So, how does an American go about buying property in the U.K.? The rules are the same for London, and your interests may lie in other (cheaper) parts of the kingdom.
Unlike property in Bermuda, foreigners are able to buy any property in the U.K. However, buyers seeking a mortgage from a local bank may be in for a shock as expats are sometimes asked for a 40 percent down payment.
You’ll also need to know the difference between “leasehold” and “freehold,” “gazump” and “gazund,” as well as many other cultural differences that make transactions in the U.K. far different from those in America.
Are you a colonial considering a British buying spree? Columnist Jon Anderson schools us on how to navigate the real estate market in the United Kingdom on SecondShelters.com.
