Does the complicated house buying process and red tape of real estate laws in the UK make you feel "dizzy" again? Today, Lan Shajun's article explains the specific process of buying a house in the UK.After reading this article, you can quickly clear up your doubts and be one step closer to becoming a landlord in the UK.
Buying a house in the UK is not troublesome. The main process can be divided into 8 steps:
[Step 1: Roughly plan and be aware]
In Before buying a house, we must first understand the basic conditions in London and areas outside London.You should have a rough plan of what your home requirements are.For example, in which city should you buy a house?Preferred living area?In a bustling and convenient city center or in a suburban residential area with plenty of space, peace and quiet?Before starting other steps, you first need to understand the general market conditions of different cities, locations, and house types on the British real estate website.Make a preliminary house purchase plan based on your own needs.
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[Step 2: Clear the budget and understand the UK Cost of purchasing a house]
Many times, the listing price of a house you see on a British real estate website is often not the final transaction price of the house.In addition to repeated negotiations with real estate companies, another reason is that the cost structure of buying a house in the UK is not simple.
Therefore: the cost of buying a house in the UK = down payment + loan fee + stamp duty + legal fees
Among them , regarding stamp duty and attorney fees, Lan Shajun will have a separate article to introduce them.
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[Step 3: Choose a goal based on your budget Location and specific properties]
With a general plan and specific budget, you can start searching for suitable properties and projects on major real estate websites. However, just by searching online, you may not have a clear understanding of the specific living environment and community atmosphere where the property is located. For example, which areas of London are wealthy areas with better community environment and public security; which areas have higher crime rates, and long-term property ownership is not recommended, etc. For these questions, you can consult professional real estate consultants who can recommend some high-quality properties worth considering based on your needs and budget.
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【Step 4: Make an appointment to view the house】# {65}
Buying a house is not a trivial matter after all.In addition to searching and selecting online and listening to the advice of real estate consultants, it is necessary for you to conduct an on-site viewing.It is necessary to conduct on-site inspections of the surrounding environment , greening degree, supporting facilities, housing delivery standards, etc. of the community.
[Step 5: Prepare funds and relevant supporting materials]
#{ 73}Choose your favorite target property In the future, if you need a loan, you can contact the loan broker. The Broker will evaluate your income and other economic conditions and give you a loan amount.After confirming the loan, you need to submit relevant proof of financial status.
In addition, according to British law, real estate sales must be reviewed by the attorneys of both parties, and the purchase price must also pass anti-money laundering review. Therefore, preparing materials and contacting a lawyer is a top priority at this stage.
#{11 }[Step 6: Pay the deposit and sign the contract House purchase contract】
The preliminary preparation work is completed, and only the real estate company is waiting to issue the house purchase contract.After carefully reading the relevant terms of the contract and confirming that they are correct, you need to pay the deposit and sign the reservation form.After that, the property will be taken off the real estate market.
【Step 7: Pay down payment, contract Officially effective】#{ 26}
Within 21 or 28 days after signing the reservation form, the lawyer will complete all the information review work, and then you generally need to pay 10% of the room price As a down payment, contracts are exchanged and the contract becomes official.
【Step 8: Prepare loan application】#{ 37}
# {119}After paying the down payment, you only need to prepare the information required by the Broker and submit the loan application.After the loan application is approved, the final step is just waiting for you to hand over the house!
The above is the basic process of buying a house in the UK. Isn't it not as complicated as imagined? If you still have other questions about the process and legal aspects of buying a house in the UK, you are welcome to consult British Lansha Real Estate Consultants to obtain professional consulting services.
