Melbpom Posted January 13, 2014 Share Posted January 13, 2014 Hi, I'm considering buying a property prior to moving back to the UK to use as a temporary base and then as an investment. House prices seem cheap compared to rental costs and I'm concerned that the market will pick up before I get back in about 2 years. However when browsing real estate websites it appears that properties are on the market for a lot longer than in Oz and in some cases prices are reduced. I'm unfamiliar with the UK market after away for 25 years however I have family in UK who would help. Any advice would be welcome. Link to comment Share on other sites More sharing options...
Guest Posted January 13, 2014 Share Posted January 13, 2014 My advice would be don't do it, unless you have family who are VERY committed to helping you. It's true the housing market is picking up but it is more than likely that those properties on the market for a while and/or reduced are in the position for a reason - houses are still selling if they are a good price in a good location. It would be very hard for someone to vet a property for you and you could end up with something difficult to shift (either to rent or sell). Do your family know the area you would want to buy in well? One option might be a buy a new build house/apartment so long as you could get something that would work out well as an investment too. I have no idea how the legal side would work if you are out of the country but I guess it can be done. Would you need a mortgage? HSBC are probably one of the best options - http://www.expat.hsbc.com/1/2/hsbc-expat/products/mortgages-and-lending/residential-mortgages. Although apparently Kent Alliance were doing expat mortgages too. Link to comment Share on other sites More sharing options...
garyupnorth Posted January 16, 2014 Share Posted January 16, 2014 1) house prices are increasing quite well ATM as there isn't enough housing stock in the market place. 2) people aren't selling as they are holding out for the increase and banks aren't really lending without a substantial deposit. I would be be tempted to buy off plan on a new estate in an up and coming area and get a tenant in. Get your family over here to do the ground work. Link to comment Share on other sites More sharing options...
robswife Posted January 16, 2014 Share Posted January 16, 2014 We're trying to do this at the moment and finding a mortgage is very hard to get when outside UK unless you work for a multi national company (this is what we keep being told) but we're not giving up yet. Another proviso with one was that they wanted proof of employment to go to when back in UK, despite the fact our deposit is quite large, never defaulted in over 20 years previously, wish we had done this before we left UK, fingers crossed for a lottery win then I can buy outright :biglaugh: Link to comment Share on other sites More sharing options...
Melbpom Posted June 26, 2014 Author Share Posted June 26, 2014 I'm looking again at a modest flat to rent out until I return to the UK. The properties I'm looking at are leasehold and I really don't understand what impact this has on the future price, i.e. does it lesssen any price rises as the end of the lease term approaches? are leases ever not renewed? how do I find out who the land owner is? I'm very familiar here with body corporates but there doesn't appear to be an equivalent in the UK. I'd really appreciate any advice from someone more familiar with the UK market. Link to comment Share on other sites More sharing options...
Sustain Posted June 28, 2014 Share Posted June 28, 2014 Has anyone used a buyer's agent? Any recommendations for north London and Harrogate? Link to comment Share on other sites More sharing options...
Valespark Posted July 8, 2014 Share Posted July 8, 2014 I have made a few enquiries recently with regard to UK expat mortgages etc. From the broker I have had email exchanges with, it all seems very possible. In essence they can arrange a mortgage for 75% LTV, which comes with an automatic rent permission, so you can buy now and lease out for a while, before you return. Extract of email Option – This option is only available when position is permanent, you will also need to be out of the UK at time of submission of full application Raise a mortgage up to 75% of the property valuation - this is classed as a Main UK residence and comes with an automatic consent to rent the property out. 18 month Tracker Rate of 1.7% above UK base rate (0.5%) with a bank arrangement fee that can be added to the mortgage of £999 2 Year Fixed Rate of 2.69% with a bank arrangement fee that can be added to the mortgage of £999 2 Year Fixed Rate of 2.4% with a bank arrangement fee that can be added to the mortgage of £Zero 3 Year Fixed Rate of 2.9% with a bank arrangement fee that can be added to the mortgage of £999 5 Year Fixed Rate of 3.75 with a bank arrangement fee that can be added to the mortgage of £999 5 Year Fixed Rate of 3.99% with a bank arrangement fee that can be added to the mortgage of £Zero Broker fees on top. Whether it is really as simple as that I don't know......My only advice would be to buy in an area you understand. VS Link to comment Share on other sites More sharing options...
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