The legislation of Great Britain doesn’t put any essential restrictions upon purchase of the real estate therefore many people from other countries willingly get housing in this country. At the same time foreign buyers often receive more favorable conditions for crediting, unlike of locals and tax residents of Great Britain.
The main points of buying property in the Great Britain
First of all, you must search for a suitable real estate. After it was found, the inquiry is sent to the owner. If he accepted it, and the candidacy of the buyer is approved, it necessary to make the Memorandum where all important data of both parties (names, passport data, addresses) and their solicitors is specified. The presence of solicitors is obligatory as they confirm the legality of the transaction and legitimacy of actions of both parties. And if you look for professional then direct attention to the Solicitors.GURU listing. There you will be able to find the extensive list of the best real estate attorneys. Solicitor collects all necessary information about seller and object on sale and sends a request to the register makes an evaluation of an object, studies its technical condition, etc. Sometimes, when on sale apartments are in newly-built building it is necessary to invite the independent technologist for providing technical assessment for landed property general state. This is especially important if the buyer is a person from other country and because of distance can’t thoroughly examine the characteristics of purchasing the property. After all questions are clarified, solicitors sign the sale and purchase agreement.
What is the Share of Freehold, Leasehold and Freehold?
In Great Britain upon purchase of real estate buyer can choose the property right. It has three options – Share of Freehold, Leasehold and Freehold.
- Freehold is such property right which extends mostly on private houses. It means that the owner has the right to dispose at discretion not only building, but also a ground on which the house is. It is logical to assume that such right doesn’t extend on apartments.
- Leasehold is the right at which owner buys housing, but has no opportunity to dispose of the earth on which it is. Usually in such property there are apartments, but sometimes there are cases when on such conditions private houses can be purchased too. A feature of this right is in that it has temporary character – usually it is the period up to 90 years (it is necessary to tell that this is the approximately service life of apartments in almost all modern houses). In certain cases the term of tenure can be increased and the maximum term of tenure makes 999 years. Many banks can refuse to give the real property loan if the buyer plans to perform the right of possession for less than 60 years.
- The share of Freehold is the right of communal ownership. In other words, residents of multi-apartment building perform the collective document confirming their property right to the land plot on which the house is built. At the same time each resident of the house has a share of possession of this earth. And though such right seems useless and strange, in practice it is expressed in a number of shares. Thus, all collective buyers are shareholders.
What documents about income you need
If a person makes out the long-term credit – yes, they are necessary. Solicitor will tell you about what requirements and testimonial of employment are necessary to provide. If a person pays in cash, then the need for this disappears. Formally the state can’t demand from the buyer any proofs about that how he earns his money, but all large sums of money must be legalized. Usually such control is provided by solicitors who are rather well informed about the financial condition of their clients. But if the background of the large sum causes suspicion, then solicitor is obliged to report about that. Otherwise he will bear criminal liability for the carelessness. It is also recommended to learn more about no win no fee option to make sure you could save some cash in your given situation.