Investing in UK property ' A brief guide for Overseas Landlords
Investing in UK property - A brief guide for Overseas Landlords
1. Identifying the correct location and property
Oxfordshire is a big county. The variety of properties across different areas (each with their own character) is vast. Demand for rental property is high in this County. A property search is time consuming, so do think about engaging the services of a specialist agent to find the right property for you.
2. The deal
For the best properties there is often a lot of competition. If you do agree to a deal there is a risk of being 'gazumped'. Until a formal contract is signed and exchanged neither side is legally bound. Ways in which you can improve your chances of securing the property you want are: being a cash buyer, being able to proceed quickly and signing the contract promptly.
3. The buying process
Unlike in a number of other countries, due diligence is carried out prior to the parties entering into a binding contract. Including checking the title of the property, obtaining a survey, carrying out searches of the local area and the authorities, obtaining information from the buyer and the freeholder / managing agent and agreeing terms of the contract. If mortgage finance is to be obtained then an offer from the lender will also be required pre-exchange. When lending to overseas buyers a specialist bank or lender is usually required.
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Residential land or property SDLT rates and thresholds