It is no secret that buying property in London does not come cheap. With many people struggling to get on the property ladder, it can be difficult to know where to start when looking at buying your own place. Despite this, there are several reasons why investing in a property within the UK may be one of the best decisions you ever make.
Whether you are an investor looking for rental income or simply someone who wants their very own slice of Britain – take a look at the reasons buying property in London is not as daunting as it seems to be:
- No legal restrictions for non-UK property investors.
You can buy property in the UK even if you’re not British. However, there are restrictions for foreigners and non-residents to get a mortgage here with less than two years’ residency; they’ll need more stringent requirements when it comes down their deposits or other factors like income level associated with buying homes abroad.
You also want make sure that before committing yourself financially into any purchase agreement (or contract), consult an experienced UK lawyer who knows how these things work to ensure that you will be making the right decision to buy property you’ve been eyeing for.
- Same taxes apply to both UK citizens and foreigners.
A property is a great way to get into the British housing market, but it can be hard not knowing what taxes apply. In general terms though there are three important things you should know about taxation for non-residents landlords:
Stamp duty, or tax on real estate transactions will need pay at least in part like resident buyers and sellers; Capital Gains Tax (CGT) applies if an investment property ends up being sold at profit which must then also meet CGT limits even if they were paid lower rates elsewhere before coming over here so keep records from all periods spent living abroad including when working overseas.
- There are mortgage opportunities for non-UK residents.
As a non-UK national, you can get an investment loan from banks or mortgage brokers. International lenders also provide services in English and require only 5% of your home’s value for the initial deposit (though this percentage may vary).
Lender arrangement fees are expensive but there’s no tax implication when it comes to securing loans abroad against existing assets-they just charge different amounts depending on how many people will be involved with buying property offsite through them.
- You can search for London properties offshore.
When you’re looking to buy a house, it can be hard finding the right property. But with so many websites listing UK properties for sale and all kinds of other information about how to find them, this should not pose much difficulty.
London houses for sale are most commonly listed with estate agents and on their websites, online property websites or in newspaper classifieds. You can also find properties at auction by scouting specific areas looking out for ‘For Sale’ signs outside homes that might interest you; contact details will be provided when available unless it is an agent who has exclusive rights – then the seller handles all negotiations themselves.