Countries we lend for
UK
The buying process
The UK has its own processes and requirements for buyers of property. It also
has a system of ownership quite different from that of Greece and unlike Greece
the funds for the purchase are placed with the solicitor acting for you so you
will need to establish a bank account and put in place all the necessary documents
for its operation.
Our value, beyond giving you the required finance to buy your chosen property,
is to help with any questions you may have when you feel unsure or concerned
and to guide you through the process so that you suffer the minimum inconvenience.
Important Partnerships
As when buying a house anywhere in the world you will need the services of
a number of experts whom we choose to call 'partners' as their professionalism,
service standards, knowledge of the market and ethos will be central to a trouble-free
purchase.
The Mortgage Lender
In order to avoid disappointment, the first partner you should contact if you
need to raise a loan for your purchase is a mortgage lender. If you intend to
take out a mortgage on your UK property, we hope that the mortgage lender will
be us - Piraeus Bank. By completing our simple UK mortgage application form you
can establish quickly whether you can afford to buy the three bedroom Townhouse
in Belgravia or if you will need to settle for a two bedroom flat in Ealing.
Knowing the amount that you can afford will lead you to the right property sooner
rather than later and without any disappointment and heartache.
The added value that we will bring - in addition to a flexible and competitive
mortgage product - is the knowledge and contacts that we have in the UK market
but also the extensive network we have in Greece who can assist in many different
ways from handling the execution of all the account opening and loan documentation
to taking added security in Greece if you wish to borrow more than our standard
product allows.
And of course if we lend against your property in the UK it is on the basis
that it offers good security so we are equally keen in its legality and value.
The Agent
Despite the ease that the internet offers in researching the UK market, you
will invariably at some point come into contact with an estate agent. There
are also Greek speaking property finders who against a fee will assist you in
sourcing the right property for your circumstances. The appointment of such
a property finder often helps save time and often money as they will have ready
a number of properties for you to view when you visit and negotiate on your
behalf with the selling agent, if you so wish. The important thing when dealing
with agents or property finders is to satisfy yourself that they are professional,
established for a number of years and compliant with UK regulations.
But be aware: if you are buying directly from a UK agent, they usually receive
their commission from the seller of the property. A good agent will not misrepresent
anything to you but is not there to protect your interests either. This is why
you should always appoint a solicitor to act on your behalf.
Structural Surveyor
Because much property in the UK has been built in the last 100 years, it is
advisable to use the services of a qualified Structural Surveyor who will undertake
a thorough investigation and present you with a full report on the condition
of the property and possible issues which are or may prove problematic at a
later stage. For example, some areas in London are built on clay and
properties in these areas tend to suffer from subsidence. Buying such a property
may cost thousands of pounds in carrying out major work in the future.
The Surveyor can also provide you with a Homebuyers Report which is less extensive
than the full structural survey and therefore cheaper.
We can recommend a Structural Surveyor although you should satisfy yourself
as to their competence as we cannot be held liable for the performance of a
third party.
Valuer
In line with normal banking practice, we will instruct a valuer in order to
obtain a basic valuation for the purpose of the mortgage. We will send a copy
of this to your solicitor so that they can separately advise you on its contents.
Solicitor
All of the real estate transactions in the UK take place with the involvement
of two solicitors, one acting for the seller and one for the buyer. Should you
need to take out a mortgage, then the lending bank will also employ a solicitor, whose fees will be charged to your account. Often borrowers for the purchase of property
use the services of the bank's solicitor so as to minimise costs.
As soon as the offer you make to the selling agent for your chosen property
has been accepted by the vendor, you will be required to provide your solicitor
contact details.
These will be notified to the vendor's solicitor so that they can send the
title deeds and any other documents they hold on the property to your solicitor
for his examination and report to you.
Amongst the searches that your solicitor will undertake on your behalf will
be local council, Water and Environmental, Land Registry and other searches.
We will also require your solicitor to act as agent for the service of process
in the UK and confirm to us their acceptance of this appointment in writing.
This is normal practice when banks lend on assets held overseas and is a service
only ever called upon in the unlikely event that the bank needs to realize its
security.
The same requirement applies to guarantors, if applicable.
If you borrow from us for your purchase, you may wish to appoint the same solicitor
so as to save on your legal fees.
The Accountant
While it is fairly straightforward to deal with the payment of local taxes
for your UK property, when buying in the name of a company or with the intention
of letting your property, you should consider engaging an accountant who will
deal with all tax matters and submit an annual tax return on your behalf.