Our International Affiliates: Casabella

Tips for foreign buyers

  • A person know where they want to purchase and ensure their budget is sufficient to meet their needs in the areas they are considering.
  • Being on the wrong end of a street affects the property price as does the proximity of the address to local amenities and public transport. If it appears too cheap, it’s for reason.
  • Don’t be put off if a building is going to be or undergoing refurbishment. Apartment block refurbishments are carried out on average every ten years.
  • Don’t forget the “hidden costs” of buying a property. Solicitors can provide buyers with a list of additional costs which will include Stamp Duty and various other ancillary charges included in purchasing a property.
  • A full building survey will provide a report to reveal the details of the construction of the property, the materials used and a list of all minor and major structural problems that may exist. This survey is not the same as a mortgage valuation which confirms to the lender that the property is worth the loan; they will not point out any repairs that need to be carried out. For this reason, consider the surveyor’s fee an investment.
  • Many large cities in the UK, including London, do not have multiple listing services and in some areas there can be over 100 agencies.
  • Generally, agents work in small catchment areas and it’s worth knowing that within their own companies they do not necessarily share property registers or commissions.
  • If expats intend buying in a sought-after area, there may be no room for negotiation. It is not unusual for vendors to be offered above the asking price or for offers to go to undisclosed bids, particularly in London.
  • If a buyer’s offers are too low they risk the vendor responding with ‘no further offers from this buyer’

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