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I’ve just purchase a new home and Alice Chan helped us to find our dream home. From the beginning she was very attentive and very helpful in solving all our doubts and helping us in whatever was necessary. Throughout the process she was at our side helping us and making the process as smooth as possible.
I worked with Amber Zhao from Chestertons new homes and she was so helpful. I told her what I wanted for my family and she search near and far for a home that ticked all the boxes. She made what would otherwise been a tedious and scary journey a smooth process. I couldn’t have asked for a better person to be by my side.
Excellent service from Mems Kannides who facilitated everything with the developer. Would recommend
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Follow the simple 3-step process below to begin your journey in owning an overseas property!
Investing in overseas property is a major decision and there are many factors to consider. It is very important to priortize the requirements. Does it need to be near your children's place of study in London? How many bedrooms is required? What's your investment budget? Use our search engine to identify the suitable projects that suits your specific needs.
Our highly experienced consultants have advised many investors around the world - regardless if it is buying a property for investment, own occupation, holiday home or children's education. With our acclaimed after-sales and property management service, we can help you with property leasing, fitting out and much more.
After all, this is our profession and we are "plugged" in the industry and knows exactly how to negotiate the best property deals for our clients. As a leading global real estate brokerage, we get access to special promotions for our clients. Once we identified your shortlisted property, our consultants will work tirelessly to land your desired home!
Our highly trained and knowledgable property consultants have completed millions worth of transactions for clients all around the world. Firstly, use our advanced search engine to identify the new developments that suits your requirements. Our consultants will then assist you to identify and negotiate the best deal on your shortlisted property.
Find answers to some of your burning questions as we tap our experts to share their valuable insights and know-how in the real estate industry. Read our blog
Depending your personal financial situation (your annual earnings, financial assets and liabilities), you may be eligible to borrow up to 75%* mortgage loan from a UK bank. You may also check with your local banks as some of them do offer loans on UK real estate depending on the property’s location and other factors. We can refer you to our in-house licensed mortgage specialist who can advise you according to your individual circumstances.
Yes, overseas investors are allowed to buy properties in United Kingdom. This is a really popular question I get from clients based in the Middle East and Asia. Unlike some cities in the world that impose legal limitations on overseas investors buying properties, there are no restrictions for international buyers purchasing UK real estate. You also do not have to be a UK resident or possess a UK employment visa in order to make the purchase.
Because of such investment-friendly policies, it is hardly surprising UK real estate is hugely popular with global investors. The buying process is straight-forward too. You appoint a buyer’s solicitor who will need a verified copy of your passport, proof of address (for example, your latest utility bill) and also provide your proof of funds, which is usually your bank statements or salary certificate to show the source of your savings. Overseas investors will also able to finance their purchase through a mortgage loan from a UK-domiciled bank. International investors may also open a UK bank account – it is not absolutely essential but recommended to receive rent and pay for any maintenance to the property. You can even open a UK bank account without visiting the UK.
Overseas investors need to set aside additional budget to pay the purchase and administrative costs. The amounts you need to pay will vary based on the value of the property, but here is a guide to help you budget and save. Based on a purchase price of £350,000 as a Buy To Let, you can expect to pay stamp duty of £18,000, if your completion date is before 31st March 2021, you will only need to pay £10,500. Legal costs are approximately around £2500 and bank fees of around £5000 if you wish to apply for a mortgage.
There will be other minor costs that are payable upon the property’s completion such as valuation fees. No two property purchases are the same, so it is advisable to consult a licensed financial advisor, solicitor, or mortgage broker to get a detailed breakdown of the actual purchasing costs.
If you have travelled or lived in London then you might already have an idea of locations to invest in – maybe with a view to relocate there one day in the future, or solely as a buy-to-let investment. For someone not particularly familiar with the UK market, my recommendation will be to look for areas of regeneration or new masterplan.
CBRE had studied the effect of regeneration on local property markets in London and found that house prices within a 750-metre radius of a regeneration zone grow faster than the wider market, by up to 3.6 percent per annum on average. You can use websites such as Zoopla or Rightmove to compare price growth in a particular area, as well as average asking prices of similar properties in the surrounding areas. Being an overseas buyer, use all the tools available to you to help make a decision.
PRO TIP: Look out for Waitrose supermarkets in the area – a great indicator that the location is thriving. Using a broker can also take some of the pressure off by narrowing down your search based on your requirements. I know it can feel like a rabbit warren of property portals and blogs that can overwhelm and confuse. Lean on a trusted and experienced expert to help guide and teach you and one day you could be the owner of an impressive London property portfolio.
For any first-time overseas investor buying a UK property, it can be confusing and overwhelming as the buying process will greatly differ from their home country. It can actually be a barrier for many entering the market so it is something I spend a lot of time educating my clients on at the onset of their search and throughout the process. Everyone was once a beginner, including myself. First off is narrowing down your location.
You might have travelled or lived in London previously so have an idea, or perhaps you are starting your research from scratch. My top tip is to look for areas of regeneration, usually outside Zones 1 and 2 that have cheaper entry prices and more opportunity for capital appreciation. This is when you can enlist the help of a broker to help narrow down your search and provide expert recommendations – we can even give you pre-access to new phases or projects before the rest of the market. Next is securing a Mortgage in Principal or Agreement in Principal from a lender.
I recommend that all buyers do this at the start of their search, even if you are planning on buying cash, to help you understand your borrowing potential and repayment schedule. There are many UK high street and private banks that will lend to overseas investors. The AIP usually lasts for around 90 days and is not legally binding.
Once you choose your property you will firstly need to pay a Reservation Fee (usually between £2000-5000 and provide your passport copy, utility bill and credit card details. Next step is to instruct a lawyer who will handle the contracts and payments between you and the seller.
You will pay the deposit (standard is 10 percent) and then exchange within 28 days – this means exchange of contracts, at which stage both parties are contractually obliged to proceed to completion. In between exchange and completion, your appointed solicitor will perform the necessary conveyancing and inform when they receive the notice to complete from the developer’s solicitors.
Finally, you will reach the Completion stage when the outstanding balance is paid – either using your own cash or a bank’s mortgage. This is also the point when you will need to pay the Stamp Duty in order to receive the title documents and keys.
