Buying a home in London from overseas: how the process works

About Buying a home in London from overseas: how the process works

By the ULTIMATE London Editorial Team

Editor-in-Chief: Jai Michael

Buying a home in London from overseas follows the same process as for anyone else in England, with a few extra steps. Understanding who does what makes it far less daunting.

The team

Most overseas buyers work with an estate agent acting for the seller, a solicitor or licensed conveyancer acting for them, a surveyor and, often, a mortgage broker. Some also hire a buying agent to search and negotiate on their behalf.

Offers and “subject to contract”

Offers are made through the seller’s agent and are “subject to contract”. Either side can still withdraw until contracts are exchanged, so move quickly but carefully.

In England, nothing is binding until contracts are exchanged.

Checks and due diligence

Your solicitor will carry out searches, check the title and the lease, and ask questions of the seller. Expect thorough identity and source-of-funds checks under anti-money-laundering rules; prepare your documents early.

Exchange and completion

At exchange you sign the contract and pay a deposit, and the purchase becomes binding. On completion the balance is paid and you receive the keys. Taxes such as Stamp Duty Land Tax are due; your solicitor and tax adviser will explain what applies to you.

Leasehold

Many London flats, and some houses on the great estates, are leasehold. Check the remaining length of the lease, the service charges and any ground rent with your solicitor.

Our advice: appoint a London solicitor before you start viewing, get your identity and funds documents ready, and take tax advice in both countries before you make an offer.

Opening hours, prices and seasonal openings change, so please check with Buying a home in London from overseas: how the process works before you go.