With the increasing number of students who choose to go abroad for further study, the United Kingdom has always been one of the first countries to choose to study abroad, while live is always a big expense in all the expenses of studying in the UK. Therefore, parents would always leave some money for their children study in the United Kingdom to buy real estate, and even the proportion of foreign related purchase transactions continue to increase. It is one of the top priorities in the family to have a home in Britain, but is it possible for a student in Britain to buy a house? The loan expert Anita said that The British student can buy the house in UK, but it is in the complexity which buys the house procedure, especially the student loans buys the house, is not easy, therefore needs to the professional person consultation, the expert will give you the professional suggestion.
So here we give you all the information you need for purchasing real estate in the United Kingdom and will focus on the students in the UK loan purchase
1. Budget assessment According to their own purchase purpose and financial situation, select suitable listings, select Good property. Through the early investigation, clear their own purchase requirements, as well as capital accounting and understanding of the House potential return on funds;
2．Preliminary loan Agreement (AIP) After determining your budget, you need to visit various housing intermediaries to find the right house. But before negotiations with the intermediary need to get the loan preliminary agreement AIP (Agree in principle) that is, the bank preliminary agreement, because when you show this card to the intermediary, showing the seriousness of the purchase of the house, and can be in the transaction (bargaining) has a certain advantage.
Most housing developers or intermediaries need you to The AIP to prove the financial strength to ensure the seriousness of the purchase of housing.
3. Market research Through the housing intermediary, the field visits the value of the house is an appointment to see the room. View the location of the house is the traffic convenience and surrounding living environment; types of houses, such as Free-standing Garden Villas, semi-independent garden villas, apartments, exclusive detached cottages or Victorian townhouses; understand the strength of the housing intermediary or real estate developers and reputation Next, of course, is to understand the real estate appreciation space, if you do not understand can ask professional evaluation and give advice.
4. Price negotiation Housing intermediaries offer prices as well as buyers to bid on the house, which is not necessarily higher than the price of the intermediary or the landlord, usually the two sides can reach agreement through communication, that is, to finalize the transaction price. No deposit is required during the bargain. But if the purchase of a faster, developers will usually first deposit, roughly 1000 pounds. During the negotiation, buyers can stop the real estate trade freely. When a deposit is made on a transaction, a loan is required to prepare the required information.
5. Loan application documents preparation
Identity, Address Certificate, Bank statement, Property Certifications
6. Housing inspection Usually buying a property requires a loan from the bank or other financial institution that can make a loan, when a buyer needs to present a house evaluation decision to the bank. House evaluation judges will make specific statements and valuations on the building structure, current situation and safety factor of the house.
7.Lawyer procedure It is not true that the buyer’s attorney has registered the ownership of the house in the National Property Registration Board (UK land Registry). If there is any special legal restrictions on property, it will have an impact on the value of the property.
8．Exchange contract If the above inspection is no problem, the buyer and the seller’s lawyer will draft the terms of the real estate business contract. Once the contract is signed, the property business will be protected by law. Usually the buyer will pay the seller the $number deposit of the house price at this moment. The purchase is usually signed after the price negotiation is completed.
9．Complete the transaction From the signing of the contract to the final room payment, usually 1 months. During this period, the bank will use this time to transfer the borrower’s request to the buyer’s lawyer, end through the seller’s lawyer, enter the seller’s account.