Legal Considerations
We learnt right away how important it is to understand the legal side of investing in real estate. Although it’s not the most exciting part, trust us when we say it’s important. For example, in Sheffield, most flats for sale are leasehold, which means you’ll have to pay ground rent and service charges. You may not make as much money from rentals if you don’t watch out for these fees.
There’s also the 5% stamp duty surcharge on additional properties, which many investors overlook when calculating their budget. And when it comes to renting out a bedroom duplex apartment, it’s essential to understand Assured Shorthold Tenancies (ASTs) and your responsibilities as a landlord. We’ve found that staying on top of the legal aspects ensures smoother operations and fewer surprises down the road.