Countries we lend for
UK
Helpful tips
Although buying a property in the UK can be daunting, by following some very
simple steps you can minimise the stress and uncertainty involved. Our tips
aim to prevent any unpleasant surprises along the way so that you feel confident
about the big decision you have just taken or are about to take.
Before you visit a single website or speak to a property finder, ensure that
you can afford to buy your UK home. If you need to raise a mortgage, make sure
that you have all the information you need so as to work out what it will cost
you. Ask the bank to give you some examples of what your monthly instalment
will be if interest rates go up.
If your UK property is intended to generate rental income, carry out research
as to which area and type of property gives the best returns. The market in
the UK is very liquid with many transactions taking place each day and a lot
of information available on the internet.
Ask questions about maintenance charges, particularly when buying a flat as
these can be quite high depending on the level and range of services offered.
Try to use an agent wherever possible. Pointing out opportunities is the least
important thing that an agent does. You will need someone who knows the market
better than you do to guide you in your purchase, serve as your liaison with
the selling agent and all other professionals involved in the transaction as
well as lend a helping hand with important after sales matters.
Think about and discuss with your solicitor all the services that you will need him
to provide you with so that you give appropriate Powers of Attorney. This will
save you time and costs later.
Don't rely totally on the third parties you will engage for everything and
try to be responsive to their requests for action that can only be taken by
you. It can save a lot of time and be a very rewarding experience. Your agent
or solicitor are looking after other customers too.
If you have applied to us for a mortgage, please ensure that the selling agent
or the property finder if you have used the services of one are ready to facilitate
our process by providing access to our appointed valuer or supplying the information
or documents needed by our appointed lawyer.
We recommend that you put in place buildings and contents insurance whether
you take a mortgage from us or not. Your solicitor can undertake this task if
you include it in your power of attorney.
Your purchase is complete and the property has been registered n your names.
You will have greater peace of mind if you also:
- Make arrangements for the payment of your utility bills, service charges,
insurance payments and ground rent if applicable (common requirement when
buying a leasehold property).
- Ensure that your UK bank account is in funds so that you do not incur charges
for failed collections of your mortgage and other bills.