What is the Process for Buying a Property in the UK?

The process of buying a property in the UK and Wales involves a lot. If you are looking forward to selling or buying property in the UK, you should start with a property evaluation.

Buying a Property in the UK

Buying a home in the UK is a good option if you are planning to stay in the UK for long or decide to settle in London or any other city.

Anyone can buy a property in the UK provided you have been staying in the United Kingdom for at least two years.

In this guide to property buying in the UK, I will share the tips and advice you need to follow if you are looking to buy your dream home. From mortgages to legal paperwork, to UK taxes, everything is covered in this home buying guide.

Let’s begin!

How much will it cost to move?

You should determine how much it will cost you to move. Visit a local property expert to help you determine an accurate valuation of the property.

The removal, broker, and lender fees can sometimes add up to your surprise. When planning to sell or buy a property, you should add up all the fees and find out if you can meet all of them.

You can consult any financial service provider in the UK to help you calculate the total costs involved in buying the house.

Make an offer

Once you know how much it will cost you to acquire the property and have all the finances ready, you can make that offer. You can offer verbally or in writing directly to the private seller or a real estate agent.

The private seller or real estate agent will proceed to draw up a contract to transfer legal ownership. When making an offer, opt for over or below the asking price. Consider how long the property you are about to buy has been on the market. You can speak to a property advisor or real estate agent to advise you. In most cases, properties in the UK will often sell below the asking price.

What is the average cost of buying a house in the UK?

What is the average cost of buying a house in the UK

Probably the biggest question that most home buyers ask is how much does it cost to buy a house in the UK?

The average cost of buying a UK property is between £225,000 – £228,000. Obviously, property prices in the UK, especially London are higher as compared to the rest of the European Union. Considering the business opportunities and the standard of living, London houses are priced higher. For a standalone house, you need to shed around £473,822.

The average cost per square meter is around €23.90. Compared to other major cities such as France, this is just double. The property rate per square meter in France is around €12.80.

Hire a solicitor

The best part is that anyone can buy a home in the UK regardless of whether they have citizenship in the UK or not.

To save you from all the legal hassles, you can take the help of a property lawyer in the UK. All the legal work involved in buying property is time-consuming and confusing at times. Therefore, you will need to hire a solicitor to help you out. Solicitors charge different fees ranging from £500-1,500 and VAT on any dealings involving property sales.

When you hire UK conveyancing solicitors, they will represent you throughout the property buying process. They will research and check with the local authorities to determine if any underlying issues are likely to affect the value of the property you intend to buy. For instance, AVRillo is one of the top conveyancing solicitors in London, UK, whom you can approach for a hassle-free move. They offer their services in London, Liverpool, Bristol, Birmingham, Leeds, Nottingham, Sheffield, and other major locations in the UK.

Get a survey

If you’re buying the property on a mortgage, the lender will arrange for a valuation of the property you are about to buy. You should opt for a property survey that will consider maintenance and repair costs.

You will meet the costs of the survey, but this will often help you save money if the survey identifies any serious issues that may reduce your initial offer.

Finalizing the mortgage and offer

Once you opt for a survey and new issues arise on the property you are buying, you should renegotiate this property’s price based on this new finding. If the survey values the property at a lower price, the mortgage lender will lower the amount they are willing to give.

You have to pay a deposit for the property and finalize the mortgage once your offer has been accepted.

At this step, you have that chance to pull out of the offer before you can exchange the contracts. The mortgage lenders give you up to 7 days to accept or reject the offer. You are free to cancel the signing for the mortgage, but in this case, you lose fees for the mortgage costs.

Exchange of contracts

If there are no problems with the offer, you will receive a contract from the seller’s solicitor to seal the deal. You can ask the solicitor to share with you the contact details and ask for any changes and amendments. Sign the contract once you are satisfied with it.

Lastly, you should ensure the contract you are signing includes all the key details of the property like price, date of completion, and conditions for sale.

When you are done signing the contract, it’s time to pay for the property. The funds will be transferred from your solicitor’s account to the mortgage providers’ account.

The lender will send the funds to the seller’s solicitor account. At this stage, you now get the keys to the property, and you are good to go. Ensure your solicitor registers the property with the Land Registry and pays the stamp duty.

Thank you for reading!

Click Here to Leave a Comment Below 0 comments