Buying in the UK
A Guide to buying property in the UK
When buying property anywhere, there are many factors to consider and this is no different in the UK. That said, there is no doubt that the relatively stable political and economic climate affords a degree of certainty that other jurisdictions may find difficult to compete with. Over the past 2 years, the UK property market, particularly the London market, has been highly buoyant and has represented a very sound investment for those seeking high yields and sustained capital growth.
At Castle Gallois Properties, we focus primarily on the residential property market, within which we service a range of investors, from those looking to build a rental portfolio to people looking for their principal residence. The range of properties on our portal is representative of the diverse investment opportunities that the UK property market has to offer.
Whether you want to buy a Georgian House in Mayfair or a student property in Manchester, we believe we are well placed to help you. However, in order to be sure, we need to understand your specific needs, so please do get in touch.
As you may imagine, the cost of purchasing a property in the UK varies vastly based on what type of property you are buying and crucially on its location. Dependent on your motivation for the purchase, we can help you to decide what type of investment may be best for you.
The purchasing process
Castle Gallois Properties act as broker between you and the property vendor. Once you have identified the property you wish to view, we will arrange for one of our consultants to show you around and when you reach the decision to make an offer on the property, we will present that offer to the vendor on your behalf.
On the basis it is accepted, the vendor's legal representative will draft conditions of sale for your perusal. We would always recommend that at stage you appoint a UK trained solicitor to assist you in the process and to ensure that the terms and conditions are legally appropriate. Castle Gallois Properties can facilitate introductions to qualified legal experts, who can assist you if required.
Once the sale documents are agreed and signed (known as “exchange”) and all of the relevant legal and local authority checks have been undertaken, a deposit is paid and a completion date determined, at which point the process is finalised with the registration of the property at the Land Registry.
Castle Gallois Properties' role in this process is to introduce you to the property and guide you through the process helping in any way in which we can. Experienced investors may require very little assistance once they have determined their target property, but we are here to help you in any way you need.
For non-UK residents particularly, tax is one of the key considerations when buying a UK property. There is potential exposure to income tax, VAT, stamp duty, capital gains tax and inheritance tax, as well as the relatively new ATED tax, which targets UK residential property ownership through companies.
It is crucial that you understand what is involved to make the right structuring choices for your investment. One of the key decisions initially is whether to invest in a personal capacity or through an offshore corporation. The below link gives a brief guide to the implications of each choice, but when the time comes, we would recommend that you seek professional tax advice to make the right choice for you.
As discussed, once you get in touch and explain your needs, we are well placed to connect you with advisors who are capable of providing what you need to make an informed decision. So, get in touch and tell us what you are looking for - we'd love to talk to you!