General (main property discussion here) - Taking Over Ownership of a Student House!

Hi everybody,

I am interested in buying a house which is currently being let to students until 2007.

Can anybody advise on what mortgage is required, I understand i will need a buy to let mortgage but is it as simple as just taking over ownership?

I am not sure what is involved so any advise/comments would be much appreciated.

Thanks,

J

I have bought a number of student properties over the past 12 years, only one of which was tenanted. I had no problems with it - in fact it was easier since the tenants, the furnishings, kitchen appliances etc. were all in place.

You just need to get a buy to let mortgage as usual - I would use a broker to find a good deal.

You will have found out if the tenants are taking care of the place when you looked around it. Check the tenancy agreements with your solicitor, find out if the rent is being paid, and remember to sort out the deposits which will be held by the present owner.

Once you have bought the house you will need to arrange to visit occasionally to check everything is going ok.

Chris Bell

http://www.studentpropertytycoon.com

I agree with Chris and would add that you need to get copies of corgi certificates, University / College contracts or prerequisites for future advertising and also to ensure that the property complies with any Uni / College regs.

Regards, Malik

Also - make sure you understand the property licensing for HMO's - I've just been offered a £6m deal with 24 units, all student tenanted, etc - but the HMO stuff just makes it unreasonable.

Dont want you to be hit with any unknown costs thats all,

cheers

Daniel Latto http://www.furniture-packages.co.uk http://www.thethinktankgroup.co.uk