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European Homes

Usually a 10% deposit is paid to the seller√ēs solicitor/lawyer at the time of exchanging on freehold contracts, which binds you to completing the purchase. Property is mostly freehold with some leasehold for apartments. Leaseholds vary between 99 and 999 years.

You will ordinarily make an offer to buy subject to survey and contracts. In Scotland neither the buyer nor seller can pull out of the sale once an offer has been accepted.

N.B: A recent government trial was held in an effort to protect homebuyers by making sellers put together a "Home Condition Report" which is to be paid for by the seller and contains basic information including local searches and surveys. Should this become national policy in England and Wales, the time taken to complete sale agreements could be reduced.

Solicitor / Lawyer


A solicitor/lawyer who specializes in UK conveyance work would carry out all the legal work on your behalf. A specific conveyance can also be used.

Fees


You would expect to pay around four percent of the buying price in the United Kingdom. This will consist of your solicitor/lawyer fees and the land registry. Other costs would include stamp duty which you would pay for properties costing over ¬£60,000 / $87,500, charged at between 1-2% dependent on the property√ēs selling price. Valuation fees and survey costs would normally be associated with mortgage applications.

Property Tax


Local council taxes are payable annually on a rating system between band A (the lowest) to H (the highest), and will be calculated by valuations of other similar homes in your area. Expect to pay from around £400 / $600 upwards per year for real estate in the United Kingdom.

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Product
APR
Change
30 Year Fixed
3.81%
0.004%
15 Year Fixed
3.13%
0.015%
3/1 ARM
3.07%
0.079%
5/1 ARM
3.05%
0.047%
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