alfrombarking

A Dxb based friend is interested in buying flat in London. Obviously as a non EU/UK resident she has no UK bank account etc...So, I'm just wondering is there is any way that she can get a mortgage to buy a house when she is not resident there?

How do foreigners buy a house in UK do they pay in full? Correct me if I'm wrong, I can get a mortgage as I'm resident there and have good credit and buy a house on her name with her deposit if she likes?



Any inputs will be appreciated.

Millhouse

Get an expat mortgage. You'll be tied to taking a linked bank account with the same bank (sometimes).

If you take the mortgage, you'll probably have to (and would be nuts if you did not want to) be named on deeds as part owning the house.

alfrombarking

Will you kindly elaborate?

I'm moving alot and will be in the UK sometimes next week. What I had in mind was:

-she has to give me a power of attorney plus the money to do the purchase of the said flat

-She can set up an offshore trust which will purchase the property on her behalf ( she still wants my involvement into this)


I might be wrong but in-depth input will be appreciated

busybee2

oooooh lots of hoops to jump thru with money laundering stuff. you can get an expat mortgage as mentioned above...

Millhouse

why so complicated??

I bought a flat this year in joint names (there are two ways of buying in joint names - one where you both own it, one where your share is predefined) this year. You instruct a UK based solicitor to do it, send paper back and forth using a courier and get an expat mortgage via a broker. As the buzzer said there are some extra money laundering checks done so expect to be having passport copies here certified.

I've not even seen the flat and was able to do 99% of the transaction by email. just a few phone calls, some scanning and two couriers (and that could have been one by my solicitor send me the wrong form)

Edit - don't forget the process - money first, then house. you won't be allowed to make a formal offer without proof of funds these days so that means getting an agreement in principle from a bank first (this can be a bit chicken-egg).

Meow

Feel free to drop me a line. There are a few lenders that will assist and a bank account will be required with the mortgage.

busybee2

yep the solicitors need to tick their boxes to know where the funds are coming from, or know you etc if they dont then you need to get documents/passports etc notarised by a solicitor here.

Evilmunki

I work for a company based in Dubai that sells off-plan properties in the likes of London, New York, Australia - the majority of our clients are expats and we have links/deals with various lenders depending on the market you are looking at - if you want some more information send me a PM and I can put you in contact with our lending specialist. If she already has a property in mind we can look at the lending side of things only.

scot47

"Off-plan" means that they are not yet built ?

busybee2

yes

scot47

Sounds iffy to me.

Evilmunki

scot47, it's only iffy if you are buying from a company that hasn't done full due diligence on the developers.......if it's done through the right company with the correct safeguards in place it can be a fantastic investment. Don't be fooled by the off-plan disaster area that is Dubai, not everywhere is the same!

Millhouse

Do you guarantee rental yields for the first couple of years?

Evilmunki

it can be done depending on the development - to be honest it's not really an issue with the majority of the stuff that we do, we've got 100% occupancy rates in our main markets. We've just launched a new project in Brisbane that guarantees rental yields in line with the market average for the first three months, really just as a safeguard in case lettors aren't ready on day one.

mikewot

That was before habibi! Now you can buy off plan beautiful place for only 100,000 Dhm down payment and in two years all finish. OK maybe little little longer because of Expo but for sure 100% ready by Expo Yanni.