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UK Property: Buying Procedure
1. Fill in the inquiry form indicating your criteria and budget.

2. Our consultant will call you to discuss your objectives and criteria. If you are in London, we invite you to meet at our offices, your hotel or any other place convenient for you.

3. If your decision to buy a London property depends on mortgage, we will refer you to mortgage brokers.

4. We undertake a preliminary property search (over the internet and telephone) and inform you about results within 2 working days.

5. In case our preliminary search results meet your expectations, we sign a Property Search Contract for and you pay GBP 500 non-refundable retainer fee.

6. We undertake a thorough property search, shortlist around 15 properties, send to you the report with information on these 15 properties, and you select those you would like us to visit.

7. We visit and take pictures selected properties and send to you the report. You can either make a decision based on the available information, or visit properties which you consider the most suitable.

8. You select a property, and we start negotiating with a seller for the best possible terms. If a property is bought not from a developer, we usually achieve a price reduction by 2-6%.

9. If you buy an off plan property, you should normally pay an un-refundable GBP 1000 or GBP 2000 reservation deposit to a seller or his agent. When you buy an existing property, a reservation deposit is usually not required.

10. When buying an off plan property, you can apply for a mortgage not earlier than 6 months before completion of construction. If you buy an existing property and would like to take a mortgage, your broker or we will help you through the mortgage application process.

11. Select a law firm which will provide you with a legal support during the purchase process. It is a common practice in the UK that a buyer and a seller act through their solicitors which also handle exchange of contracts and settlement of funds. Your solicitor will inspect the legal title and contract papers, carry out the required searches, raise any enquiries based on the information in his possession and, in general, make sure that the legal ownership of the property will be properly transferred to you and that there will be no legal matters that will affect your ownership.

We can either recommend companies which have a strong experience in dealing with property transactions, including on behalf of foreign investors and are regulated by the Law Society, or you can select a law firm at the website of the Law Society http://www.lawsociety.org.uk

12. You can issue a limited power of attorney to us so that we work with your solicitors to save your time, or you can deal with your solicitors directly.

13. Send to your solicitors documents confirming your ID and address (this is the requirement of the UK law). Normally, these are a certified copy of your passport and a bill on your name and address from a fixed line telephone or a utility company, or a bank statement or a credit card statement. Other forms of proof of address may also be acceptable.

14. A seller's solicitor will send to your solicitor a set of documents relevant to a transaction, including documents confirming a seller's title to the property, a contract, results of various searches, etc.

15. Your solicitor is responsible for ensuring that you are purchasing what you think you are purchasing. This will include examining the legal title, contract papers and other documents, obtaining local searches, making sure that all previous mortgages are cleared, checking boundaries etc. The solicitor will also be responsible for handling the purchase money, i.e. receiving it from the lender and paying it to the vendor. In the case of a refinance, the solicitor will also pay off the old mortgage with the new mortgage money. Having obtained all the required information, your solicitor will prepare a report and send it to you with all the documentation for your consideration. If you get a mortgage, your solicitor will prepare a report after receiving a mortgage offer.

16. Sign and return to your solicitor a contract and other necessary documents, and transfer a balance to your solicitor, after deduction of any deposit paid.

Money for the property should come from a bank account of the person buying a property. If a property is bought on a company name, funds should come either from the same company bank account, or from a private account of the beneficiary of a company. We can help you to open European and/or offshore bank account if required.

17. Your solicitor will send to the seller's solicitor signed documentation and confirm that they have the funds to exchange contracts and then to complete a transaction.

18. The seller signs a contract and other documents to transfer the legal title to the property into your name, sends through his solicitor to your solicitor, and receives funds through his solicitor.

19. You pay us our fees (after deduction of the initial retainer GBP 500).

20. Your solicitor registers the title to the property on your name at the UK's Land Registry.

21. If you wish so, we can legalize title documents at the UK's Foreign Office and an indicated embassy.

22. During the whole process, we will coordinate the transaction on a regular basis with all the parties involved (a seller's agent, your solicitor, a surveyor, your mortgage broker, etc) to achieve the smoothest and fastest completion possible.

23. If you buy an existing or new built property, we will hire a property management company to manage and let your property - this will provide you with a rental income without a hassle of maintaining and managing the property.

24. We can always introduce you to interior and furnishing companies, moving agencies, etc

25. If you bought a London property with an investment objective in mind, we can help you to review annually investment performance of your property. We can also help you to expand your UK or overseas property portfolio, which can partially be financed by re-mortgaging your first property (attracting additional funds on your property due to its increase in value and improving your credit history).

UK and London property
UK property investment
UK off plan property
Flats and houses in Central London


 
London Property is the website of Integrated Services (UK) Ltd which is registered at 100 Pall Mall, London, SW1Y 5NQ, United Kingdom under the Company No. 05369570. London Property offers UK investment property, flats and houses in Central London, and UK off plan property.