Is it troublesome to buy a house in the UK?What should I do if I don’t understand the laws and regulations?What should I do if I can’t understand the contract?Today, Lan Shajun will bring you a lot of legal information on buying a house in the UK!
First of all, buying a house in the UK is not as complicated as you might imagine. After all, you are not fighting the whole process alone.Buying a house is a lifelong event and must be done with extreme caution. Therefore, the British government considers home buyers and clearly stipulates in the law that when buying and selling real estate, you must hire a professional lawyer to complete the entire transaction process.
During the house transaction process, you do not have to do the following things If you are worried, a lawyer will serve you attentively:
·1Represent the buyer and seller in the legal process of purchasing a house
·2 Assist buyers with loan needs to handle loan matters
·3 Complete all legal documents involved in the real estate transaction process and handle all procedures and house payments
· 4 Complete the anti-money laundering law verification and review the contract to make the entire transaction legal, compliant and reasonable
After you select the house you like, The lawyer entrusted by the buying agent will start the legal procedures for the property purchase, and the selling agent will communicate the transaction price with the buying lawyer via email.Next, if both the buyer and the seller have made a transaction intention, they will sign a transaction contract respectively, and the lawyers of both parties will exchange the contract and set a final delivery date.
Legal knowledge Q&A
*1. Can foreigners buy UK real estate?Do I need to obtain British identity first?
#{ 43}
UK laws regarding home ownership are very liberal.There are no restrictions on foreigners buying property in the UK. Anyone over the age of 18 can buy property in the UK. There is no need to have the country’s nationality or permanent residence, and there is no need to pay foreigner tax or property tax.
*2. What is real estate Registration file?
The National Land Registry (HM Land Registry) maintains electronic records of almost all properties in the London area. file.When purchasing a property, a solicitor applies on behalf of the buyer for a registration slip showing the name of the seller.Once the transaction is completed, the buyer's name will be entered into the property file, indicating that the buyer is the new owner.
The registration files are open to the public, and anyone can pay a fee to search and find out who the owner is.In the UK, anyone over the age of 18 can own property.The property can be registered in the name of an individual, an escrow agency or a company.
*3. How long will it take for the law to buy a house?
The exchange of contracts is generally a 21-day legal process, and this time is not fixed. , the lawyer must help the client complete the anti-money laundering law matters before completing the process.
The entire process mainly depends on the seller's time.On the settlement day, the buyer's lawyer transfers the balance to the seller's lawyer's account through the bank. The property belongs to the buyer at about 1 p.m. on the settlement day.At this point you can go to the seller's agent to get the keys to your newly purchased property.
*4. What are the types of residential property rights in the UK? ?
The residential types in the UK are apartments and villas. The two most common property rights are "permanent" Freehold" and "Leasehold".Villa properties and a very small number of apartments have freehold rights, which can be understood as the buyer will permanently own the purchased property and the land it occupies.Most of the newly built apartments have a lease term of 150, 250 or 999 years depending on the nature of the land, and the lease can be renewed with the land owner upon expiration.
*5. After the known transaction is completed, the lawyer pays the land stamp tax on behalf of the home buyer and registers the property transaction with the Land Office. What does stamp tax refer to? How much is the stamp duty paid?
The stamp duty is equivalent to the domestic deed tax, whether it is a British resident or an overseas person. When purchasing a property, you need to pay stamp duty (SDLT) to the tax bureau.
According to the latest official announcement, stamp tax has been levied in England and Northern Ireland. The threshold for first-time home buyers will be raised from £125,000 to £250,000, while the upper price limit for first-time home buyers will be raised from £500,000. pounds rose to 625,000 pounds. In the UK, stamp duty collection is distributed in a stepped manner, and differences in housing prices result in different tax rates. The latest stamp duty changes are as follows:
#{18 }
For details, please refer to:
#{29 }
https://www.gov.uk/stamp-duty-land-tax/nonresidential-and-mixed-use-rates
#{ 35 }
*6. Can I immigrate to the UK by buying a house?
#{ 45 }Purchasing British real estate cannot directly obtain relevant immigration status, but there will be certain instructions on the financial proof part of applying for immigration. # { 52}
*7. How to investigate if I cannot go to the local area to buy a house? Can I immigrate to the UK when buying a house? An investigation, including local future planning policies, whether there will be frequent floods, whether there is pollution, whether it will be rebuilt, etc.
#{ 75 }
*8. What information should be provided to lawyers for anti-money laundering investigations? #{84 }
1. Passport;
2 .Proof of address (any bill (invoice) for water, electricity, gas, and Internet broadband in the past three months, with the name and address of the home buyer on it);
3. The last three Monthly bank statements, the account balance is sufficient for the down payment, and the source of funds needs to be explained.
In the UK, lawyers enjoy a high social status, and in daily life, the public also respects them as the spokesperson of the law.Therefore, when purchasing a house, the most effective way is to trust your own lawyer, respect British laws, and communicate reasonably with the lawyer.
If it still feels complicated, don’t worry, Lansha provides lawyer services and will accompany you throughout the process. Professional lawyers and British Lanza Real Estate will assist you to make the whole process easy and simple.
Lansha provides customers with considerate and meticulous services from project selection, account opening, loans, lawyers, leasing management, to second-hand house sales, so that you can No more tedious processes and management.Join forces with well-known lawyers to protect clients.
