The United Kingdom is one of the developed countries in the world, and its capital, London, is also one of the most open and free markets in the world. Whether it is the development of the economy, education, or real estate rental market, it is deeply loved by investors.So, today I will introduce to you how to buy real estate in the UK.
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2 , Book a house
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After confirming your purchase intention, fill in and sign the reservation form.
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02
Provide relevant materials, including ID card, passport copy and address proof (such as credit card account Documents that can prove your address, such as bills, utility bills, real estate certificates, etc.).
03
Determine the lawyer.In real estate transactions in the UK, both developers and buyers must hire attorneys. First, the lawyer can confirm the legality of the transaction from a professional perspective and be responsible for drafting and signing the contract; second, there is a special trust account used to store the buyer's deposit and house payment until the transaction is completed.
3. Pay the deposit to the lawyer trust
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account. The trust account is the public account of the law firm, and its funds are subject to government supervision. The funds cannot be remitted to the developer's account until the conditions for handover are met. Therefore, there are very few “unfinished buildings” in the UK, and even if there are, they will not affect the interests of buyers.
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Within 21 days after the deposit is paid, the buyer and seller exchange contracts and pay 10% of the room price (minus the paid reservation deposit) as a down payment.UK property transactions still require buyers and sellers to sign paper contracts.
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But because it is difficult for the buyer and the seller to be present to sign at the same time, the lawyer usually sends an electronic version of the contract to both parties, and each party signs a contract. Then mail the exchange.After you get the contract signed by the other party, you can sign it yourself and the contract will take effect.This process is referred to as the "Exchange of Contracts".
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5. Phased payment
6. Prepare for loan
# {91}#{ 95} When buying a house in the UK, you can buy it with full payment or with a loan.The British government has not imposed restrictions on non-British citizens buying houses and taking out loans in the UK.As an overseas home buyer, you can apply for a loan of up to 70% of the total house price.
If you purchase a house off-plan, you can usually apply for a loan 3-6 months before handing over the house.At that time, UnionWest can recommend a loan bank to you, help you formulate a loan plan, and assist you in applying.#{ 98}
02 If you are buying an existing house, you can negotiate with the developer to delay the delivery date and apply for a loan before handing over the house.
7 If you apply for a loan, the lawyer will contact the lending bank before closing the house.If the loan is not enough to cover the entire balance, you need to remit the remaining house payment to a lawyer's supervised account, and the lawyer will transfer it to the developer.If you purchase in full, you need to pay the entire balance.
#{1 }After the handover is completed and the keys are collected, the lawyer will start applying for a land registration certificate for you.Generally speaking, you can get the land registration certificate about 6 months after taking over the house. Its function is similar to the domestic real estate certificate, which is a certificate that proves your ownership of the property.
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8. Transaction completed
After the transaction is completed, you will have a set of your own The property can be occupied by oneself or entrusted to a leasing agency for rent and management.
Domestic British real estate investors, if they encounter any problems during the process of purchasing British real estate, they can consult the professional consultants of British Lansha Real Estate for professional consultation. .
