The sheer excitement of metamorphosing from a tenant to a landlord is enough to make most people lose sight of little, yet very important details to watch out for before signing on the dotted lines. I have, over many years in this industry seen many people end up with court cases and endless litigations after purchasing their choice property \u2013 residential or commercial.<\/p>\n
Below is a list of important facts you MUST CHECK OUT before parting with your hard earned income. Because of the utmost important of this piece, I have decided to make it a 3-part serial so you can get the best out of it. Knowing these facts would save you from a lot of heartaches and help sustain your portfolio.<\/p>\n
1.\u00a0See the City planning office future projections.<\/strong> It is a very common phenomenon to see people sell their property when they realize it was all the while located on a government projected right-of-way such as pipeline, rail line, roads, airports, etc.\u00a0 Also check whether there are any rights-of-way (e.g. for a neighbour) over the land and, if so, whether these are permanent or renewable. If you don\u2019t have current knowledge of the city\u2019s plans, you may fall victim during purchase; and guess what, your property would be demolished sooner or later causing you to lose thousands of pounds due to your lack of elaborateness \u2013 or naivety.<\/p>\n 2.\u00a0Confirm legal status<\/strong>. Make sure that the property you are purchasing is not on a list of collaterals for a previously awarded loan to the seller(s), or previously owned by a bankrupt company; ensure that the liquidator won\u2019t reverse the sale and claim it for the creditors.<\/p>\n 3.\u00a0See tax records.<\/strong> Find out from the Council tax offices if there are any unpaid taxes such as property tax or other charges outstanding against your choice property.<\/p>\n .\u2026to be continued!<\/p>\n","protected":false},"excerpt":{"rendered":" The sheer excitement of metamorphosing from a tenant to a landlord is enough to make most people lose sight of little, yet very important details to watch out for before signing on the dotted lines. I have, over many years … Continue reading