Interested in overseas investment in the UK from the UAE? You’ll be happy to know that it is not too difficult a process, nor is it too dissimilar from buying property in the UAE.
You will need to be more diligent with your preparations and understanding of what to do, but this is not too difficult.
There are no restrictions for foreigners looking to buy property in the UK, although if you want to buy UK property to live in, then you will likely need a visa unless you are a UK citizen.
However, there may be more rigorous identity checks for international buyers, so be prepared to travel from the UAE to the UK and back again to help confirm your identity in person if you are required to.
If you are looking to invest using a buy-to-let mortgage, you will struggle to find one from a high-street lender, and will probably need to use the services of a specialist lender. However, this may be a blessing in disguise as interest rates on BTL mortgages are sky-high right now.
Instead, try looking into off-plan property, where the lower price points and flexible payment plans may allow you to avoid needing a buy-to-let mortgage and can save you money in the long run.
Your first step is to find investment properties that you are interested in buying. You can look on property portals like Zoopla or Rightmove, or contact estate agents or property investment companies to see what properties they have for sale.
When looking for investment properties, aim for a combination of an affordable price with high rental yields in a popular area. This will give you the best likelihood of a strong return on your investment.
Do not be daunted by the price you see on paper, as house prices are often negotiable and are not set in stone. You will need to negotiate with the seller to come to an agreement that benefits both of you.
You will need to use the services of a solicitor when buying property in the UK from the UAE, as will the seller. Once you have made an offer, the solicitors will exchange contracts and ensure everything is watertight legally. By this stage, you are committed to buying the property.
After this stage, it is time to pay the deposit on the property. Usually, this is around 25%, but it can change.
Once you have paid the deposit, your solicitor will once again go over the contract to make sure everything is above board, and a completion date will be set when you will pay the remaining amount of the property’s value.
With all that out of the way, you will finally be the owner of a new investment property, and you can start the process of finding tenants and collecting rental income.
