A certain procedure should be followed to buy a property in the United Kingdom. Its process is as follows:
1. Selection of mortgage loan:
“Repayment mortgage” in which principal and interest are paid back with periodic payments in a definite term, or “interest-only mortgage” in which only interest is paid during a certain period (generally 25 years) and principal is paid back at maturity are the preferable mortgage types for investors. Investors should consider all costs, especially mortgage deposit, broker fee, land registry fee and stamp duty as well as choosing the most suitable mortgage type for the investor. Numerous cost items such as deposit, land registry fee and stamp duty to be paid by the investor change based on the selling price of the property sold.
2. Submission of the offer to seller:
An offer that aligns with the market value is submitted to landowner or real estate agency. After the offer is discussed with dialogue, the process starts with the agreement of parties on price. In general, real estate agency or landowner wants to see the document which proves the availability of money or mortgage loan, to assess graveness of the buyer.
3. Evaluation of property:
Structural survey reports about the house to be bought are prepared by authorized and objective specialists after acceptance of the offer. The reports sent are reviewed by consultants of the buyer. The required follow-ups are performed on behalf of the buyer. In case of any problem, customer is informed.
4. Hiring of an attorney:
If assistance of any consulting company was not received in the beginning of the process, an attorney should be hired at this stage to conduct the sale process and legal transactions.
5. Completion of sale:
Attorneys of both parties get involved and sale process is initiated if positive opinion is given in all reports. At the end of this process which lasts between six and eight weeks, any money transfer is performed at the helm of the attorneys not to have difficulty in money transfer. Very critical protective measures were taken for customer. Your attorney applies to Land Registry for sale record after the completion of money transfer.