If you’re planning on investing in property in the UK but live overseas, then you may be a bit put off by having to learn all the rules and regulations involved in such a venture.
It could, for instance, be worries about tax, registering your property, where to find a good property management firm, how you go about getting a mortgage etc. And this is when having other property investors around (preferably based in the UK) can really help allay any fears and worries. But where do you find these wonderful ‘online colleagues’ who’re going to answer all your questions and/or point you in the right direction? Well, here at Sourced, we have a few ideas and we’ve outlined them right here:
There are plenty of professionally-run UK property forums out there in the ether. Some of the biggest and most popular include Propertyhub, Propertytribes and Landlordzone. Newbies and experts chat through changes in industry, give each other advice and generally provide a friendly, supportive network.
Once you’ve joined one of these forums, you can ask direct questions of other property investors, or simply follow ongoing discussions about particular topics you might be interested in. You’ll even find specialist forums, such as those for property legal matters, or run by property accountants etc. Forums are a great way to network.
There are plenty of property investor blogs distilling wisdom. Some of them focus on particular aspects of the property industry, such as refurbishments, running HMOs or renting to students etc. Others, will talk about what it’s like to be a landlord or how they got into the property investing field themselves.
These can be a little like the property forums in that there are experts in these groups who are happy to give out advice and answer questions from newbies and overseas investors. Again, they are populated with property professionals, from those who can distil wisdom on legal matters to individuals who can tell you the best way to market a particular property. These groups – like the forums – tend to be chatty, friendly and supportive.
Of course, it’s important to take advice from the right people ie someone with a lengthy history in property investing or within their particular industry. And it doesn’t do any harm to double check the information you’ve been given either. For advice on government rules and regulations re tax and other statutory commitments, it’s worth also taking a look at the gov.uk website where you’ll get it from the horse’s mouth so to speak.
Find an estate agent, management company and lawyer who has local property market knowledge. There are many UK-based businesses that specialise in working with overseas property investors, meaning you can deal with a company who understands both the UK financial system but deals with overseas buyers ordinarily (avoiding anything getting lost in translation). Make sure you do your research, get recommendations, read reviews and interview a few of these companies before making a choice on who can help you with your overseas investment in the UK.
Sourced can offer advice and recommendations for overseas investors and can source properties in different areas around the UK. If West London is an area you are interested in, get in touch with your local property expert.