I want to buy a property in London from overseas, what are the basics that I need to know before I begin? Great question. London is a daunting market for purchasers because it’s very fragmented, it moves quickly, and much of the city’s best stock changes hands ‘off market’ – out of public view. So, that’s issue number 1: Access. If you’re an overseas buyer considering making a purchase in London, you’re going to need a well-connected agent, and preferably an independent EBA (exclusive buyer agent); that’s the sort of agent that works with buyers only, and doesn’t play both sides.
Can any nationality buy a property in the UK? Unlike some countries that afford purchasing rights to residents only, the UK is quite liberal in this respect. Any nationality can buy a property in the UK, and around half of my clients are non-resident buyers.
Entry to an exclusive London apartment
As a non-resident can I get a mortgage? Can you offer advice and assistance with this? I generally hate answers that begin with ‘it depends’, but in the case of mortgages it definitely does! What you’re buying, and where you’re buying it will affect the number of lenders willing to lend, as well as the rates and size of the loans available to you. Most nationalities are eligible for investment loans, although there are fewer banks offering them these days. Overseas buyers should be prepared to put down larger deposits than local buyers (often 40% +) and will also be required to provide proof of income/funds.