As an economically stable country, the United Kingdom of Great Britain and Ireland seems to be a Russian buyer of real estate. Investing funds in the Economy of the Misty Albion through the real estate market by Russians is increasing every year.
Statistics data are justified by the real state of things. In fact, the purchase of real estate in the capital of Great Britain has many advantages. Among them: the country’s stable financial situation, the reliability of its banking system, assigning the status of a resident of the United Kingdom, constant price increase, lack of property tax in London. Both residential and commercial real estate of Great Britain from year to year grow in price and, most likely, will continue its growth in the future.
Seduced by the advantages and prospects of acquiring real estate in the capital of Great Britain, the Russian is faced with the need to choose the same valuable price categories between the two types of property ownership: FreeHold – absolute ownership of the structure and land on which it is located and lease the land plot, on which the acquired real estate is located (the amount of the amount rental payment – from 50 to 500 pounds annually).
As soon as the issue of choosing the type of property is resolved, the buyer personally or with the help of a qualified intermediary begins negotiations about the desired object. As a guarantee, the buyer transfers an irrevocable deposit to the seller or his lawyer. The entire process of the transaction in the United Kingdom is carried out under legal supervision, in the person of lawyers from both sides.
Having agreed on the price, both parties enter into an agreement drawn up by lawyers, which is called ‘Memorandum of Sale’. This document prescribes all possible nuances of the transaction. The registration of the contract on the sale of the facility is also carried out by lawyers of both parties. On the part of the buyer’s lawyer, all the necessary work is carried out on the collection of information regarding the purchased object – for example, establishing the reliability of the seller submitted by the seller for the object, as well as whether the seller of real estate is the official owner.
It is important for the buyer’s lawyer to find out the full description of the object of the contract. All discovered problems, as well as the alleged amount of financial costs for eliminating the stated problems will be included in the relevant documents of the transactions. The final stage of the transaction on the purchase and sale of property in London can also be carried out remotely. The date of signing this document indicated in the contract will become the official date of the transaction. Due to various nuances and circumstances of the transaction, it can last from two weeks to a few months.
By the time the transaction is completed, the property seller must release the object and transfer the right to own real estate to the buyer of the object. In turn, the buyer is obliged to transfer the entire amount of the value of the object declared in the contract to the seller’s lawyer and later pay for the co -fee for the property acquired by him.
