The UK is home to a market environment with the best opportunities to own property. As in every country, certain processes need to be completed to own real estate here. In this article, we’ve explained what you need to know about owning a property in the UK.
Bank Loans to Purchase Real Estate in the UK
In England, people who can pay a 20% down payment due to low interest rates can own a house as if they pay rent. You don’t need British citizenship to own real estate here. If you wish, you can take out loans from British banks to buy a house. When you meet the necessary conditions that banks are looking for, you can get loans with 15-20 years of repayment. If you live in another country, you can rent your home after buying it and returning to your home country. Thanks to the rental income, you can easily pay your loan debt.
How to Buy Real Estate in the UK
Real estate sales in the UK are made mainly by real estate companies so, to buy a property in the UK, it is helpful to hire a good real estate company. After the landlord’s offer for the property, you can make a bargain on the price and apply to the banks for a mortgage if you want to get a loan. If the banks approve your request, they will assign an expert to determine the price of the property you will buy. Then a suitable loan is set for you according to this price, and the purchasing process begins. Maximum 90% credit can be obtained over the determined value. All legal processes and money transfers are made through solicitors. If you want to buy the property with cash, you will need to hire a solicitor. The solicitor you hire will take care of legal affairs and learn about matters such as quality and debt about the property. After your solicitor receives the approval of the payment, the title deed procedures can be started. Home purchases take an average of 10-12 weeks for those who use mortgages. This period is 3-4 weeks on average for those who buy with cash.
When this whole process is completed, you will have a property that will open the doors of a beautiful future for you.