Today, there are no restrictions on the purchase of real estate by foreign nationals in British law. This means that anyone can buy a house or an apartment in England, even without visiting the country, with the help of their lawyers.
Types of real estate purchase in England
Unlike in Europe, there are two types of real estate purchase in the UK:
Freehold purchase involves the transfer of rights of ownership of the land and all the buildings that are located on it. However, leasehold purchase means that only the building but not the land is the subject of sale. At the same time, the ownership of land is transferred to the new owner of the real estate for a period of 1 to 999 years. Apartments are usually available for use for 99-125 years on the English real estate market. Also it is specified in the UK legislation that the lease period can be extended in the event that it initially was for a period of at least 70 years.
What determines the cost of housing in Britain?
Besides the location, the quality of the house or the apartment, transport interchanges and infrastructure near the property, and the length of the lease affects its cost. The most expensive apartments and houses are freehold properties. When buying a house or an apartment as leasehold purchase the price can vary and become smaller if the lease term is reduced. The most expensive apartments and houses for lease are for a period of more than 125 years.
How can one buy property in the UK?
To buy an apartment or a house in England it is not necessary for the Europeans, just like for other foreigners, to be present at the conclusion of the deal. In Britain, the whole procedure can be carried out by lawyers or consultants. Moreover, the British themselves do not deal with such matters, and trust their lawyers in doing it.
You can seek help from the experts of the company Work in UK. Together with the client we select the appropriate type of property and a few offers. Then, we make an appointment with the seller’s attorney. Most often, these meetings are necessary in order to get a discount for the buyer.
After the meeting the Memorandum of Sale is concluded. This is a special document stating the information on the buyer and seller, as well as their lawyers. In addition, an inventory of the property is made, which together with the apartment or the house should be transferred to the ownership of the buyer. The inventory includes furniture and appliances.
In addition to drawing up the contract, our lawyers do all the necessary checks in the land registry, local authorities, the register of bankruptcy and so forth. Moreover, they carry out the necessary stamp duty payments.
Thus, the procedure of buying property in the UK is a complex one and has a lot of nuances. We recommend that you seek the assistance of our experts, and become an owner of an apartment or a house in England without the hassle.