Buying a property in the UK from abroad: your step-by-step guide
Discover why real estate is a top investment with this clear guide to buying UK property from abroad.
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"Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world."
Franklin D. Roosevelt
Famously written by the 32nd president of the United States nearly a century ago, the quote above still rings true no matter where in the world you are. Indeed, as Roosevelt suggests, prime real estate is a great investment, and, for many people, it’s the best way to build wealth – both at home and abroad.
The UK property market is generally stable and tends to deliver strong returns, making it an attractive option for overseas buyers. In fact, many investors consider real estate in the United Kingdom an essential part of a well-rounded portfolio.
Below, we’ll provide an overview of buying property in the UK from abroad, including information about regulations and currency exchange, so you can turn your investment goals into reality. We’ll also hear from Sarah, who bought a property in the United Kingdom the year before emigrating to the country with her young family.
Why buy property in the UK?
There are many good reasons to invest in UK real estate. For example, high demand for rental properties in cities like Birmingham, Manchester and London can translate into strong rental yields and long-term capital growth for non-resident landlords with international aspirations.
Commercial properties deliver solid returns, too. While initial purchase price and refurbishment costs are nearly always higher, eventual yields can be much more substantial than those gained from residential properties.
Finally, many people buy residential properties in the country, either as holiday homes or while preparing to settle. Sarah, for instance, bought a house before moving to the UK from overseas.
“We wanted to find a house well before arriving in the UK permanently,” says Sarah. “So, we began looking at listings online, then came over to view homes in person.”
Investors and individuals have a lot to gain from buying real estate in the country. UK property ownership perks include the country’s strong legal framework, which applies equally to residents and non-residents. Property laws, for instance, provide clear ownership rights and robust protection.
Buying a property in the UK in seven steps
“We didn’t know anything about buying a home in the UK,” Sarah admits. “The process seemed overwhelming, but with the right guidance, we got through it.”
For individuals like Sarah, understanding the steps involved can make all the difference. Here’s a straightforward guide to buying property in the UK.
Step one: determine your budget
Determining a budget – and sticking to it – can be harder than it sounds. This step might seem obvious, but if you don’t put guardrails on the amount of money you’re willing to spend, you could exceed your means. This applies whether you’re looking at commercial or residential real estate.
“Coming up with a budget was hard,” says Sarah. “We had a figure in mind before we began shortlisting properties but soon began adding more expensive homes to the list.”
Sarah realised that she'd risk spending too much without a strict cap on her spending. After examining her finances and working out an affordable monthly mortgage payment, she set a limit that allowed her to confidently search for properties without overstretching financially.
Sarah points out that it's important to consider these additional costs when determining your budget:
Stamp Duty Land Tax (SDLT): A tax paid on property purchases in England.
Land and Buildings Transaction Tax (LBTT): A tax paid on property purchases in Scotland.
Land Transaction Tax (LTT): A tax paid on property purchases in Wales.
Legal fees: Costs for solicitors or conveyancers.
Currency exchange rates: Fluctuations can impact the total cost.
Mortgage availability: Non-residents may face stricter lending criteria.
If you’re financing the purchase with a mortgage, it can be sensible to research UK lenders who specialise in offering loans to overseas buyers. Some lenders require a larger deposit (typically 25-30%) for non-residents.
Step 2: Choose the right property
With a budget and financing options taken care of, it’s time to pick a property. Selecting a city or a general area can be one of the best ways to begin this part of the process.
“We knew roughly where we wanted to live before we began looking at specific properties,” says Sarah, “so we focused our search on a few key places. This made the process much more manageable and much less confusing.”
Choosing the right location is crucial, whether you're buying a residential home or investing in commercial property. Cities like London and Manchester can be great options for investment, while rural areas offer tranquillity. Factors like proximity to schools, transport links, local amenities and rental demand might also influence your decision.
Working with an experienced estate agent familiar with international buyers can make this part of the process easier. Many agents offer virtual viewings, allowing you to explore options without travelling.
“After looking at a lot of properties, we booked viewings for five of them online,” says Sarah. “Then, we flew over to see those in person and made an offer on our favourite.”
Step 3: Appoint a solicitor or conveyancer
Technically, you don’t have to hire a conveyancer in England and Wales if you plan to buy a property outright. However, the conveyancing process is complicated and time-consuming – especially from abroad – so, most experts suggest partnering with a conveyancer anyway. If you’re mortgaging a property, the lender will almost certainly insist you use a conveyancer to ensure all aspects of the sale are legal and compliant.
In Scotland, using a solicitor is a legal requirement when buying or selling property. In fact, you’ll need a solicitor to submit an offer, so if you’re planning to buy a home or commercial unit north of the border, it can be a good idea to engage with a law firm before beginning your search.
“Having decided to buy a home in Scotland, we sought the advice of a friend and settled on a solicitor in Glasgow, who helped us through the process,” says Sarah.
In the UK, your legal representative will:
Conduct property searches to ensure there are no legal issues.
Draft and review contracts.
