OFFSHORE
2 . Property Selection
Do your research and due diligence and most importantly , know what the desired outcome is . If you are looking for a buy-to-let unit , then rental returns and capital growth are important . Alternatively , if your goal is to acquire a second or holiday home , that will result in a very different purchase . At LIO Global Property our properties are carefully selected in specific locations focusing on stability , investment security and yields .
3 . Legal & Due Diligence
Once you have selected your property and are ready to proceed , a solicitor will need to begin the conveyancing process . The solicitor prepares a legal report , offering full due diligence . This report includes local searches , rights of way , confirmation of title and planning consents , and raises any issues that you should be made aware of . Solicitor costs vary from £ 900 - £ 1500 .
4 . Exchange of Contracts
Once the solicitor is satisfied that due diligence is complete , the contracts are exchanged , and the deposit is due . Most developers request a 20 % deposit , and the remaining 80 % balance is paid on completion .
5 . Completion
In the UK , completion equates to transfer in South Africa , and this is when the remaining balance of the funds are due and when keys are ready to be handed over . At this stage you will also be required to pay Stamp Duty Land Tax , which your solicitor will make you aware of early in the process , so you have an idea of the cost , but it is also advisable to speak to a tax specialist .
LIO Global Property ’ s team has been investing in the UK property market since 2003 . We always prefer to take a long-term view on UK property investment because the market is constantly changing and buy-to-let is not a quick returning asset class . With a long-term view in mind , you have the potential for building a successful property portfolio and in doing so building generational wealth . The UK provides a low-risk opportunity to property investors in that it is one of the oldest and most consistent markets in the world .
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SA Real Estate Investor Magazine FEB 2023 107