Journal

You will enjoy your journey as we will detail UK property transaction procedure, stamp duty land tax, list price vs. total cost, leasehold vs. freehold, title registration, and so forth.

Process

UK property transaction procedure (cash buyer as an example)

1) Hiring buy-side solicitor 

  • Buy-side solicitor conducts due diligence to avoid money laundry
  • Following documents are required 
  • Bank statements (over the past three months)
  • ID (UK resident) or notarised passport (non-UK resident)
  • Utility bill or council tax bill (residential address) 
  • Buy-side solicitor provides agreement for buyer to review & sign off

2) Transaction procedure 

  • Down payment £2,000-£5,000 to secure selected property   
  • Buy-side solicitor provides trust account for escort 
  • Sell-side solicitor provides property procurement contract for buy-side solicitor to review
  • Buy-side solicitor transfers reviewed property procurement contract for buyer to further review and sign off 
  • Buyer wire deposit (10%~25% of listed price) and legal fee to trust account 
  • Buy-side solicitor exchanges sign-off contract with sell-side solicitor for binding 
  • Buyer provides bank statements again (over past three months)
  • Buyer wire final payment to trust account  
  • Buy-side solicitor conducts title registration for buyer
  • 1-3 years required for UK government to complete title registration  
  • Close deal 

3) Builder handover keys & documents

4) Move in your lovely home

List price vs. total cost

1) Total cost includes: 

  • List price
  • Stamp duty land tax (SDLT)
  • Legal fee
  • Pre-paid service charge
  • Title registration fee
  • Other cost