The real estate in the UK is an all-time high with an average rise of 12.5% per annum. Having acquired a residential property in the UK is an investment one might live off while they retire.
Real-estate investors are individuals and they require custom consultation and solutions that are tailored to their preferences.
Owning or inheriting a property abroad can seemingly be a satisfaction, keeping in mind factors like return on investment and financial security leading to a sound future.
But what if you are looking at selling your property in the UK, while you are abroad? Following are some if not all the factors to keep in mind before you make the big move remotely.
While you are struggling to make a sale remotely, you are going to need all the help from peers and professionals altogether. The best thing to do is look up or ask around about trusted and well-informed real estate consultants based in the UK to create the best options for you.
In other words, hire a lawyer. A solicitor would be well aware of the procedures. With their qualification and experience, they would deal with all of your legal matters and ensure that there aren't any complications.
It is suggested that you should be fully aware of the legal requirements and paperwork that may be prerequisite for the disposal of your property. Whether you look it up online or ask your friends based in the UK, the general code of conduct should be in your knowledge before even hiring your real estate consultant, so that you have a clearer idea of what to expect in terms of service and progress.
It is a common practice in the world of real estate and foreign investment. You willfully assign a peer, friend, an immediate family member or a common in law partner as the attorney; that is, giving someone else the power to act on your behalf while you are away. The right way to do this is to fill out necessary forms
You may be liable to pay taxes if you are not a UK based resident. It is difficult to render a generalized decision because there are many variables in the area of liability of paying taxes. Moreover, according to the new rules introduced in 2016, individuals who are selling a property in the UK remotely must file an Online Capital Gain Tax return with HM Revenue & Customs (HMRC). Regardless of any tax payable, the seller might be wholly covered by a relief put forth by the UK government, but they would still be obliged to fill out HMRC forms. It is an additional mandatory requirement and quite tedious a task at that, considering the time allowed is only 30 days. Find out more about the HMRC forms here.