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Tips On How To Own a London Property

Buying a residential property in London is not difficult as in Thailand because of the stability and transparency of the market, high occupancy rates, and established legal structures that protect the owner, tenant and buyer.

Property consultant CBRE Thailand said there are a few steps to the sales process, and the terms of payment for UK property ownership can feature leaseholds from 125 to 999 years.

For an off-plan project, buyers must sign a reservation agreement and pay a reservation deposit when they agree to buy a unit.  Within 21 days after the signing date, they must sign an exchange contract and pay typically 10% of the purchase price.

Twelve months after the signing date, they must pay one or two instalments during construction, which is typically 10% to 15% of the purchase price. The rest is paid on completion of construction or the transfer date.

For a unit purchased at an overseas exhibition, buyers must sign a reservation agreement, exchange contract and pay 10% of the purchase price at the signing, said Aliwassa Pathnadabutr, CBRE Thailand’s managing director.

On the transfer date, buyers must pay a stamp duty and registration fee, which varies according to the price of the unit.

Ms Aliwassa said both developers and buyers will have their own solicitor who must be authorised in the UK. Buyers will pay their solicitors on their own.

There is no capital gains tax for non-UK residents who purchase under an individual name. The inheritance tax is exempted for assets valued up to 325,000. For those valued above that threshold, an inheritance tax of 40% applies.

An annual council tax covers local services such as police, street cleaning and garbage collection. The tax applies to all domestic properties.

Charges vary depending on the property value and postcode. The full council tax rate is based on two or more adults living in a property. Discounts and exemptions may apply for part-time occupiers.

For the full article, please visit http://www.bangkokpost.com/business/economics/312825/tips-on-how-to-own-a-london-property

Source : Bangkok Post 18 September 2012

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