Step by step guide to buy property in UK
So, you’ve got your sights set on owning a property in the UK? Regardless of whether it’s an investment property or a place to call home, whether your looking to rent it out or looking to move to the UK, our guide details the process of purchasing a property in the UK for you.
1. Determine the type of property you want and where
Firstly, it’s important to gauge the housing market. Where you buy is likely to vary based on your budget, if you are purchasing an investment property or whether you are looking to live in the place you buy.
2. Be prepared
It can take from anywhere from 1-3 months to buy and finalize your property purchase in the UK, sometimes even longer. Before you start looking, ensure you get an estimate on your finances so you know what you can afford and determine whether you will get a mortgage or use your own capital.
3. The legalities
So, you’ve found the perfect property for you, you’ve negotiated the right price, the right payment plan and you’re ready to sign. You now need to appoint a UK qualified solicitor/lawyer to manage the legal paperwork of buying a property in the UK. They will:
- Require a copy of your passport and proof of address (utility or phone bill addressed to you).
- Liaise with the seller’s solicitor/lawyer to obtain contracts and legal paperwork.
- Carry out local authority searches, drainage and environmental searches, to ensure there are no concerns regarding the property.
- Notify you of legal fees, land registry/stamp duty fees and administration costs. These fees will vary depending on the property.
4. Nearly there…
Once you have signed the contracts, all checks are done, all of your questions are answered and you are happy and comfortable to move ahead with the purchase, you will be required to transfer the deposit funds to your solicitor/lawyer. He or she will then exchange these with the seller’s solicitor/lawyer in return for the signed contracts.
5. Congratulations on your new property
a) If your property is still off-plan you will now continue with the payment plan until date of completion. The developer will be in touch with construction updates throughout the build period. Once the property is on course for completion, the developer will send you a completion notice so you have time to get your funds ready for the final payment.
b) If your property is an existing property you will have time after the exchange to get your funds ready in order to transfer them to the solicitor and complete the transaction.
Your solicitor/lawyer is bound by UK law to ensure the entire transaction process takes place in compliance with all laws and regulations, at all times to protect your best interests. Once the signed contracts are exchanged and the funds are transferred your purchase becomes legally binding. Congratulations on your purchase!