Purchasing from overseas?
We recently helped a couple from Hong Kong, who were looking for a London base that they could use for half the year in their retirement, spacious enough to accommodate their children on occasion. Not having lived in London before, they were uncertain as to which areas would work for them. After several conversations we narrowed it down to Bayswater, Westminster and Marylebone. After a detailed search, we came up with a short list of 10 properties that the family visited over a long weekend. They are now the proud owners of a three-bedroom lateral flat, overlooking a lovely garden square in W2.
It is also important to understand the implications of buying a freehold v share of freehold v leasehold property and the associated long-term implications.
Ownership of property in the UK is complicated by the leasehold system. All apartments will have an underlying lease whether or not they are leasehold or share of freehold. For many buying from overseas it can be a minefield to understand the various options. We have helped many clients from overseas buy all different types of freehold and leasehold properties including many short leasehold properties, properties that they would not have considered without our input.
Buying from overseas
“We were absolutely delighted with the service provided by JWAA. From our first conversation and throughout the whole process Jane was wholeheartedly committed to finding a property that met our requirements. She has a deep knowledge of the London property market and is clearly respected by the real estate agents she deals with. Jane provided us with a great short list of properties which we inspected over a well-orchestrated 2-day period. We identified 2 flats that were perfect for our needs and then Jane successfully negotiated a great outcome on our 1st preference. Apart from identifying and negotiating on the property Jane was a constant source of important information, advice and contacts. At all times it felt like Jane was putting as much effort into the process as if it were her own property. We would be happy to talk to any of your prospective clients to share our experience.”
Healthcare Ventures, Australia