamless coordination between buyers, sellers, estate agents, mortgage lenders, and other relevant parties.
- Reviewing the contracts of sale and any other supplementary documents.
- Handling all due diligence and conveyancing checks on the property.
- Investigating the legal title to the property.
- Handling the transfer of funds between the buyer and the seller.
- Advising on Stamp Duty, Local Property Tax (LPT), capital gains tax, and other tax implications in relation to the purchase of the property.
- Helping our clients in remortgaging to a buy to let mortgage, enabling them to rent out a home they formerly lived in.
If you are considering purchasing a buy to let property for the first time, or you are a seasoned investor looking to add new properties to your portfolio, McCarthy + Co’s conveyancing team would welcome the opportunity to discuss how we can assist you with the legal aspects of your planned purchases and how best to structure them. Complete our highly confidential Property Consultation Request and a member of our team will get back to you.
Speak to our legal team now about your case. Call us Freephone on:
1800 390 555
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Frequently Asked Questions
Questions we are often asked in relation to buying a property.
How do buy to let mortgages work in Ireland?
Buy to let mortgages are often interest-only, meaning the monthly payments only cover the interest on the loan. The investor therefore needs a plan for repaying the mortgage when the term ends, which many involve selling the property, using savings, or refinancing. Banks consider buy to let mortgages riskier due to their lack of tenant oversight, therefore deposits are much higher compared to residential mortgages with 30% required as a minimum. Investors who can put down larger deposits will enjoy more preferential rates. In Ireland, you won’t be able to secure a buy to let mortgage unless you have a sufficient deposit, a good credit rating, and proof of affordability.
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How does buy to let conveyancing differ from residential conveyancing?
Buy to let conveyancing primarily caters to individuals purchasing properties as an investment, intending to rent them out. In contrast, residential conveyancing involves properties bought for personal residence. With buy to let, there are additional considerations such as ensuring the property is suitable for renting, understanding landlord obligations, handling rental income, and sometimes different mortgage arrangements. There are also different tax implications with buy to let compared to residential investments. While both processes involve property searches, contract reviews, and liaising with sellers, buy to let conveyancing demands a heightened awareness of rental regulations and potential financial implications.
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What are my obligations as a buy to let landlord?
As a landlord, you will need to register the tenancy with the RTB every year and keep them informed about any changes, including rent adjustments. The property must adhere to minimum standards, and you will need to provide your tenant with a rent book and statement of rent paid. It's your duty to maintain the interior of the property to the standard at tenancy commencement and to look after the property's structure. If tenants undertake any repairs that fall under your jurisdiction, you must reimburse them. Providing a Building Energy Rating (BER) for the property is obligatory, as is insuring the property, but exceptions exist if obtaining insurance is unfeasible or the cost is exorbitant. Further information on your rights and obligations can be found on the Citizens Information website.
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What advice do you offer for first time buy to let investors?
The key to a successful buy to let investment is selecting the right property in a prime location. You need to ensure the property is in a strong rental market, ideally central or easily accessible to the centre of a major town or city with facilities such as schools and hospitals close by. Be sure to consult with local letting agents for average rents and ensure the property isn't in a flood-prone area or has a history of flooding. While purchasing properties in need of renovation offers a lower purchase price tag, these sorts of investments carry a lot of risk. Watch out for issues like dampness, dry rot, wiring problems, wall cracks, roof issues, sagging ceilings, decaying window frames, and faulty plumbing. Seeking professional advice on these matters is crucial. When interested in a property, make an offer contingent on a survey, and hire a qualified surveyor for a detailed assessment. Remember, if the property is a protected structure, there may be restrictions on renovations.
Joseph McCarthy
Associate Solicitor
Joseph McCarthy leads the conveynacing department at McCarthy + Co. Joseph has been an integral member of our team since 2013, bringing a unique blend of expertise and dedication to his role. Joseph provides a problem-solving oriented approach to homeowners and prospective homeowners in their property buying or selling journeys.
Joseph can be contacted via email at: joseph@mccarthy.ie
About McCarthy + Co
McCarthy + Co. are a team of solicitors with more than 30 years of experience in providing legal advice, guidance and assistance to clients across Ireland.
We are a family-run business with offices in Dublin and Cork, but we have dealt with clients everywhere from Galway and Limerick to Waterford. We are honest, plain-speaking and thorough – we will work alongside you to ensure your property sale or purchase is as efficient as possible.
Our Awards & Accreditations
We are a multi-award winning firm, accredited by the Law Society of Ireland.
