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A few things you must know before buying property in UK

By David Hopes Subscribe to RSS | May 14th 2012 | Views:

Once you decide to buy a property in UK you need to take care of a lot of important factors so that you can have a successful purchase. If you are planning to live there it will be beneficial and when you are planning to buy a property as an investment then too it can prove to be a successful investment.

What you need to know about buying property in UK:

When looking for property in UK you will find two main types of tenancy, freehold and leasehold. Before buying property in UK it is important to know the difference between these two because the contract you get regarding the purchase of property can quote the property as leasehold or freehold.

A freehold property in UK means you own the land as well as the building and you can do what you like within the boundaries as long as you abide by the law. For most of the properties in England and Wales it is the same. On the other hand, a leasehold property does not give you the same right like a freehold land. Buying a leasehold property you get the right to live in the property only for a specific period where the landlord retains the ownership of the land. The lease normally has a length time of 99 years to about 999 years and once the time is over the property gets back to the landlord.

Leasehold land is a bit problematic than the freehold because most of the mortgage companies do not allow mortgage for the short term lease. At the same time, buying a leasehold land you are liable to pay an annual service charge for the maintenance of building and for the ground rent.

In the UK most of the flats and apartments are leasehold. It is important to look into the hidden costs and clauses as they can affect the investment value and when you want to live peacefully throughout the term you need to get clear picture of them all. Take help of a good solicitor who can render a good and specialised job.

Before buying a house or real estate in UK you must know how much money you can spend on it. Once you are sure about your affordability you can start thinking for the kind of property you would like to have. It is quite obvious that with limited capacity your choices will also get limited. Most of the buyers look for buying a flat because it the most affordable option.

Once you decide to buy a property you need to think where from you will get the money. In most of the cases finance is collected by obtaining a mortgage from a bank or building society. Before looking for mortgage you should know that only 75-80% of the value of the Property can be managed from the lenders and the sum will not exceed three times your salary. The other mandatory requirements are you need to have a good credit record and present proper proof that you are in steady employment. Moreover, you need to raise 20- 25% of the purchase price by deposit and pay some additional fees related to it.

UK property meets the high standards and whenever looking for flat or apartments in UK, the best places to look for include London, Manchester and Birmingham.

David Hopes - About Author:
Rowan Saunders is a real estate advisor who has been in this field for fifteen years by now. He has a thorough knowledge of real estate market trend in UK and the latest developments in this field of Homes to Rent. He has written a number of articles and blogs on real estate market. His study helps us to understand the current real estate market scenario in UK.

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