Are you thinking about house buying in the UK or Liverpool? Find out everything you need right now!
The Liverpool real estate market has experienced a boom in recent years, and this has led to a price increase of around 20%. If you intend to establish yourself in a permanent city, the purchase of a property could prove to be a profitable investment, mainly because the rents are expensive. It is essential to find a reliable seller or a trusted real estate agency.
How to proceed
The procedures for buying a property, if everything goes as planned, will last for about a couple of months. Your legal representative will handle the paperwork.
Among various tasks, is to check the validity of the title of the property, get in touch with the local authorities and review the sales contract according to your preferences before you sign it.
Know that you will be required to pay a deposit of about 10% of the sale price when you officially undertake to purchase the property and if you decide to withdraw from the contract, the deposit will not be refunded, and you may also be required the payment of a penalty.
The right of ownership or lease?
Buy my house in UK is possible with the right of ownership (i.e., you immediately become its owner) or the power of long-term lease, showing that there is a temporary restriction on your ownership of the property.
The process of buying a property
The seller appoints real estate agents for the sale of real estate through newspapers, magazines, the Internet and potential buyers registered with a real estate agent.
If you want to buy a property, the real estate agent presents your proposal to the seller and finds out the way to finance your purchase, its terms and who your lawyers are (you will need to appoint attorneys who will represent you in the buying and selling process).
The attorneys of the seller make up a contract of sale and, when all of its terms are agreed between the seller and you, the parties sign the copies of the agreement. After the lawyers of both parties exchange signed agreements (or contracts), the seller and the buyer must start the transaction. At the time of the exchange of contracts, you will also need to transfer the pledge to the seller.
Upon completion, the buyer transfers the balance of the purchase price, the official documents on the transfer of property date from the date of completion of the purchase.
At this stage, you become the owner of the property, the legal right to property is transferred to you when the transaction is registered in the land registry. The stamp duty on land tax must be paid to the Land Registry within 30 days after the transaction is completed. This process is carried out by your lawyer.
The contract of sale must mention in particular: name and address of seller and buyer, the purchase price, registration fees and property tax calculated on the purchase price, the registration fee. The contract will be dated only when you have completed the full payment to the seller.