How do you go about buying a house?

[2kidsintow]

Seriously! We own our own home, but it was bought 20 years ago through the family as it was part of the estate. All we needed to do was transfer the money and see a solicitor about deeds. My husband had compensation money from losing a leg as a teenager in a motorcycle accident, so we had the funds and didn't have to take out a mortgage.

We are now considering buying the property next door as an investment and renting it out.

However - it's all a mystery to me. What do we do? Who do we need to speak to?

See a mortgage broker, get an agreement in principle to make sure you can borrow the money (will need to be a BTL mortgage).

Then place an offer on the property. Negotiate until you and the vendor have reached agreement on price. Then instruct a conveyance. A good broker will go through the whole costs of purchasing, including an estimate of conveyance costs, up front fee's for the mortgage company, survey fee's, etc etc.

and do the rental sums. Realistic rent, insurances (buildings, contents, malicious damage, non payment etc etc), repairs, certificates, agent fees....

not a 'don't', just a 'don't expect to get rich'.

Not expecting to get rich. :) Just that owning the property itself will eventually be the good investment and that the rental income should in theory usually cover the mortgage and other costs.

Thanks for the advice.