How does the UK property process works?
The UK legal process involves the legal steps required to transfer property ownership from the seller to the buyer. This process ensures that all legal requirements are met and protects both parties during the transaction.
For overseas property buyers, it is important to understand the step-by-step legal process in the UK in order to make informed investment decisions. Whether you want to purchase a new buy-to-let property or get an equity release on an existing property, GoGoProp offers flexible asset-based loans for investment properties in the UK.
Step-by-Step legal process for buying property in the UK
Step 1: Instructing a solicitor
The process begins with hiring a qualified solicitor or conveyancer who will handle all legal aspects of the transaction to make sure everything complies with UK property laws.
Step 2: Initial property checks
Your solicitor will conduct searches to verify the property’s legal standing. This includes title deed confirmation, local authority searches, and environmental risk assessments.
Step 3: Reviewing the draft contract
The seller’s solicitor will draft a contract containing property details, pricing, and conditions. The buyer’s solicitor will review the contract carefully and raise any necessary issues.
Step 4: Mortgage and financing approval
Securing financing is a critical stage in the purchasing process. For smooth and streamlined financing, GoGoProp offers asset-based loans ideal for overseasbuyers without a UK credit history. For these loans, the approval process is based on property value rather than credit scores.
Step 5: Property survey and valuation
A property survey is conducted to evaluate the condition and value of the property. Common survey types include the Homebuyer’s Report, a basic survey for modern properties, and the Building Survey for older properties that may need extensive renovations.
Step 6: Exchange of contracts
When all surveys are completed and financing is secured, both parties sign the contract, making the agreement legally binding. At this stage, the buyer pays the deposit, which is typically 10-20% of the purchase price.
Step 7: Completion and final payment
To complete the process, the remaining payment balance is transferred to theseller. The solicitor will then register the property with the UK Land Registry to officially transfer ownership to the buyer.
Legal challenges for overseas property buyers
Funding Delays: Delays in loan approvals can slow the entire process. GoGoProp offers fast approvals tokeep transactions moving.
Issues Found in Property Surveys: Unexpected property issues can arise during inspections, potentially delaying or renegotiating the sale.
Legal Complexities: Navigating UK property laws without proper guidance can lead to costly errors.
Why solicitor is crucial to buyers
For overseas buyersun familiar with UK property laws, having a solicitor ensures legal protection throughout the transaction. The solicitor plays an important role in conducting due diligence on the property, managing legal documents and contracts, ensuring compliance with UK regulations, and protecting the buyer’s financial interests.
Easy financing for overseas buyers
GoGoProp simplifies the financing aspect of the legal process in the UK with quick loan processing and approval. Applications can be initially approved within 24 hours, and funds can be disbursed in as little as 10days. This swift process is because approval is based on the property value rather than the buyer’s UK credit history, making it ideal for internationalinvestors.
As a digital lender, GoGoProp provides a secure and convenient platform for short-term asset-basedloans geared towards overseas buyers. Contact us to learn more.
