Unit 8.1

Housing: Access to housing and the property market

Advertising

Ways of access to housing. Preferences and values

  • There are no restrictions on foreign ownership.
  • Foreigners and non-residents can also get a mortgage.
  • Most mortgage lenders offer fixed-rate and variable-rate mortgages and will require you to raise a deposit which is usually higher for non-residents.
  • Same taxes apply to the property and property-related income for non-residents as for UK residents.
  • It is not yet known how Brexit will affect foreign buyers.
  • For owning a house in the United Kingdom, there are different steps and rules for Wales, Scotland and Northern Ireland. It usually takes 2 to 3 months to have a house.
    Standard steps to follow:

    • Finding property.
      • You can search for properties on websites like zoopla.co.uk or themodernhouse.net.
      • Examples of real estate agents: Foxtons, Countrywide, Bradleys Estate Agents, Manning Stainton, Ludlowthompson.
        • Many estate agents offer solicitor and mortgage arrangement services.
        • An estate agent should be a member of the National Association of Estate Agents.
      • You can also find properties for sale at property auctions and by scouting specific areas.
    • Making an offer.
      • The offer is usually made through an estate agent.
      • Estate agents, lawyers and mortgage lenders are required by law to check your identity.
    • Arranging a solicitor and surveyor.
      • The solicitor is a person that takes care of legal work, mortgage, if there is one, and tells how much it can be expected to pay. Solicitor fees can change.
      • The surveyor will check the property for problems. There are different types of survey available, including:
        • Royal Institute of Chartered Surveyors (RICS) condition report – this is a basic survey used for new homes.
        • RICS homebuyer report – this is a more detailed survey that includes a valuation.
        • The building or structural survey – is recommended for older homes or those in need of repair.
    • Finalizing the offer and mortgage.
      • It is a moment when the price can be renegotiated.
      • After acceptance of a finalized offer, it is time to pay a deposit and finalize your mortgage.
    • Exchanging contracts.
      • You’ll receive the contract from the seller’s solicitor to sign and complete the sale.
    • Completing the sale and final arrangements.
      • Paying remaining money owed to buy the property.
      • Paying your solicitor’s bill.
      • Registering the sale with the Land Registry by the solicitor.
      • In England and Northern Ireland after buying home costing more than £125,000 you have to pay Stamp Duty in 14 days.
      • In Wales, you will need to pay Land Transaction Tax on properties over £180,000.
  • Renting is easier than buying. Below you will find some information about renting in England.
    • You can rent from the landlord or through a letting agent.
      • Letting agents must be a member of a redress scheme.
    • Landlords and agents will want to confirm your identity, immigration status, credit history and possibly employment status.
    • It is illegal for letting agents and landlords to charge certain fees from 1 June 2019. You can find more information about them in Tenant Fees Act 2019.
    • You can ask for a tenancy to be at any time between 6 months and 7 years.
    • There is usually a fixed period of 6 or 12 months for tenancy.
    • Remember to check: Deposit cap. and deposit protection.
    • When you’ve found a place, it is important to check things like:
      • Tenancy Agreement – read it carefully before signing.
      • Inventory – check it with your landlord before you move in and take photos in case of any future problems.
      • Check meter readings so you won’t pay bills for the previous tenant.
  • A landlord must provide a tenant with:
    • A copy of How to rent: the checklist for renting in England.
    • A gas safety certificate.
    • Deposit paperwork – if you have provided a deposit, the landlord must protect it in a government-approved scheme within 30 days and provide you information about it.
    • The Energy Performance Certificate.
  • Shared Ownership
    • There is a possibility of buying only a part of the home (between 25% and 75%) and pay rent for rest.
    • Rules of shared ownership are different in England, Wales, Northern Ireland and Scotland.

Ambassadors

Open TextBooks are collaborative projects, with people from all over the world bringing their skills and interests to join in the compilation and dissemination of knowledge to everyone and everywhere.

Become an Ambassador and write your textbooks.

Online Teaching

Become a Books4Languages Online tutor & teacher.

More information here about how to be a tutor.

Translations


Contributors

The Books4Languages is a collaborative projects, with people from all over the world bringing their skills and interests to join in the compilation and dissemination of knowledge to everyone, everywhere.

License