Well pleasant and green lands come with a magnetic appearance and offer many significant considerations. But the opportunities from traveling to find a new home and dealings regarding cost and purchasing can be overwhelming, especially when the distance and time are not on your side. Then it’s worth getting assistance from real estate professionals.
So if you want to know all about moving from the USA to the UK, keep on reading the valuable piece of information.
Seek the help of real estate professionals
Opting for the help of real estate professional advisors assists in the following aspects:
· Find the accurate property
· Negotiate for the best price
· Avoid middlemen
· Search for the best houses
· Review the market value
· Moving without stress and hassle
· Save money and time
· The simple property buying process
Hire estate agents
In the UK, the real estate agents are the property dealing professionals who offer their services to those who migrate from the USA for many reasons. They provide a wide range of options when you first move to the UK, like temporary living accommodations, short-term residential lettings, and serviced apartments.
If you plan to move for a long term, you can either purchase the property on your own or consider a long-term rental. There are various ways of getting the property like freehold, leasehold, shared ownership, and building up your own house.
So it’s best and worth hiring the real estate agents who can offer you valuable guidelines regarding moving from the USA to the UK.
While purchasing any property comes with the tax liabilities like the stamp duty, the upfront tax that the buyer has to pay on any transfer of property or land in the UK costs 125,000 pounds or even more than this.
Homeownership in the UK
According to the latest research, 52.8% of families live in their houses, 24.6% own a mortgage, and 28.2 % own their properties. These calculations are lower than the EU average, more than the European countries like France, Germany, and Switzerland.
Due to right to buy scheme introduced in the 1980s the, homeownership rose in the late 20th century due to those tenants who were given a chance to purchase their homes at discounted rates. Therefore the average age of initial buyers increased in recent years due to the increase in property prices.
If you want to live in the UK long-term, purchasing your property will be a good option due to the low-interest record rates on mortgages, particularly in recent years.
While for the short term, rental options are better for foreigners due to their short stay of a few years. So it might be hard to recuperate other costs and stamp duty tax on a short-term basis, and if you sell the property, there is a potential increase in tariff of 18 to 20%.
The property market and prices in the UK
Since Bruit was voted in 2016, there has been significant uncertainty in the UK property market. However, the average house price across the UK has remained relatively stable and is currently 228,800pounds. The average cost per square meter is 23.93 pounds, double that of France at 12.80 pounds.
Costs of buying a home in the UK
When buying a home in the UK, its cost can be categorized into two sections.
Upfront costs and ongoing costs.
The upfront cost for buying a home in the UK includes:
· Stamp duty
· Mortgage costs
· Legal fees
· Land registry fees
· Removal costs
Ongoing costs for buying a home in the UK include:
· Mortgage repayments
· Repairs and maintenance
· Regular utility bills
· Leaseholder costs
The process of buying a home in the UK
If you plan to reside in the UK for a; long time, you should opt to purchase your accommodation, which will take 2-3 months. This process can be longer if intermediaries like sellers and purchasers are involved and you are waiting for their deals.
The steps required are:
· Making an offer
· Hiring a solicitor
· Get the survey
· Final the deal for offer and mortgage
· Exchange the agreements
· Complete the sale agreement and final arrangements
Moving to the UK property
Once the deal for a home is finalized, your next step is to move into your new home, which requires the following steps.
· Get insurance
· Telecommunications and utilities
· Council tax
To wrap up, I hope this post has provided valuable information about moving from the US to the UK regarding real estate prospects. For the first to come to the UK without practical knowledge of the aspect can be challenging. But with accurate information and proper steps, you can quickly go through the process.