1.Assess Your Own Situation: Am I Eligible to Purchase a Property in the UK?
The only hard requirement: Be at least 18 years old and have civil capacity.
Having or not having permanent residence in the UK, a UK visa, etc., does not matter; being in or outside the UK does not matter; owning a property or not does not matter;
As one of the most open and free markets in the world, the UK places no restrictions on property buyers from various backgrounds around the globe, as long as they are at least 18 years old, because only then can they be included in the contract.
2.Clarify Your Needs and Understand the UK Property Market
We need to determine what our property purchase needs are, such as for self-occupation (for oneself or family) or investment (to earn from property price appreciation + rental income). It is very necessary to understand the UK property market based on our own needs.
3.Set a Budget
Budget is one of the most important considerations not only for buying a house but for purchasing anything. Before purchasing a property in the UK, it is essential to clarify one's ideal budget and maximum budget.
Of course, we all hope to buy the best property at the lowest price, but this is a well-known fact, and good projects are naturally very popular, with the rule of "first come, first served" often applying in the UK.
Another point is to "use good steel on the cutting edge"; if there is a significant gap between your budget and the project price, you may either end up with an unsatisfactory purchase or exceed your budget, which is a waste of time.
4.Identify and Select a Project
Once you have a budget, you need to choose a project that you like from the vast "sea of buildings".
5.Make an Appointment to View the Property, Online or Offline
Once you have contacted our property consultant team, scheduling a property viewing will be promptly arranged.
For many overseas buyers (not physically in the UK), if the purpose is not for self-occupation but rather for asset allocation as an investment, viewing the property via video call is a very quick and efficient method.
If you choose self-occupation, we highly recommend personally visiting the UK to view the property, and our London team will accompany you throughout the viewing process.
6.Confirm Property Number and Submit Offer
After viewing the property, we need to confirm the price and discounts, and then we can entrust Lansha to formally submit the offer.
7.Pay the Deposit
If you feel good about the property and feel a connection, how do you secure your favorite house?
The answer is to pay a deposit. The amount of this deposit generally ranges from £2,000 to £10,000, varying based on the total property price.
This ensures that the house you have your eye on won't slip away to someone else.
8.Hire a Property Lawyer
After paying the deposit, it's time for the lawyer to step in, which is a significant difference from buying a house domestically.
Although this step may seem cumbersome, the presence of a lawyer actually protects consumers, as they can assist buyers in gathering relevant background information and data on the seller, avoiding encountering unscrupulous sellers or developers.
9.Provide Proof of Funds
This step is also required domestically; basically, it's about knowing where your money comes from and having a stable income.
After paying the deposit in step 7, we generally have 21 days to prepare the down payment (initial payment).
10.Pay Down Payment and Exchange Contracts
The down payment is paid in full to the developer's legal representative through the lawyer. Typically, it takes 2-3 days to complete the contract exchange.
11.Prepare and Apply for a Loan (if needed)
Loan buyers need to prepare for the loan 6-8 months before the property delivery. Subsequently, based on the bank's requirements, they may decide whether to use a loan broker to help find a suitable loan scheme and ultimately reach a loan agreement with the bank.
12.Obtain Loan and Pay the Balance
Upon obtaining the loan, we need to pay the balance (the remaining amount after deducting the previously paid amounts and loan amount).
After completing the above steps, we arrive at the most exciting part – the developer delivers the property, and we take possession of it.
These are the basic steps for buying a house in the UK. We hope this information is helpful to you.
