Updated: Apr 12, 2021
A lot of buyers approach me all of the time, looking to invest in property in the UK. This is especially true of buyers from Hong Kong. Often, they have an idea of what they are looking for. Some want simple BTL, some HMO and others are looking for a home to re-locate to.
They may have already started to do some research on property on the open market. But are they ready? Here’s what you will need to be ready to purchase property in the UK.
1. Certified ID. Get your passport certified by a local registered solicitor.
2. Proof of address. At least 2 copies of utility bills, an official government letter, or your driving licence.
3. Proof of funds. A proper bank statement (not a smart phone screenshot!) showing you have the cash to cover the purchase. Buying with a mortgage? A Decision in Principle (DIP) is
required from your mortgage lender.
4. A solicitor in the UK for conveyancing
5. Buying through a Limited Company? Then get your company set up! Get over to Companies House, it costs around £15 and takes about 10 minutes.
6. International banking. Due to local restrictions in Hong Kong and requirements in the UK,
setting up a suitable bank account to transact your purchasing can be a headache. Get it
organised before trying to buy.
In order to comply with money laundering regulations and to satisfy the estate agents that you are a serious buyer, you should aim to have all of this in place before you start offering on property. Most people enjoy looking at property for sale online. But it’s all a waste of time if you don’t remember to be a Smarter Property investor and get yourself organised with all of the above, so that dream property investment can actually happen!