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The Steps to Buying Property in the UK
The UK property market is showing signs of resilience and there is still a lot of demand for luxury properties and property in general.
The British government incentivises homeownership, too. This is why more than half of British families own their own home, and you can be among them. However, you need to be aware of the process, whether you're a foreign investor or a resident looking to diversify their property portfolio. Here are the steps to buying luxury property in the UK.
Calculate Your Total Costs
There are several things you'll have to pay to move. This list includes legal fees, broker fees, furniture removals, land registry fees, and lender fees. You'll also have to pay a stamp duty of 2% to 12% percent. Determine how much you'll have to pay in total, as fees can easily add up when it comes to luxury property.
Find Out How Much You Can Borrow
Know how much house you can afford before you go looking at houses. Lenders will review your mortgage application and tell you how much they’re willing to loan to you. We’d recommend getting a decision in principle from a lender before you start looking at properties.
Begin Your Property Search
Estate agents and property portals will help you find properties that are on the market. We suggest that you consider all your options. For example, you could look at commuter towns instead of limiting yourself to up-and-coming neighbourhoods.
Once you find a potential property, arrange a viewing. This could be in-person or done virtually. If you like the property, you can then make an offer. Don’t get upset if they reject your initial offer, however; there is always room for negotiation. If they accept your offer, you can move on to the next step in the process.
Around this time, you’ll want to hire a registered solicitor. They will handle the legal work around the sale.
Begin the Conveyance Process
Conveyancing is the legal process required to transfer ownership of the property. During this process, you’ll have to complete your mortgage application and pay for the property. Sometimes you need to take out a bridge loan instead of a conventional mortgage. For example, you may need to pay your prior mortgage after you move out but before the property sells. If you find that you are in a position where you need to apply for a bridge loan, then it's essential to be aware of the risks associated with it. Be sure to do your research and explore the standard terms and conditions of bridging loans before you apply.
Bridging finance is a short-term loan used to buy a new home before the old one sells. Services like Enness can help you arrange such a bridge loan. They can also loan money to those who need to refurbish or finish the property before they can move in. If you want to know more about them and what they have to offer, we suggest you check out the following link: https://www.ennessglobal.com/mortgages/bridging-finance.
During this process, your solicitor will confirm the details about the property, such as land boundaries. Your solicitor should also research the planning history and developments around the property.
The seller’s solicitor will receive the title deed and draw up the contract that will be sent to your solicitor. Note that your mortgage will need to be confirmed before you can exchange contracts. The keys will be released by the seller’s solicitor once they’ve received the total amount owed.
We'd recommend getting property insurance quotes around this time. All insurance policies must be in effect at the exchange of contracts date. Towards the end of this process, you'll sign the contracts and set a moving date.
This is a great time to buy a luxury property in the UK. However, you must take the time to understand the process so that it goes as smoothly as possible.