Help to Buy is the name of a government scheme that aims to help first time buyers to purchase residential property.
To qualify for help to buy London properties, you need to be a first-time buyer where you’ve never owned a property before, be buying a new-build home worth up to £600,000.00. to enable you to purchase a help to buy London properties you need to at least have a 5% deposit.
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Eligibility of help to buy London properties
As a first-time buyer you must be 18 years old or over and be able to afford the fees and interest payments.
You will not be able to get the equity loan for help to buy London properties if you have owned a home or residential land in the UK or abroad. You cannot qualify for help to buy London properties if you have had any form of sharia mortgages.
You can apply for help to buy London properties scheme with other people, all are required to meet the eligibility requirements. If you are married or cohabiting with your partner, you are required to make a joint application for the help to buy London properties.
The help to buy London properties scheme required the property you purchase to be a new build, sold by a Help to Buy registered home builder and only a home you own and live in. You cannot purchase help to buy London properties as a buy to let.
Help to buy London properties is a scheme used by first-time buyers to move up the property ladder.
Can I buy property in the UK if I’m not a UK citizen?
You can buy property in the UK even if you do not live in the UK.
Cash buyers find it easier to buy property in the UK, if you need to apply for a mortgage or additional borrowing it may be difficult.
You can buy property in the UK in any party of the UK; you are not restricted to purchase in a specific area. Non-UK citizens tend to buy property in the UK in England.
What do I need before you buy property in the UK?
To buy property in the UK, you will need to prepare by having your funds ready and if you need a mortgage you might want to speak to a financial advisor.
When you start viewing properties, instruct a conveyancer or Solicitor such as AVRillo conveyancers in London to start the legal process for you as soon as your offer is accepted. They have the best team of conveyancing solicitors in Enfield.
When you decide to buy property in the UK, you need to consider the Stamp duty you need to pay. You are required to pay stamp duty the same way as a UK citizen. When you buy property in the UK and own a property in the UK or outside the UK you may be liable to pay higher rate stamp duty.
The process to buy property in the UK takes about 6 months in total to buy a house. This can vary depending on if you are buying a freeholder or a leasehold property and if there is a chain. Ask your estate agent to inform you if there is a chain to manage your expectations for the time scales.
When you decide to buy property in the UK, research into what is required from you before you start the process.
