Buying real estate in the UK
In this section we answer the most frequent questions we receive about investments in the United Kingdom. The simple processes this country offers the investor, makes it the number one destination for international investments in Europe.
Yes. You can buy a property under your personal name, or also underthe name of a company, whether it is local (based in the United Kingdom) or abroad (based in any other country).
Yes. We will assist you in the formation and incorporation of a new company in different jurisdictions. Including the United States.
Once the property is selected, the following acts are triggered:
- A reservation form is signed, and the reservation fee is wired, the fee varies by property, usually between £ 2,500 and £ 5,000. This is usually refundable for a period of time, normally 7 days.
- A copy of the reservation form is sent, along with a copy of the passport and proof of address to the solicitor representing you.
- The terms of engagement is signed for the Solictor to represent you, and also some forms about your identity.
- A video conference by Skype is agreed to ratify your identity with the original passport in hand and proof of address. Or, you can choose to mail a copy of the passport and proof of address certified by public notary.
- The purchase contract is signed, and the original is sent to the Solicitor by Fedex or another international mail service. The% of the money agreed is transferred to the Solicitor’s escrow account.
- Once the Solicitor receives the funds and documentation, normally, within 48 hours the contract is executed/exchanged.
- Congratulations, you have already purchased your property in the UK!
Yes. Foreigners are taxed in the UK. What is paid in the United Kingdom can be taken towards your taxes in the country of residence. In almost all cases, foreigners have personal allowance of £ 12,500 per year which is not taxed, the amount above that threshold will pay income tax at a rate of 20%, until the next bracket.
You can receive the rental payments in any bank account. Usually paid quarterly.
Once completed, the unit can be sold.
In all the projects we offer,property management is included. In many cases, an income guarantee is offered for a certain period.
The rental guarantee is based on real numbers of rental returns, that is, a net income is guaranteed based on the market rental prices, less all expenses associated with administration, service charge, property taxes, etc. Once this guarantee period has ended, you will continue to receive the property’s live income.
The costs varies according to the type of property. In general, non-residential apartments have a low acquisition cost, which are the fees of the law firm and those of the property title. They are usually between £ 860 and £ 1,200.
In residential properties, to the previously described costs, you must add the stamp duty land tax. This tax varies according to the property price andit starts at 3%. Student accommodation and hotels up to £ 150,000 per unit are exempt.The amount above that threshold pays 2%, until the next bracket.
Yes. Foreigners can residential property with a mortgage. Banks can lend up to 75% of the unit’s value.
We assist you inthe purchase process, completing the documentation, sending emails, and speaking with all parties. We will also assist you after the purchase is completed.
NHBC is the UK’s leading new property insurance company that ensures that buildings are built to the highest standards. Many of our developments offer a 10 year construction warranty.
Compra de inmuebles en Estados Unidos
Una vez seleccionada la propiedad se desencadenan los siguientes actos:
- Se firma un contrato de reserva, y se gira la reserva a Estados Unidos.
- Si la sociedad ya está formada, se hace la reserva directamente a nombre de la sociedad. Sino será asignada al contrato.
- Se enviará la documentación necesaria para comprobar la identificación del comprador.
- Se firma el contrato de compra, con sus anexos, y se gira el dinero a una cuenta bancaria de custodia de la compañía de títulos que registrará el título de propiedad, y comprobará que el título sea perfecto y el se registre libre de deudas.
- Una vez ejecutado el contrato se registrará el título de propiedad y se le entregará la posesión del inmueble.
- ¡Felicitaciones, ya adquirió su propiedad en Estados Unidos!