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Buying Property in the United Kingdom

By BethPembrook
06 September, 2017


Expats looking to buy property in the UK will find that more often than not it can be very costly. Despite this, the demand for it has not dropped. As always with shopping for property, location is a core deciding factor in choosing what you buy, and it's also one of the biggest influences on price.

While many UK cities have seen house prices decline since the recent banking crisis, prime London property exists in its own little bubble seeing prices jump by up to six percent over the last year.  As property in London is in short supply, this has enabled property prices to remain extremely high.

Even though the UK have been in a double-dip recession and mortgages have been a lot more difficult to secure, the current economic climate presents good opportunities for those buying property outside of the capital.

Foreigners are able to buy property in the UK and most nationalities are eligible for investment loans, however, there are a lot fewer banks offering them these days. If you are looking to buy property in the United Kingdom, here are a few steps that you can take...

Steps to buying property in the UK:

  • First and foremost you should set a budget. If a mortgage is needed then make arrangements for one.

  • Expats will need to secure the services of conveyancing solicitors.

  • Once you have decided on a property and made a verbal offer that has been accepted, the agent will submit the offer to both solicitors.

  • The seller's solicitor will contact the buyer's solicitor and provide them with a copy of the seller's title. The buyer's solicitor will then raise any enquiries on the title along with any other matters that they consider relevant. Also, the solicitor will request a list of fixtures and fittings so that the buyer can be told what is included in the sale.

How to find property for sale in the UK:

  • If you are looking for commercial property for sale, you  will firstly need to get yourself a commercial property agent. Whether you are looking for commercial property agents in Manchester or London, be sure to do your research to find the best one for you.

  • If you are seeking a residential property, you will need to contact a residential real estate agent.

  • The majority of properties are advertised online. Info will include details of the real estate agencies, which also have independent websites. Try websites like rightmove.com or zoopla.com.

  • Estate agencies will have local magazines that showcase properties and other info about the area in general.

  • All newspapers will also have property sections.

  • Some properties are auctioned and you can find notices of these placed in magazines and newspapers. Agents can inform buyers of these.

Buying a property in the UK is exciting! It's a great country to live in and if you do your research properly, you'll be able to find an affordable property.

 

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