Tips for foreign buyers · Star & Partners

Know your area and budget

Decide where you want to buy and make sure your budget is sufficient for that area. Being on the wrong end of a street, or far from amenities and public transport, affects price. If something looks too cheap, there is usually a reason.

Do not be put off by a building undergoing refurbishment; apartment blocks are typically refurbished around every ten years.

Mind the hidden costs

Remember the hidden costs of buying. A solicitor can give you a full list of additional charges, including Stamp Duty and other ancillary costs.

A full building survey reveals the construction, materials and any structural problems. This is not the same as a mortgage valuation, which only confirms the property is worth the loan. Treat the surveyor's fee as an investment.

Negotiation and the market

Many UK cities, including London, have no single listing service, and an area may have over 100 agencies that do not share registers or commissions. In sought-after areas there may be little room for negotiation, and it is not unusual for offers to exceed the asking price.

If your offers are too low, you risk a vendor declining any further offers from you.