One thing to keep in mind when you buy a property, whether it is to be your home or a buy to let, is that local authority plans can cause some issues. A solicitor will generally carry out a search to find out what these are and keep you informed. There are five things that could have a big impact.
1) Enforcement notices could have been issued for previous owners breaching planning or building regulations. In these cases you could find yourself having to pay out to undo work or adapt it.
2) Tree Preservation Orders (TPOs). These may be in place to protect trees on your property, meaning you cannot remove them and have to keep on top of maintenance to ensure they are retained.
3) In Conservation areas there are restrictions on even the smallest developments. This means you will need to get planning permission before doing any renovation work.
4) Planning permissions can place binding conditions on properties. It is important to check older conditions to make sure there is nothing in the way to affect your plans.
5) In some cases a public footpath may cross the property you are purchasing. These can restrict your development opportunities. You need to check the proper location of this public land; it may have changed over the years.
It is important to look at each of these things before making an investment. The right searches should be done and the results checked by professionals. That way you will protect yourself from limitations on your development ideas.
At Finefair we work hard to provide the best advice we can for property investors. The range of services we offer is extensive, including seeing us become the number one company for council leasing Hillingdon has. We are committed to providing a clear, professional service to suit any needs, delivering the highest possible value.
If you have any questions about investing or would like our support, please get in touch.