Manage the exchange and completion process.
Before hiring a solicitor or conveyancer, do make sure they have a good reputation and experience assisting overseas clients. Clear, regular communication is vital during any transaction – especially if you’re unfamiliar with UK property law.
If you plan to purchase commercial or rental property, you might decide to partner with a full-service asset manager like Adventum instead. This approach can take the guesswork out of large-scale property investment, leaving you free to concentrate on other aspects of your life or business.
Step 4: Finalise your finances
If you’re financing the property with a mortgage and haven’t completed the process yet, now is the time to provide any remaining documents to your lender and finalise the loan details.
This is also the moment to consider how you’ll transfer the funds for your purchase to the UK if you’re using an overseas mortgage lender or plan to buy the property outright.
“We found this bit quite nerve-wracking,” admits Sarah. “After transferring the total amount to our solicitor’s holding account in Scotland, we held our breaths until it arrived. Thankfully, it only took a couple of hours to land.”
Selecting a trustworthy provider for such a large transfer can feel daunting. It’s also vital to make sure you’re getting a good deal on the “spread” – the difference between the buying and selling price of a currency pair.
Some overseas buyers transfer funds via their banks, but this can be quite an expensive option. Banks charge a range of fees, and many offer much less generous exchange rates than FX companies, alternative banks and other fintechs. Overpaying on a large transaction can cost you a lot of money, so it’s worth shopping around.
Step 5: Conduct an independent survey
Before listing their residential properties on the open market, most sellers have to obtain a home report, which provides key information about the building’s condition, energy efficiency and market value. This document promotes transparency in the buying process and can help you make an informed decision.
However, it’s important to keep in mind that surveyors responsible for producing home reports work for sellers, rather than buyers. So, it can be sensible to get a second opinion about the building you intent to purchase from an independent surveyor before signing on the dotted line.
Independent surveys are generally quite affordable and, if they detect problems, make it easier to modify the terms of sale to ensure sellers remedy issues before closing day.
Step 6: Exchange contracts
Once all checks are complete and financing is secured, you’ll exchange contracts with the seller. In Scotland, this is called “concluding the missives”. At this point, the purchase becomes legally binding, and depending on the terms of your contract, you might pay a deposit (typically 10% of the property price).
After this, most property purchases move toward the finish line without any further input from buyer and seller, but there is still a small chance that unexpected issues could arise before the sale is finalised. These might include delays in completing legal paperwork, unforeseen problems uncovered during final checks or financing complications. However, with proper planning and communication between your solicitor, the seller’s solicitor, and any other involved parties, these risks are usually mitigated.
Step 7: Completion
Once everything is in place, the transaction moves to completion: the final step where ownership officially transfers, and you receive the keys to your new property.
“We weren’t in the country on completion day,” says Sarah, “so our solicitor picked up the keys and held them for us. Knowing we had a home to go to upon arrival in the UK felt like a big relief.”
On the agreed completion date, any money you previously deposited with your solicitor (or, in larger residential or commercial transactions, in escrow), plus funds from the mortgage lender, is sent to the seller’s account, or the seller’s solicitor’s account. Your solicitor or conveyancer then registers the land or building with the UK Land Registry.
Congratulations: you’re now the proud new owner of a property in the UK.
How the right payment partner can help
Many overseas buyers use their banks to send funds to the UK for property purchases, while others choose a dedicated FX company to keep costs down.
Another option is alternative banking. Agile and flexible, alternative banking providers are fintechs – often electronic money institutions (EMIs) or payment providers. Like traditional banks in the UK, they’re regulated by the Financial Conduct Authority (FCA) and they keep depositor funds in special safeguarding accounts with banking partners.
Opening an account with an alternative bank can be especially advantageous if you plan to move to the UK or do business in the country. FX companies can’t hold money, but alternative providers can, giving you the option to set up direct debits and send funds to the country from abroad.
Premium providers like Interpolitan offer something else, too: personal service. If you hold an account with a private bank overseas, this will be familiar territory. Instead of a chatbot, you’re paired with a relationship manager for one-on-one assistance whenever you need it.
Corporate clients also benefit from tailored solutions at Interpolitan. Our escrow services are ideal for large commercial property purchases, helping to reduce risk and safeguard funds until all elements of a contract are fulfilled. As an FCA-regulated EMI, we maintain the highest compliance standards across jurisdictions, ensuring that transactions are secure, transparent and fully aligned with international regulations.
Learn how Interpolitan helped facilitate a £100 million property sale in London.
Your journey begins here
Purchasing property in the UK from overseas can seem complex at first, but with the right planning and guidance, the process can be both manageable and rewarding.
Whether you're investing for long-term returns, planning your move to the UK or simply looking for a second home, each step brings you closer to your goal – and with trusted partners like Interpolitan to navigate the financial aspects, you can focus on the exciting opportunities that UK property ownership offers.
So, are you ready to take the first step? Get in touch to learn more about our multi-currency accounts, or book a chat with an escrow expert today. We can’t wait to help make your property dreams a reality.