If you have never owned property in the UK, start here. These five points explain how the country, the and the buying process fit together, before the guide turns to the investment itself.
01England and the UKThe is England, Scotland, Wales and Northern Ireland. Each sets its own housing law. The homes and the rules in this guide are in England.England has its own housing law, separate from Scotland and Wales.
02Where isCounty Durham is a county in North East England, about 20 minutes from Newcastle and under three hours from London by direct train. Newcastle International Airport is nearby.A county is broadly like a province (il).
03What a council doesCouncils, called local authorities, have a legal duty to help households in housing need in their area. They refer eligible residents and work with operators such as Myshon.The council is not your tenant. It is where the demand comes from.
04Who pays housing support for eligible residents is funded by the (DWP), through or , and administered by local authorities.Income depends on eligibility, and funding rules.
05Buying from abroadYou appoint your own in England, who checks the title, lease and searches and handles the transfer. Ownership is recorded at HM . Income is paid in pounds sterling to the account you nominate.There is no separate notary step: your solicitor does this work.
FOR OVERSEAS INVESTORS
Four things that work differently from home.
Your own solicitor, not a notaryIn England the buyer’s solicitor carries out the checks and the transfer. Choose one who acts for overseas buyers.
Paid in poundsIncome is paid in . -rate moves change what it is worth in your home currency, up or down.
UK tax on rentRental income from a UK property is taxable in the UK, usually through the Scheme run by . Take independent tax advice in both countries.
on purchaseStamp Duty Land Tax (SDLT) is paid on buying, with surcharges for additional homes and non-UK residents. Your solicitor will confirm the amount.
General information only, not legal or tax advice. Rules can change; your solicitor and tax adviser will confirm what applies to you.