Buying in London from abroad: remote viewings, banks and money transfers
Buying a home in London without being in London is entirely workable, and most of our overseas clients do exactly that. The distance simply means the groundwork has to be more thorough. Three parts of the process deserve early attention: viewings, banking and moving your money.
Viewing from a distance
You do not need to fly in to shortlist a property. We view on your behalf and send honest reports, with photographs and video that show the parts of a home glossy listings tend to skip: the light through the day, the state of the building, the noise, the neighbours, the walk from the station. For a serious contender we arrange a live video walkthrough, so you can direct the camera and ask questions in real time. When you are ready to commit, many clients still prefer to see the final choice in person, and we help arrange the trip so the visit is used well.
Banking and finance
If you plan to borrow, a number of UK lenders work with non-resident buyers, though they ask for more paperwork than they would from a local buyer and they take longer to decide. Opening a UK bank account as a non-resident is possible but not always quick. In every case the bank carries out identity and source of funds checks, and these are stricter for money arriving from outside Europe. We have built relationships with banks that handle Gulf clients regularly, and an early introduction saves weeks later on.
Moving your money
The transfer of funds is where timing most often slips. Money for a purchase usually moves through your solicitor’s client account, and both the bank and the solicitor must satisfy their checks before completion. Exchange rates matter on a sum this size, so it is worth planning the currency side in advance rather than converting at the last moment. We flag the deadlines early and keep the bank, the solicitor and you working to the same dates.
Bringing it together
The value of a local partner on a remote purchase is coordination. We keep the search, the viewings, the offer, the legal work, the survey and the transfer moving in step, and we tell you plainly when something needs your decision. Our sister company Premier Surveyors provides valuations and building advice, so you are not relying on the seller’s word for the condition of what you are buying.
None of this needs to be daunting. With the right preparation, a purchase run from Kuwait, Doha or Riyadh can be as controlled as one run from across town. If you are considering London from abroad, get in touch and we will set out the steps for your situation.
This report is general guidance, not legal, tax or financial advice.