This guide will
cover all the essential topics related to property buying in the UK, such as
whether a foreigner can buy property, the types of property available, whether
a Tier 2 visa holder can buy property, and the cheapest places to buy property in the UK.
By
the end of this guide, you’ll have all the knowledge you need to make an
informed decision about buying property in the UK.
Should you rent or buy a
house in the UK?
If you intend to stay in the UK for an extended period of time or are set on a specific area, purchasing a UK house or apartment can be a viable option, especially given the recent record-low mortgage interest rates.
However, renting in the UK, may be a better option for foreigners who plan to stay only a few years; it may be more difficult to recoup stamp duty and other costs in the short term, as well as potential capital gains tax of 18-28% if you sell. Renting also allows newcomers to get a feel for different neighborhoods and make an offer quickly. More information on renting in the UK or renting in London can be found in Hepatica's guide.
Types
of Homes in the UK
Detached Houses
As implied by
the name, detached dwellings don't share any walls with other structures. Both
the front and back yards typically contain gardens. These apartments usually
provide more privacy than other types, making them the perfect choice for
families with kids.
Semi-Detached Houses
Semi-detached houses are also very common
in the UK. These usually consist of two separate homes that share a wall but
each has its own independent entrance. Many families choose semi-detached
houses because they are less expensive than detached properties and still offer
plenty of space and privacy.
Terraced Houses
One of the most popular types of property
in the UK is the terraced house. This type of property typically consists of
two or more houses connected side by side, often with a shared wall between
them. They are usually found in the center of cities and towns, making them
ideal for those looking to be close to amenities such as shops, restaurants and
bars.
Flats
Flats are the most
well-known type of accommodation in the United Kingdom. Flats are known for
their ability to save space and are typically offered as a series within a
single building. These structures can be purchased or hired on a contract basis.
Cottages
In the more rural parts of the UK, these traditional
housing types are prevalent and some of them are hundreds of years old.
Cottages are recognized for their sturdy construction, thick walls, and rustic
atmosphere. One or two stories are possible, and the majority of them have
access to huge gardens. Cottages are widely used as holiday homes due to their
simplicity of seasonal leasing.
Mansions
For those who can
afford it, mansions and historic homes are by far the most opulent options
available in the UK. These structures range in age from hundreds of years to
more recent times. Some of them are also listed as historical sites of
importance, which makes it challenging or impossible to build more structures
or obtain planning permission.
Steps
of Buying a House in the UK
Buying a home
in a foreign country can be intimidating. Here are the steps to buying a property in the UK:
§ Calculating
moving costs and reviewing mortgage options and loans
§ Finding
the right property for you
§ Viewing
and making an offer
§ Finding a
solicitor and bringing the sale process to an agreement
§ House
surveying and detailing the characteristics of the property
§ Finalization
of the mortgage process
§ Arranging
the relevant insurance
§ Signing
and exchanging the contracts
§ Finalizing
the moving process
What
documents do you need to buy property in the UK?
There are a number of documents you’ll need to
be able to buy property in the UK,
including:
- Proof of identity
- Proof of address
- Proof of funds
Typically, identification documents like a
passport or driver's license are acceptable, and documents like a utility bill,
bank statement, or driving license can serve as evidence of an address. You'll
also need to provide proof of your financial situation. Paystubs and tax
returns are both effective ways to achieve this.
It's best to have these documents ready from the start because you might be requested for them at any time during the property purchase process. This will facilitate a much more seamless purchasing transaction.
The
Best Cheap Locations To Buy Property In The UK?
The average house price in UK
stood at £295,903, therefore these affordable towns are significantly under
this.
§ Middleborough, TS1, £54,978
§ Bradford, BD1, £58,673
§ Sunderland, SR1, £65,478
§ Grimsby, DN31, £71,105
§ Sheldon, DL4, £73,637
§ Middleborough, TS3, £80,958
§ Peterlee, SR8 £85,274
§ Stanley, DH9, £91,391
§ Lancashire, BB11, £91,516
§ Liverpool, L20, £91,793
§ Knightley, BD21, £91,833
§ Birkenhead, CH41, £91,885
§ Kingston upon Hull, HU9, £92,755
§ Sunderland, SR5, £93,222
§ Ferry hill, DL17, £95,380
§ Blackpoll, FY1, £95,526
§ Hull, HU3, £97,043
§ Grimsby, DN32, £97,652
§ Liverpool, L5, £97,744
§ Seaton Carew, TS25, £100,603
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