No. As long as you are over 18 years old, you can buy a house in the UK regardless of nationality and visa.
No. Buying a home in the UK cannot be used to offset funds required for immigration. We cooperate with immigration law firms with years of experience and authority in the UK. If you need advice on immigration to the UK, we can recommend professional immigration lawyers.
Yes, you can. Not required if buying property in cash. The purchase funds can be transferred directly from the domestic or other overseas accounts to the lawyer designated by the buyer, who will run all the house purchase procedures. If it is a mortgage loan, you need to open an account in the UK. (China's overseas remittance limit is USD 50,000 per person per year)
Yes, you can. Bank of China London Branch, HSBC and Standard Chartered Bank can handle loan business for domestic customers when they buy a house in the UK. We can refer you to the loan manager's credit manager and home loan consultant.
The UK property market is a legally sound market, and all purchase procedures are handled by lawyers on both sides. Except for the deposit (£ 2000-£ 10000), which must be handed directly to the developer, all other funds must be transferred directly from the buyer's bank to the designated lawyer's account for the house. When the buyer and seller determine the exchange contract, Account transferred from the buyer's lawyer to the seller's attorney. Subsequently, after completing the entire transaction process, the buyer's lawyer will register with the National Land Agency on your behalf, and you can check the registration results online.
Proof of identity: passport (color scanned copy of personal information page), ID card (color scanned copy of front and back). Proof of address: a proof of address in the last three months (domestic / foreign long-term residential address, full name, for receiving correspondence ), Including but not limited to: water, electricity, gas bills in the past three months or credit card bills / personal bills, property management bills, etc. in the past three months: the buyer ’s bank in the last three months to one year Bills; supplementary materials such as stocks, wealth management income, wages, dividends, house sales contracts, etc. will be required according to the status of personal funds
According to the current national foreign exchange management system, each person can remit $ 50,000 in funds to the UK each year. Money used to buy a house can be transferred to a lawyer through the UK account of the buyer and his immediate family.
The UK property market is a legally sound market, and all purchase procedures are handled by lawyers on both sides. Except for the deposit (£ 2000- £ 10000), which must be directly handed to the developer, all other funds must be transferred directly from the buyer's bank to the designated lawyer's account for the house. When the buyer and seller determine the exchange contract, Account transferred from the buyer's lawyer to the seller's attorney. Subsequently, after completing the entire transaction process, the buyer's lawyer will register with the National Land Agency on your behalf, and you can check the registration results online.
This is not necessary. But in the UK, all lawyers must comply with legal requirements to ensure that their clients do not buy or invest in real estate through the profits derived from illegal money laundering crimes, so they must understand their clients and ensure the legal status of private buyers. The lawyer will also ask about the source of the property to buy the real estate. If necessary, the buyer needs to show a proof of source of funds, which includes but is not limited to the following categories:
A) Proof of salary income (provide at least one material): working deposit (wages, bonuses); payroll or bonus payments; employer letter; if you are self-employed, please provide company audited bank slip
b) Stock investment or investment portfolio (provide at least one kind of material): Certified investment or deposit certificate, contract and investment account cash certificate; bank slip can show investment amount; accountant letter
c) Property for sale (provide at least one material): Certified contract; Certificate of intermediary letter; Lawyer letter
Due Diligence: The lawyers will conduct due diligence on your behalf, communicate with the seller's lawyers and local government departments, find as much information about the property as possible and potentially adverse factors, and also ask questions to the other lawyer. The lawyer will ask local governments and other legal departments about potential disadvantages, such as whether nearby developments will change the natural environment or infrastructure such as roads in the area where the property is located, and whether it will cause noise pollution. This kind of information retrieval can ensure the normal supply of natural gas, water and electricity, and confirm that the property has the corresponding planning permission.
Legal documents: The lawyer will review the contract drawn up by the opposing lawyer and make necessary modifications to protect the interests of the client.
Consumption details: After getting the results of the survey and inquiry, the lawyer will issue an email explaining the real estate and the main points of the contract, and submit the contract to you for signature. The report contains all the details of the real estate and the lawyer's summary of the survey results. (The results of this investigation will affect the decision-making of the lending institution) d) Consumption details: The lawyer will also issue a payment detail list, which will list the expenditure items and the costs of each item, generally including the down payment, lawyer's fees, local land survey fees, stamp tax, etc.
Yes, there are two types of taxes that must be paid in the UK:
a) When buying a house: SDLT is required when registering a house
b) When holding a property: If you are a self-occupied person, you need to pay a Council Tax. The municipal tax is based on the area you live in, and charges range from £ 1100- £ 3000 per year, and students are exempt. In the case of rental, the municipal tax is paid by the tenant.
Stamp Duty Land Tax (SDLT) is also known as stamp duty. A fee that must be paid to buy a house or land in England, Wales, and Northern Ireland. The latest threshold for stamp duty collection is £ 125,000 (for home ownership) and £ 150,000 (for non-ownership property and land). In the London area, if you buy the world's first home, the total house price is less than 500,000 pounds, there is no stamp duty. The stamp tax must be handed over to the tax office by a designated lawyer within 30 days of completing the purchase transaction. For details, please read: Interpretation of UK Stamp Tax Policy
Attorney fee: Based on the total house price, approximately between £ 1500- £ 3000, excluding 20% VAT
Miscellaneous fees: including house survey fee, house registration fee, etc., about £ 1000 (the Law Society will provide detailed payment details)
* Buying a new home in the UK does not require any agency fees
Service Charge: Based on the supporting facilities, service standards and geographical location of the project. Charges are calculated on an annual basis per square foot.
Ground Rent: Depending on the unit, generally £ 350- £ 800 per year
Regarding rental management, it is recommended to find an intermediary who can provide bilingual services in Chinese and English to arrange rental and housing management on your behalf and keep in touch with you. According to the service, the charge is about 10% -12% of the monthly rent (excluding 20% VAT).
When selling a property in the UK, you can resell it in person or entrust an agent to find a buyer, but this transaction process needs to be completed by a designated lawyer for both the buyer and the seller. The costs to consider when selling a property are: agency fees (1% -1.5% of the total price of the property), lawyers' fees (depending on the sold price, usually £ 1500- £ 4000), capital gain tax Only for the value-added income obtained from the sale of investment and renting houses, it is usually 18% of the net profit. If you sell your own home, you do not need to pay capital gains tax.
When buying a new house in the UK, you can contact the developer directly, or you can find a qualified propety agency to assist you in buying a house.
The services provided by the angency include: recommending developments, arranging house inspections, negotiating prices (for the largest discount), providing assistance throughout the purchase process, recommending lawyers and loan banks, inspecting houses, and configuring furniture and other after-sales services. The developer's service is limited to the purchase of the house, and any problems after the delivery of the house are not their responsibilities. As for agency, they will not charge any fees from the buyer, and the final price will not be different depending on which agency you choose.