If you plan to remain in the UK for a longer period, you may consider purchasing a property. However, you should probably wait until you have settled in before you take this step, and get to know the area in which you would like to buy. Purchasing a property in the UK can be a lengthy and complex process and it is recommended that you seek independent legal and financial advice before you do so.
Estate Agencies
Estate agents (realtors) facilitate most property sales in the UK. Some estate agents cover property throughout Cambridge, others specialise in a specific part of Cambridge, neighbouring villages and towns.
Standard practice in the UK is for estate agents only to notify customers when they have a potential property matching their requirements. In other words, the agent will not show you an overview of the entire market, and some properties never make it to published listings in the first place. Therefore, you should register your details with several estate agents, so that they can contact you when they have a property for you to consider.
Finance a Property Purchase
The most frequent lending scheme for buying a property in the UK is a mortgage. There is a range of lenders in the UK who offer mortgage finance. Where mortgage finance is required, buyers will normally be required to pay a deposit contribution towards the purchase price.
Mortgages can be arranged through banks, building societies and other financial institutions.
To get an overview of the different types of mortgages available you can use an online comparison site or visit an independent mortgage broker, who will likely charge for their advice.
A credit check will be undertaken as part of your mortgage application and you must have an established credit history in the UK. You can learn more about how to establish a credit history in the UK by visiting the Money Advice Service's pages
How to get credit for the first time in the UK
Additional Costs to Consider:
Solicitor Fees: You will need to pay a solicitor to deal with the legal aspects of buying a property. The solicitor will undertake the conveyancing: the legal term for transferring property from one owner to another. Solicitor and conveyancing fees can vary depending on the area and property, so it is advisable to shop around for the best deal, which suits your circumstances.
Property Valuation Survey: All mortgage lenders require a valuation of the property to check cost is in line with the valuation. This is instructed by the mortgage lender but you must cover the cost.
Property Survey: To check the property’s condition, you will need either a Homebuyer’s Report or a more comprehensive Building Survey (Structural Survey). These can be arranged via your lender when booking your basic valuation or can be arranged independently.
Stamp Duty: Stamp Duty Land Tax is a progressive tax levied on all property transactions over a certain value. Please see the Money Advice Service's Stamp Duty calculator for specific guidance.
Arrangement Fee: A fee charged by lenders to cover the cost of setting up the mortgage. Some lenders waive this fee.
