an online guide for expats finding & purchasing a uk property
DESCRIPTION
It can be hard enough finding the right property in the UK when you’re actually living there. But buying UK properties from abroad is an even tougher proposition. Where do you look, how do you narrow down your search and how do you build up shortlist?TRANSCRIPT
It can be hard enough finding the right
property in the UK when you’re actually living
there. But buying UK properties from abroad
is an even tougher proposition. Where do you
look, how do you narrow down your search
and how do you build up shortlist?
An Online Guide for Expats finding &
purchasing a UK Property
An Online Guide for Expats finding & purchasing a UK Property
t can be hard enough finding the right property in the UK when you’re
actually living there. But buying UK properties from abroad is an even
tougher proposition. Where do you look, how do you narrow down your
search and how do you build up shortlist?
Then, when you’ve found the ideal place, the next very tough hurdle is sorting out an
expat mortgage to buy it. In fact sorting out the UK finance for any kind of expat
property deal is as important, if not more important, than finding the property itself.
After all, it’s only when you have the finance agreed – if only in principle – that you can
begin to negotiate in earnest.
Expat mortgages and everything to do with UK property buying for expats might
sound complicated, but there’s plenty of help out there for you.
So let mortgages for expats expert Stuart Marshall from
www.Liquidexpatmortgages.com give you a few pointers towards how to start
searching for a property online and how to reduce the hassles of raising an expat
mortgage on the property.
SEARCHING FOR UK PROPERTY
There are plenty of property websites to help you kick start your search, whether
you’re an expat buying to let or looking for a residential property in the UK.
Though by no means a definitive list, here’s an overview of five of the main sites
our clients have told us they have found particularly helpful in their search for UK
property.
ZOOPLA.CO.UK
This is one of the newer property websites and has the look and feel of a social
networking site. Its design means it’s less confusing to navigate around than many other
sites.
I
There’s a 'listing history tool' which shows you, at a glance, how long a
property’s been on the site and also shows whether the asking price has changed over
this period.
There’s also a very useful value index that estimates the value of any single
property in the UK, not just what is on the market. This makes the site a good starting
point for any expat looking for UK property as it lets you build up a picture of the prices
you can expect in a certain area.
RIGHTMOVE.CO.UK
This is probably one of the most established property websites and claims to
feature over 90% of all properties for sale in the UK. A unique element of the site is the
way it lets you to search within a general area, instead of by postcode.
Another very useful feature is the access it gives to actual selling prices as held
on the UK Land Registry Website. This is certainly helpful in assessing the difference
between the asking and selling prices of properties in the UK.
FINDAPROPERTY.COM
This site provides a useful 'information news pack' for every property which
includes general property news, as well as house price and affordability price trends
which are updated monthly. There’s also a summary of council tax rates, local schools
and comments about the social make-up of an area.
Uniquely, it also shows the difference between property values and the
mortgages held on them.
One of the key benefits of using this site is that it also links with Google Street
view to give you a 360o view of a property’s exterior and surrounding area.
GLOBRIX.COM
This is the site for expats looking for UK property who have a very clear view of
their needs.
You can set very specific criteria for the property search – for example by asking
for details of properties with a swimming pool or a granny flat. The only drawback is that
the search concentrates on your 'individual criteria' so it can generate properties that are
outside your preferred areas.
PRIMELOCATION.COM
As the name suggests, the focus of this site is on higher end, more luxurious
properties for sale in the UK,
The site is attractive to look at with a number of photos for each property. If you
want to feel as though you are browsing through a luxurious glossy Homes & Gardens-
style magazine for property, then this is the place for you.
RAISING AN EXPAT UK MORTGAGE
OK, so you’ve found some sites to start looking for UK properties for expats.
Now the next issue to address is raising an expat mortgage.
This isn’t as complicated as it sounds so don’t be put off, or misinformed, by
what you may have heard from overseas banks, fellow expats who have had their fingers
burnt or what you’ve read on the internet.
With the right advice and support, securing an expat mortgage is a simple
straightforward process. But getting this support is vital and that’s where companies like
www.liquidexpatmortgages.com can prove to be invaluable.
By using a broker registered with the FSA in the UK you’ll enjoy a number of
advantages compared with trying to find a mortgage on your own. These include:
• The choice of a range of mortgage options from a number of lenders.
• The flexibility to choose precisely the right kind of expat mortgage to meet your
needs.
• Knowledge and experience of dealing with expats whether they’re looking for
residential or buy-to-let property.
• A presence in the UK so even if you’re overseas, your mortgage broker won’t be.
• The security of knowing that your broker is regulated by the FSA.
Despite all these facts, many believe that they will be better off talking to their own
bank in the UK about an expat home loan. Experience over the last couple of years has
shown that this is not necessarily the case. With banks everywhere tightening their
lending criteria your years of loyal custom might count for little when it comes down to
it, whereas a broker will know who’s lending and what kind of custom they’re trying to
attract.
Another common misconception is that you should have your firm offer on a UK
property accepted before you start to sort out the finance. Most brokers, Liquid
included, will tell you the importance of having finance agreed, if only in principle, before
you start to make offers. There are three very good reasons for this:
1. It proves to the seller that you are serious about buying.
2. This leads to greater negotiating power.
3. Thirdly, it speeds up the whole buying process.
These reasons, and the fact that getting an outline finance agreement costs nothing
and involves no obligation, mean that you’ve nothing to lose by talking to a an expat
mortgages broker like Liquid at the earliest opportunity.
It should save you a whole lot of time, hassle and even money in the long run.
Expats & Foreign National looking to raise a Mortgage, visit:
www.liquidexpatmortgages.com