A must-read for anyone who wants to buy a house in the UK!Detailed explanation of home purchase policies and procedures

Many of my friends who are staying in the UK are planning to buy a house. After all, if you plan to live in the UK for a long time, renting a house is not as cost-effective as buying a house.

Buying a house is a big deal, not to mention buying a house in a foreign country, which makes people feel inexplicably afraid.

However, anyone who has bought a house in the UK will tell you that buying a house is actually very simple. , you only need to find three reliable people to buy a house easily: real estate agent+loan expert+ House buying lawyers, these three people will help you get everything done.

Today Lan Shajun will introduce the process of buying a house in the UK.

UK Property Overview

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# {68}House prices have risen steadily over the years

UK Land Registry#{ 78}2021年7 Monthly data show that the average house price in the UK increased by 8% year-on-year8%#{ 87}, some areas have experienced an increase of more than 20% in one year.

London house prices pastIn 20 years, it rose by 449%, a certain company in London House prices in some areas have even increased by as high as 702%, and 20 years have seen house value increases# {15}156 million pounds

British real estate. Enjoy sustained rental income while maintaining and increasing value steadily. }Houses are in short supply

Due to the strict and complicated approval process of the British building approval department, the supply of new homes is far away Lower than the demand.

The British real estate market is currently experiencing an increasingly serious imbalance between supply and demand, and There is no sign that supply levels will increase. A strong seller's market will continue to affect housing price growth. 59}Due to the increase in immigrant population, the population growth in the UK is at a record high

Data show that,# The population of the UK increased from {68}2016 to 2019 123 Ten thousand people. 2019 to 2020#{ In 1987, the British population still increased by 35.5 million people. {97}

The improving economy in the UK and the instability in the EU region have led to a large number of people looking for job opportunities in the UK.

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In addition, the high-quality education in the UK attracts a large number of international students every year. There is a serious shortage of housing and rental housing in the UK, especially in London.

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Sound legal system

#{ 16}The British laws and regulations are very sound, fair and transparent, which can well protect the property rights and interests of owners and eliminate worries during the investment process and holding period.

Property security in London

# {32}The British real estate market is currently very stable, with relatively low risks. The most important thing is that it has complete compliance and legal protection. All procedures have been filed with lawyers, and all funds in the home purchase process are supervised by third parties, attracting immigrants and investors from all over the world. .

UK House Purchase Policy

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1. Identity requirements for house purchase: passport and funds

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2, house type: apartments, villas, manors can all be bought, up to you .

3, House property rights:

Freehold;

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Leasehold title: Yes125 years, 250 years, 999 Wait for a period of time and then renew after expiration.Leasehold property requires ground rent, but it is very cheap, about a few hundred pounds a year.

4, house area: # {21}

The properties purchased by locals and foreigners are all net area, without shared areas;

No matter the area or delivery condition of a house purchased in the UK, there will be no shortcomings or cutting corners, including All photos in promotional materials are real.

5, Loan: #{ 47}

Can foreigners get a loan when buying a house?

Yes, customers with visa Or customers without a visa can apply for a loan;
Buying a house for investment has a higher interest rate than buying a house for self-occupation. The ratio is also lower.

Loan Quota: Foreigners can be approved for loans 60 %-75%, which will be determined based on the applicant’s income certificate;

# {91}Loan period: up to 30 years;

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The repayment interest rate is divided into: regular fixed interest rate and floating interest rate

Regular fixed interest rate: During the regular period, you don’t have to worry about the bank adjusting the mortgage interest rate. You only need to follow The mortgage contract stipulates that sufficient funds should be reserved in the bank account from which the mortgage bank automatically debits funds.

Floating interest rate: You need to pay attention to the bank’s interest rate adjustments.Although most banks will only adjust mortgage rates when the Bank of England adjusts the base rate.

Loan procedures:

#{26 } ▶︎ Proof of source of funds;

#{37 }▶︎Proof of address;

▶︎ House drawings;

▶ ︎ Land Stamp Duty Declaration Form;

▶#{70 }︎Loan file.

British new property purchase process

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#{96 }1、Determine the house purchase budget

Before starting any process of buying a house, the wisest thing to do is to first determine the budget for buying a house based on your own financial situation.If you need to borrow money from a bank, be sure to know how much money you can get from the bank.

In addition to the selling price of the British house itself, buyers also need to consider when making a budget Additional costs in the house purchase transaction process, such as stamp duty, attorney fees, agency fees, etc.

2, determine the area, view the house, and choose the center Instrument property and unit type

3, negotiate the price and finalize Transaction price

4, fill in the developer booking form# {41}

5, pay the deposit (depending on the developer’s price Different, usually £2000 - £20000)

6. Buyers should provide a copy of their passport and proof of address

7. Hire the buyer’s lawyer to process the text file