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Buying real estate in the UK
Usually a deposit of 10% is paid to the sellers solicitor/lawyer
at the time of exchanging on freehold contracts, which binds you
to completing the purchase. Property is mostly freehold with some
leasehold for apartments. Leaseholds vary between 99 and 999 years.
You will ordinarily make an offer to buy subject to survey and
contracts. In Scotland neither the buyer or seller can pull out
of the sale once an offer has been accepted.
N.B: Recently, a Government trial to protect homebuyers by making
sellers put together a "Home Condition Report" which is to be
paid for by the seller and contain basic information including
local searches and surveys has been held. Should this become national
policy in England and Wales, the time taken to complete sale agreements
could be reduced.
Solicitor / Lawyer
A solicitor/lawyer who specialises in conveyance work would carry
out all the legal work on your behalf. A specific conveyancer
can also be used.
Fees
You would expect to pay around 4% of the buying price. This will
comprise of your solicitor/lawyer fees and land registry. Other
costs would include stamp duty which you would pay for properties
costing over £60,000 / $87,500, charged at between 1-2% dependent
on the properties selling price. Valuation fees and survey costs
would normally be associated with mortgage applications.
Property Tax
Local council taxes are payable annually on a rating system between
band A the lowest to H, the highest, and will be calculated by
valuations of other similar homes in your area. Expect to pay
from around £400 / $600 upwards per year.
For
more information on United Kingdom Property and to arrange your
viewing visit:
United
Kingdom Property Viewing Arrangements
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