Talk to Setfords Solicitors for all your property law needs - PRunderground

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We can help if you have any questions surrounding residential property law; one of our friendly team will always be on hand to resolve your issues.

Setfords Solicitors provide a wide variety of legal services for both business and individuals, with our team of dedicated experts able to offer sound advice on everything from debt recovery and environmental law to personal injuries and dispute resolution. We can also help if you have any questions surrounding residential property law. Whether you contact our Guildford headquarters or one of the many other offices we have around the UK, you are sure to find that our friendly team will be on hand to resolve all your issues.

If, for example, you are currently involved in housing negotiations, either buying or selling a property, we can make the transaction easier. Setfords can talk you through the complicated documentation that comes when you exchange homes, and will even advise on auction sales.

Finding yourself in a position where you have to remortgage your property can be particularly challenging, and you will need to be certain that you are doing the right thing. The talented property lawyers at Setfords could suggest alternatives if they think any would be feasible and, if this turns out not to be the case, we will ensure you are completely familiar with all the finer points of the agreement you are signing.

Leasehold transactions are also made simpler by talking to our expert solicitors; offering unbiased counsel to both landlords and tenants, Setfords work hard to see that any contracts you commit to are hassle free and will be suitable for the duration.

Contact the Guildford solicitors at Setfords today and witness the quality, speed and convenience of our wide ranging services for yourself.

About Setfords Solicitors

Setfords Solicitors was founded in 2006 and has quickly established a reputation for giving excellent, straight-forward and legally priced legal advice.

With solicitors across large parts of the UK, Setfords Solicitors provides expert legal advice that is carefully tailored to your situation. Services are provided for both individuals and businesses in a wide range of areas.

Contact Setfords Solicitors by calling their head office on 01483 408 780 or email info@setfords.co.uk.

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Ask the Lawyer: Should I buy property if I'm still renting? - Washington Post (blog)

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Kevin Ogorzalek looks southward at the Washington Monument from the rooftop deck of his recently purchased Mount Pleasant condo in Washington, DC on October 8, 2011. He decided to purchase rather than rent a 2 bedroom, 2 bath, 800 sq ft. Mount Pleasant condo along Georgia Avenue. He's among many potential homebuyers who are on the fence about whether to rent or buy in this market. (Photo by Linda Davidson / The Washington Post) (Linda Davidson - THE WASHINGTON POST)

My fiance and I rent a one-bedroom in a co-op in southwest DC. We’ve noticed that the studio and one-bedroom units in our building are selling for pretty low prices — some for $150,000 or less. Our lease doesn’t end until summer 2013, but we’d hate to miss out on a good investment. Is it a good idea to buy property while still renting?

— Marrio

A: Buying an investment property while still renting is a perfectly sound idea so long as the investment makes economic sense. In fact, my very first real estate investment was buying insider rights to a building that was converting to a co-op. Since you live there already as renters, you must know the fair market value of the rent you could obtain for the investment unit and how hard or easy it is to find vacant apartments to rent. If that rent will be sufficient to cover your mortgage principal, interest, co-op fee and utilities, then it sounds like a “go.”

A few points, however:

? You mention studios and one-bedrooms. While studios are less expensive to buy and maintain, the rental market for one-bedrooms or, if possible, two-bedrooms, is even better. Large one-bedroom and two-bedroom apartments are ideal for roommate situations, which provide two incomes to rely upon for the rent payments each month.

? Your mortgage interest rate and down payment percentage as an investor will likely be higher than if you intend to make it your primary residence. Also, because this development is a co-op, your universe of mortgage lenders will be severely limited. So I highly recommend finding out which lenders have loaned into your specific development and then contact all of them to compare rates and terms and get pre-qualified before even considering making an offer.

? Also, though you may know the development’s exterior condition, you should still do a thorough review of the co-op documents and budgets to make sure the development is legally and financially on solid footing.

? Finally, no prospective DC investor or landlord should purchase without becoming familiar with DC’s business licensing, landlord tenant rules and DC’s Tenant Opportunity to Purchase Act (TOPA). Here are some links to House Lawyer previous columns I have written that you may want to peruse before becoming a landlord in DC:

Know your rights as a tenant before signing a lease

Want to become a landlord? Study up on your jurisdiction’s requirements

Buy v. Rent calculator

Got a real estate question about a situation you’re in? Send it to realestate@washpost.com.

Harvey S. Jacobs is a columnist for The Washington Post Real Estate section and a real estate lawyer in the Rockville office of Joseph, Greenwald & Laake. He is an active real estate investor, developer, landlord and lender. This column is not legal advice and should not be acted upon without obtaining your own legal counsel.

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