What is the policy of buying second-hand houses in Britain? Is it expensive to buy a house in Britain?

What is the policy of buying second-hand houses in Britain? Is it expensive to buy a house in Britain? British architecture is cost-effective, with an average life span of 132 years. On the streets of London, England, you can see a century-old house every few meters. When buying British real estate, sometimes you don't have to choose a new house, but a second-hand house can do it. Today, we will learn about the sale of second-hand houses in Britain.

According to relevant British laws, foreign investors can also buy second-hand houses in the UK. At present, British government departments do not have too many policy restrictions on foreign investors buying houses in the UK. Foreign buyers can also buy new houses, pre-sale houses and second-hand houses in the UK. When buying a second-hand house in Britain, whether you have private communication with the merchants or not, you should hire professional technical lawyers to help reach a deal in accordance with British laws and regulations. However, compared with buying new houses and pre-selling houses, the process of buying second-hand houses will be simpler, and both parties can reach a deal through lawyers.

The first step: talk about housing prices.

Buyers bid for the selected houses, and through constant consultation with merchants, both parties negotiate the transaction price. At this time, although the two parties to the transaction reached an agreement on the house price, the sale has not yet taken legal effect, and the buyers can stop the house transaction at will according to their own preferences. Note that the real estate is generally sold by individual agreement, and there is no need to pay a deposit in the negotiation process.

In the bidding process, all the descriptions provided by the housing agency must be accurate (but in the information displayed by the agency to the buyers). According to British laws and regulations, merchants are not obliged to give buyers all the main points of the house except the performance information of environmental protection and energy saving. So there are still some aspects about the selected house that you don't know about the buyer, so you will gradually find out in the subsequent steps of buying a house until you sign the contract according to the regulations.

Step 2: Housing evaluation (and loan application)

The master of house appraisal made a detailed report and summary on the building structure, present situation and safety performance of the house. There is no need for buyers to evaluate their houses. If it is a bank loan to buy a house, financial institutions will generally require buyers to provide proof of identification of the house.

If the appraiser thinks that there will be no serious problems in the house, the buyer's lawyer is going to the next step to investigate the reasonable and legal use right of the property; Financial institutions (if they are prepared to apply for loans in advance) will formally go through the loan procedures.

Step 3: Verify the housing ownership registration file.

The buyer's lawyer verifies the authenticity of the property ownership registration documents in UKLandRegistry. The filing file here records the property owner at this stage, the characteristics of real estate land rights (whether houses or land resources rental property houses), and the specific division of land resources near houses. The filing file will continue to record whether there are any special legal restrictions on this property, which may affect the value of the house.

At the same time, the buyer's lawyer conducted a comprehensive investigation on the background of the property, including collecting information about the urban environment, drainage equipment and architectural design of the property from government agencies, and investigating objective reasons that may adversely affect the property, such as whether it is close to noisy roads or factories.

Step 4: Sign the contract.

If there is no major problem with the housing registration file and the background information of the real estate site, the lawyers of the buyer and the seller will start to draw up the real estate sales contract, and the contents of the contract are justified according to the regulations. Once the contract is signed, the house transaction will be legally recognized.

At this stage, the average buyer will pay 5~ 10% of the house price to the merchant as a deposit.

Step 5: Real estate transaction is realized.

Most individuals buy and sell real estate by agreement, and it often takes 1 month from the signing of the contract to the successful transaction and the delivery of the purchase price.

During this period, buyers usually lay the foundation for new houses (such as adding furniture for new homes). ); Financial institutions can also use this time to transfer the loan handled by the buyer to the buyer's lawyer and enter the merchant's account through the seller's lawyer.

The name of the buyer will be kept in the registration document of the British Land Registry. In most individual agreement housing transactions, it usually takes three months from the initial price negotiation to the handover of housing work. If the middleman is delayed, the overall stock trading time will increase relatively.

Whether British real estate tax refers to real estate tax is not uniform around the world. Some are called real estate tax, some are called direct tax, some are called family tax, and some are called property tax or property tax. There is no "real estate tax" in Britain, but residential real estate tax and business housing tax are levied, which is similar to the real estate tax we said.

The residential real estate tax is directly translated into the district Council tax, which is the only local tax in Britain. Taxes are collected by the local government of the place of residence and enjoyed at three levels: big cities, counties and planning areas. It should be a tax on housing according to the value of the house. But no matter what it is called, its essence is to pay taxes on houses, supporting houses and new land. Real estate tax belongs to ad valorem tax. Most countries basically choose real estate and land as assessed real estate tax, while Britain generally collects a unified direct tax, which is also commonly known as real estate tax.