Asian buyers checklist for buying a UK property

publication date: Jul 31, 2013
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Checklists

Checklist provided by 

www.propertychecklists.co.uk

 

 
Check what is happening to property prices in the area you are looking at to buy, eg Use the Land Registry.

Find out what price premium you will pay for a new home versus a home already built.

Check what prices similar properties have sold for locally eg Rightmove sold property prices.
  Calculate the property’s net income. Take the costs of running your property (finance, letting agent fees, maintenance, voids when the property is empty) away from the rental income.
 

Work out the yield of any properties you consider by taking the annual rental income / property price. London yields tend to be 3-4%; in other areas they can be as high as 10-15%

  Find out what property taxes, like stamp duty, you will have to pay.
  Check the best way to finance your property purchase eg cash, mortgage.
Work out how much your legals, finance and surveying costs will be.

Find an independent legal company from the new build developer to purchase the property.

Make sure you have a survey from a Royal Institute of Chartered Surveyor – even on a new build property.
Calculate the costs you will have to pay when the property is empty eg Council tax, utility bills (gas, electric, water).
Speak to a property tax expert in the UK or your own country to find out what tax you will have to pay in the UK and in your own country if/when you sell the property eg Capital Gains Tax.
Make sure you have a will which leaves the property to your family.
Choose a NALS or ARLA letting agent to manage your property so your rent is protected by insurance should the company fail.
Work out what the impact of changes to currency rates would have on your purchase. What would happen if the £ went up? What would happen if it went down? Check how much money you can take in and out of the United Kingdom.

 


All our information is brought to you by Kate Faulkner, author of
Which? Property books and one of the UK's top property experts.
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