Purchase Process

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BUDGET

Decide on a budget for the purchase and how you will finance the acquisition. If you need a mortgage, then you should start with this in order to understand how much a loan is realistic in your case and for what amount. We work with mortgage brokers who specialize in raising loans specifically for non-UK residents.

PREFERENCES

Having decided on the budget, it will be clear to buy in which areas of London and what level and size of property you can afford. We can help you to recommend areas, types of accommodation and make an initial selection of proposals.
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SEARCH

Direct search and viewing of real estate.

LAWYER

It may seem premature, but already at the stage of choosing a property, it is worth appointing a local lawyer who will conduct a future transaction. This is especially important due to the fact that under the new rules, the realtor, the developer and the lawyer himself must have notarized documents for the buyer (a copy of the passport and a utility bill with the address of residence) before a deal is entered into. Therefore, it is easier and better to do all this with an English lawyer while you are in the UK. In addition, it is always good to personally get to know a lawyer to whom you completely trust the verification of documents. We work with a number of high-class law firms in London, where there are also Russian-speaking lawyers.
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OFFER

After choosing a property, we make an offer to the seller on your behalf. If the offer is accepted, we prepare a Memorandum of Sale, which confirms the amount of the transaction, the details of the seller and the buyer, as well as both law firms and the buyer’s mortgage broker (in the case of a mortgage).

DEAL SUPPORT

Your lawyer will agree with the seller’s side the contract of sale, make a number of necessary inquiries and checks with the municipality and the building management company. Typically, the work of lawyers takes about a month, in the case of a mortgage, about two. We will coordinate the entire process of the work of lawyers, negotiate between the seller and the buyer, keep the parties informed during the entire process.
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EXCHANGE OF CONTRACTS

The exchange of contracts occurs when all requests have been agreed, certificates have been received, and the contract of sale has been signed by the owner and the buyer. To exchange contracts, the buyer must transfer a deposit (usually 10% of the purchase price) to his lawyer’s account, then this money will go to the seller’s lawyer. The parties also agree on the end date of the transaction – usually one month after the exchange of contracts, or when the housing will be handed over by the developer.

END OF DEAL

Upon completion of the transaction, the main amount (usually 90% of the cost of housing) is sent from the account of the buyer’s lawyers to the account of the seller’s lawyer. The buyer receives the key to the new home after the money has already been credited to the account of the seller’s lawyers. At this point, you become the full owner of British property and can live in it or rent it out, although official registration with the Land Registry will take another 2-3 months.
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