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 with a vast variety of properties across different areas (each with their own character). There are many factors to consider beyond location and searching for an investment property can be consuming and risky if you aren't familiar with potential target markets etc. 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. This includes 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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