Published: 29/11/2021London is a top choice for overseas investors to buy property as the UK is acknowledged for welcoming investors from all over the world; especially the Middle East and Asia. Our agreeable exchange rates, capital growth and high demand for rental properties are some of the benefits of investing here.
With an office in Hong Kong, we work alongside overseas investors finding them suitable properties and tenants in the UK.
Our guide explains the most frequently asked questions by our overseas investors.
How easy is it to find tenants for my investment property?
Currently rental demand in the UK is booming and we're finding our properties are being snapped up instantly; we have plenty of fully referenced tenants waiting to pounce.
How do I apply for a Buy-To-Let mortgage?
When arranging a buy-to-let mortgage, you will have to provide comprehensive paperwork to show proof of funds for your deposit which is typically 25%. The lender will require proof that you can afford the monthly repayments giving evidence that the rent will cover your monthly repayments.
What are the advantages of using a letting agent?
It is advisable to have the property professionally managed by a reliable property management company with a dedicated property manager to address any issues that arise.
A happy tenant stays longer and busy Landlords don't have the time to manage their properties especially when in a different time zone. A fully managed service is invaluable.
Does using a letting agent mean I am no longer responsible?
No, is the answer. A letting agent will take away the day-to-day management and keep everything under control from maintenance, payments, inspections, repairs whilst you sit back and wait for the rent to hit your bank account. However, you can choose whether they have complete control or whether you'd like be involved in the decision process. If you do decide to pass on the control to the letting agent, be warned that legally you're still responsible in the eyes of the law.
What happens If my tenant doesn’t pay the rent?
If a tenant doesn’t pay their rent, they'll have broken the terms of their tenancy agreement. A letting agent makes every effort to resolve the situation by liaising with the tenants. If they refuse to make payment, there are options to gain possession of the property by serving a notice to evict them.
How do I choose a letting agent?
They should be members of ARLA. We advise selecting a letting agent that you can trust and depend on to manage your investments in your absence and ensure they have client money protection.
Decide exactly what services you require, full property management, rent collection or let only.
Find out which marketing strategies they use as this can have a huge impact on how quickly tenants are found.
How we can help
At Circa London it is our responsibility to know the central London property market inside out, and we are committed to providing our clients with the very best service. With many of our clients thousands of miles away, we understand the importance of maintaining properties on their behalf, giving them peace of mind.
If you are interested in using a lettings agent for your property in London, please get in touch.