Buying property in the UK is a significant investment that requires specialist legal advice from a team that understands.
We combine technical expertise with clear, practical guidance. We explain where matters of tax may overlap with specialist referrals to tax advisor and mortgage product advisors for higher net American buyers particularly with assets out of the UK (even largely industry avoidant of cryptocurrency). Through our key specialist Prime Central London estate agents, business migration specialists and other trusted financial / tax advisers, we deliver a proactive service from inception to the end of your transaction
Why London?
London continues to attract American buyers and investors for good reasons:
- Prime real estate with global appeal and long-term value retention / protection
- A transparent and well-established legal system
- World-class education, private healthcare and culture
- A global financial centre with strategic time-zone advantages in relation to other time zones
- A gateway to European / Middle East business and investment
How we help US Citizens to Buy
- Residential property transactions
- Commercial property transactions
- Immigration law referred through trusted specialist referral associates
- Access to Prime Central London estate agents and advisers
- Complex and sophisticated funds verification undertaken
Comparing the UK versus US Property processes.
The key differences in the process which primarily apply to England & Wales are:
When It Becomes Binding:
US: A legally binding contract is formed right at the start when the offer is accepted. Buyers place earnest money into an Escrow Account, meaning either side can be sued or penalized for pulling out.
UK: The offer (also known as an agreement to agree) is non-binding until contracts are telephoning / electronically “exchanged”. Up to that point—which can take weeks or months—sellers can accept a higher offer (known as gazumping or lower offer for tax reasons known as gazundering) or buyers can walk away with no legal consequences because there is nothing binding between buyer and seller at the stage.
Representation and Agents:
US: Buyers and sellers each hire their own licensed agents (whose combined commission is usually split). Your agent works entirely for you.
UK: Estate agents legally work for the seller (the vendor). Buyers typically do not have a dedicated agent representing them, meaning they must register directly with the seller’s estate agent but the buyer is never the client. There is an increasing trend in prime London real estate that a buyer has buyer advisor representation.
Speed and the “Chain”:
US: The process is highly standardized, using a title/escrow company to close the deal, and typically takes 30 to 45 days.
UK: Transactions rely on chains (e.g., your sale depends on the person you’re buying from, who in turn is buying elsewhere). This causes slow a down, often taking 12 weeks or longer. It is therefore advisable to have nothing to sell yourself, with the seller having nothing else to buy.
Legalities and Searches:
US: Handled by Title and Escrow companies that process the deed, insurance, and money transfer uniformly.
UK: Handled by Property lawyers (usually known as Solicitors) who conduct appropriate specific to title / agreement due diligence and reporting
Why Choose SLRE?
- Extensive experience in UK residential and commercial property
- Clear, commercially focused advice about abstract law as to applies to you in plain language
- If you have no mortgage requirement, and have currency liquidity we can facilitate a chain free purchase within a matter of few weeks.
- We also have referrals with currency businesses to facilitate best rates and escrow services for such transactions.
Please call us on 020 3026 6321 now.
It is always recommended that due international taxation complexities and overlap that tax advise be sought prior to committing to any transaction.