24th November 2003

The second edition of the ARLA/CML Guide to Buy to Let coincides with the publication of a Which? investigation into unnecessary and overpriced methods of learning about investment in residential property. The 2004 edition of the ARLA/CML Guide has extended sections on the law and the obligations of a landlord.

The 224 page guide, published this week under the auspices of the Association of Residential Letting Agents and the Council of Mortgage Lenders, gives a complete overview of Buy to Let. This includes the market, the properties, mortgage finance, legal obligations and insurance. All of this starts with the Buy to Let Charter, adhered to by ARLA Letting Agents and the ARLA Panel of Mortgage Lenders.

Which? Magazine ran an investigation into some of the heavily advertised Buy to Let courses that cost between £2,000 and £4,000 for a two or three day course. The magazine concluded that all the information provided on the courses could be obtained from other sources, such as the ARLA/CML Guide, ARLA courses and website or the Which? Guide to Letting and Renting. All of these are either free or available at a fraction of the cost. The Buy to Let Guide is free from ARLA member agents.

In the guide, the information needed to consider a Buy to Let investment decision, the calculations to make and the various pitfalls and opportunities of the Buy to Let market, are followed by sections about property investment in the future. There is a section on the most frequently asked questions about the law and about letting and renting in general and the model Tenancy Agreement. This takes full account of the regulations for unfair contract terms, which are important for landlords, letting agents and tenants to understand.

As well as an examination of the impact of electronic communications on property investment, the guide covers the first new sub-sector of Buy to Let, Rent-2-Buy. This is the way for first time buyers to get onto the housing ladder, while providing the investor with a shorter term investment than is usual in the Buy to Let market.

The guide goes into full detail about furnishings, fixtures and fittings, decoration and the small touches that prepare a property investment for the rental market, whether it is done professionally or by DIY. This follows a description of types of tenants and their requirements and aspirations.

Said Adrian Turner, Chief Executive of ARLA, “This is the most comprehensive Buy to Let Guide available and it brings everyone up to date with developments in this vital element of the Private Rental Sector. We are delighted that, in conjunction with the Council of Mortgage Lenders, ARLA is able to make this guide available through its members to all concerned Buy to Let landlords, novice or experienced.”

To find the nearest ARLA member agent visit www.arla.co.uk or call the ARLA hotline on 0845 345 5752.

The Guide is available free from ARLA letting agents. It can be obtained direct from ARLA in return for a book of first class stamps to cover post and packing. The Guide is also available from the Council of Mortgage Lenders or from the ARLA Panel of Lenders, Birmingham Midshires, GMAC Residential Funding, NatWest Mortgage Services, Paragon Mortgages and The Mortgage Business.

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