{"id":6275,"date":"2023-02-01T03:13:32","date_gmt":"2023-02-01T03:13:32","guid":{"rendered":"https:\/\/crestnetwork.com\/?p=6275"},"modified":"2023-02-01T03:14:39","modified_gmt":"2023-02-01T03:14:39","slug":"your-handy-guide-to-buying-property-in-the-uk","status":"publish","type":"post","link":"https:\/\/crestnetwork.com\/your-handy-guide-to-buying-property-in-the-uk\/","title":{"rendered":"Your Handy Guide To Buying Property In The UK"},"content":{"rendered":"\n

By Jonathan Veers (spvcompanymortgages@gmail.com<\/a>)<\/p>\n\n\n\n

Property investors looking to buy a property in the UK will be pleasantly surprised at what is on the property market and how quickly you can invest in this niche real estate. Whether you want to become a homeowner with a decent rental yield by renting to tenants or just looking for a second home with maximum capital growth, there are plenty of options.<\/p>\n\n\n\n

Residential properties, rental homes and off-plan developments with discounted cash prices attract investors from around the world. When it comes to new build sales, a report from the London Council showed that in 2016, foreigners made 13% of all sales. Looking at the bigger picture, in England and Wales, in 2018, foreign companies owned nearly 100,000 homes.<\/p>\n\n\n\n

In fact, people often ask us if foreigners can buy property in the UK, and the answer is yes, it is an ideal place for long-term investments. However, the critical factor is to already have finances in place, as obtaining a mortgage is difficult. With that in mind, let’s look at what you need to know when entering this market.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>Buying a property in the UK<\/strong><\/h2>\n\n\n\n

<\/a>Freehold or lease<\/strong><\/h3>\n\n\n\n

While some countries have one type of ownership in place, both freehold and tenancy exist in the UK. Flats and apartments in commonly shared buildings are generally leases, which is where you only own the property for a fixed amount of time. These might range from 40 years to 999 years.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>Where to buy<\/strong><\/h3>\n\n\n\n

This is where local research pays off. Some owners invest in rental properties; This is why they shop in big cities like Manchester, Birmingham or Nottingham, where there is a substantial student population. Others turn to the vacation market, so head to the coastal resort towns and cities.<\/p>\n\n\n\n

In general, there is a noticeable trend that is leading the entire UK property market, and that is that demand is declining in the southern regions but increasing in the north.<\/p>\n\n\n\n

In Manchester, the council is investing heavily in transport and infrastructure. Cities like this also attract first-time homebuyers because London is generally out of their housing category. As a rough guideline, a townhouse for sale in Manchester city centre price starts at around \u00a3290,000. The average starting price to buy a flat in the UK is \u00a3130,000 for a brand-new construction project.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>The sales process<\/strong><\/h3>\n\n\n\n

Once you’ve found your ideal home and want to make an offer, it’s not until a formal contract is signed and exchanged that it becomes a legal sale. Keep this in mind, with areas that are popular because bidding and gazumping is still practised. However, a down payment can give the deal away, and this is usually between 5 and 10%.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>Start with the legalities of buying your house<\/strong><\/h3>\n\n\n\n

For the drafting of a contract, your lawyer will first carry out all the legal checks. This involves various aspects such as a title search and a survey. At this point, if you are applying for financing from mortgage lenders, they will also want a study and an appraisal of the property to confirm its value. Once finalized and everything in order, a contract confirms the sale.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>Obtain the deeds and pay the stamp duty<\/strong><\/h3>\n\n\n\n

Once the lawyer confirms all the legalities, the next stage of the payment plan begins, and then you can sign the title deeds and move out. He knows that if he buys an apartment, he is legally obliged to pay a service fee, and this is for the upkeep and maintenance of common areas. It is during the time of taking possession that he will also have to pay the stamp duty.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>What you need to know when buying: tax implications<\/strong><\/h2>\n\n\n\n

Although the purchase process is straightforward, the sale takes approximately three months to complete. The part that confuses even the savviest shopper is the tax implications. For estates over \u00a3325,000, the inheritance tax is a staggering 40%. Instead, some people buy the property as a business or through a trust, which incurs fees every six years.<\/p>\n\n\n\n

Similarly, for most non-UK residents, capital gains tax still applies. This is a charge between 18 and 28% depending on the value of your property. There are different guidelines for rental home purchases and income tax, depending on whether they are long-term or vacation homes.<\/p>\n\n\n\n

Further information:<\/strong> The above advice on by SPV Mortgages <\/a>on how to buy a house in the UK and what to consider when looking to invest in property are only guidelines. For more detailed information on becoming a UK homeowner, it\u2019s best to speak to an estate agent.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>Stamp duty reductions and a review of planning laws are announced by the UK government.<\/strong><\/h2>\n\n\n\n

As part of a mini-budget to boost the economy and provide relief for homebuyers, the UK government has reduced stamp duty on property purchases. The goal is to enable more people to become first-time homebuyers and boost the housing market by encouraging upgrades and moves. With UK inflation at its highest in 40 years, industry insiders welcome the move; however, some financial experts do not.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/a>New stamp duty laws<\/strong><\/h3>\n\n\n\n

The UK Chancellor announced the stamp duty reductions to “help families aspiring to own their own home” in his mini-budget speech on September 23. The current system states that you do not have to pay stamp duty on the first \u00a3125,000 of a property’s value. Now, the threshold has been doubled to \u00a3250,000, meaning that up to \u00a3250,000 in property worth is exempt from paying stamp duty.<\/p>\n\n\n\n

Additionally, he noted that the threshold for first-time buyers paying stamp duty will increase from \u00a3300,000 to \u00a3425,000.<\/p>\n\n\n\n

The third change is the program’s threshold for first-time buyers. It is currently set at \u00a3500,000, but the Chancellor raised it to homes worth no more than \u00a3625,000. Homebuyers can generally save up to \u00a32,500 thanks to the new stamp duty changes. A tax credit of up to \u00a311,250 is also available to first-time buyers.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Jonathan Veers (spvcompanymortgages@gmail.com) Property investors looking to buy a property in the UK will be pleasantly surprised at what is on the property market and how quickly you can invest in this niche real estate. 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