What is the stamp duty tax rate for an overseas buyer who is a non-resident of the UK?
As a non-resident of the UK, you are entitled to pay 2% more than a UK resident in a sales transaction.
What is the difference between the share of Freehold and Leasehold apartments and houses?
Share of freehold mainly refers to apartments. The owner owns the Freehold of the apartment itself within the building but not the freehold of the other parts of the building i.e. the communal areas etc.
Freehold refers to when the owner of a property has outright ownership of the building and the land it sits on. It is ‘free of hold’.
How many years do you normally have on a leasehold property?
On average, 125 years but in many cases, 999 years. If you have any questions regarding leasehold properties, please get in touch.
What is ground rent and Service charge for an apartment?
Ground rent - Is an annual payment for the land your property is built on.
Service charge is an annual payment for tenants to cover the cost of providing communal or shared services to a building.
How long does it take for a sales transaction in London?
Sales transactions can take as little as a matter of days and as long as eight months, it depends on each individual property and the people involved in the transaction. A few factors that can influence the length of sale is:
The time of year. During certain times of the year, it is more likely that people will be away on holiday. This could lead to delays with the sale
The preparedness of the buyer to begin the buying process
How efficient the buyer’s and seller’s solicitors are
The property’s condition
The size of the property
The price of the property
Whether the buyer requires a mortgage
The length of the chain. The longer the chain in the house sale, the more likely it is for problems to arise and, therefore, delays
Can I use an overseas lawyer to buy a property in the UK?
In order to buy a property in London, you must instruct a UK lawyer.