UK Guide: Property

Buying property isn't easy anywhere, but it gets even more complicated if you have to deal with an unknown property market and legal restrictions of a foreign country. Read our property guide to get a good start – and to avoid mistakes you might later regret.

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  Starting

  Finding your property in the UK

  Don’t be in too much of a hurry when buying. Have a good look around in your chosen area and obtain an accurate picture of the kinds of property available, the relative prices and what you can expect to get for your money.

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  Research

  How to find your dream property in the UK

  The more research you do before buying a property the better, which should include advice from people who already own a house locally, from whom you may be able to obtain invaluable information (often based on their own mistakes).

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  Agents

  How to deal with British property agents

  There are three main types of property agents in the UK; estate agents, solicitor agents (Scotland) and relocation agents. There are also letting agents, who find tenants and manage properties.

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  First-Time Buyers

  How to finance your property purchase

  With the boom in property prices in recent years it has become increasingly difficult for first-time buyers to get on the property ladder and the average age of first-time buyers has increased to 34 (it was 27 less than a decade ago).

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  Buying a new house

  Quality standards and warranties

  The vast majority (over 80 per cent) of people in the UK live in houses rather than apartments. Most people don’t like apartment living and want their own detached home with a garden and garage because they prefer more traditional styles.

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  Buying an old house

  What to watch out for

  In the UK, the term ‘old house’ usually refers to a building that’s pre-1940, while homes built before 1914 are often referred to as period homes, for example Georgian, Victorian or Edwardian.

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  Buying an apartment

  Leaseholds & Freeholds

  In the last few decades, apartments have become increasingly popular, particularly among the young and city dwellers, and there’s often little alternative if you wish to live in a city centre.

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  Purchasing an apartment

  Cost, service charges and restrictions

  The cost of an apartment varies considerably from as little as £30,000 for a studio or one-bedroom apartment in a small country town to over £300,000 for a new two-bedroom, two-bathroom apartment in London.

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  Buying for Investment

  Making money on your property purchase

  Property has been an excellent investment in recent years, particularly in London and the south-east of the country, where many buyers buy new homes off plan without even seeing them (particularly overseas buyers).

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  Avoiding Problems

  How to avoid the worst property traps

  Purchasing property can be a risk and you have to bear in mind a lot of things. Before buying any type of property, you should consider your decision carefully to avoid the major problems that many people run into after their purchase.

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  Valuations & Surveys

  Inspections, valuations and structural reports

  Before making an offer on a property in Scotland or before exchanging contracts in the rest of the UK, it’s important to have a survey, although over half of all buyers rely on a basic valuation.

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  Negotiation

  Minimizing the cost of your property purchase

  When buying a property it pays to haggle over the price, even if you think it’s a bargain. Don’t be put off by a high or unrealistic asking price, as most sellers are willing to negotiate. Many properties sell for much less than their original asking prices.

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  Conveyancing

  Transferring ownership of a property

  Conveyancing (or more correctly ‘conveyance’) is the legal term for the process by which ownership of property is transferred from one person to another. A conveyance is a deed (legal document) that conveys a house from the vendor (seller) to the buyer, thereby transferring ownership.

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  Purchase Contracts

  Conditions, completion and final checks

  When buying or selling property in England, Wales or Northern Ireland, prospective buyers make an offer subject to survey and contract. The procedure is different in Scotland.

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  Property fees

  Additional cost on your property purchase

  The total fees (also called closing or completion costs) payable when buying a house in the UK are among the lowest in the world and total between 3 and 5 per cent for a property costing below £250,000.

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  Buying at Auction

  What to bear in mind when bidding for property

  Buying at auction is very popular and the number and variety of properties (from terraced houses to country mansions) sold at auction is over 30,000 a year in the UK. December is one of the best times to buy at auction, as most people are busy spending their money and time on Christmas.

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  Buying to Let

  Letting property in the UK

  Since the introduction of the 1988 Housing Act and the amendments in the 1996 Housing Act, landlords have had far greater security when letting their properties. These acts introduced two new kinds of tenancy, assured and assured shorthold, whereby the length of the tenancy and an open market rent are agreed at the outset, and landlords have a guaranteed right in law to possession of their property at the end of the fixed term.

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