What is the process of buying a house in the UK?

?1. Budget planning

Determine your loan limit with the bank, calculate the funds available for property purchase, reserve space for miscellaneous expenses, and consider one-time expenses and property holding expenses.

?2. Select properties

Clear the purpose of buying a house (investment, self-occupation, schooling, etc.), sort out the needs (location, internal and external configuration of the house, move-in time, etc.), and find a real estate consultant to search Suitable for real estate.

3. Pay the deposit

The buyer quotes the price and entrusts the real estate agent to negotiate the price. After the price is accepted, he signs the reservation form and pays the deposit (?2000-5000), and the transaction is initially concluded.

?4. Lawyer intervention

After signing the house purchase reservation, a lawyer is required to intervene (handle the transaction and financial aspects, investigate the legality of the property purchase and other legal issues). In the UK, real estate transactions need to be completed through lawyers from both parties.

?5. Sign the contract and pay the down payment

The buyer’s lawyer will exchange the contract within 21 days after receiving the seller’s lawyer’s contract, and both parties will sign and pay the down payment (usually 10% of the house price). The transaction is officially established. House transactions are protected by law.

?6. Loan application

Start submitting loan applications 3-6 months before the completion of the property. If the buyer meets the lender’s requirements, the bank will provide the loan details to the buyer and Buyer's attorney. You can plan as early as possible to prevent the loan from not being available when the house is handed over.

?7. House inspection and handover

Two weeks before the final completion of the property, the owner who has received the house key can go for a house inspection and check the facilities. At the same time, the seller's lawyer provides a completion certificate, the bank provides the loan according to the approved loan amount, and the buyer pays the balance.

8. Tax payment and transfer

Pay the stamp duty through a lawyer, and then the lawyer will apply for land ownership registration for the home buyer; after the registration is completed, the land registration department will issue a land certificate confirming that the registrant is the property Everyone.

?9. Lease management

If the buyer needs to rent a house, he or she can additionally entrust a real estate agency to find a house leasing company to provide rental management services (including tenant acquisition, rent agency (housing, long-term home repairs and monthly income reports, etc.).

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