I would like to know whether an expatriate non-UK citizen, not currently living in the UK, would be eligible to buy a property in the UK. What are the requirements for that investment?
i just wanted to know if i would be eligible to buy a property according to the laws in the UK.
i am not a UK local citizen, i dont currently hold even a bank account.
can you suggesy some good real estate web sites in the UK?
A lot of high-end properties in London, both private and commercial, are bought by foreigners, as UK has no restriction on foreigner buying and owing properties (unlike some other countries). Owning property doesn't help you to get a long-stay visa (again, unlike some countries like Spain).
UK credit normally refers to the system of buying a property with a mortgage.
Buyer puts a deposit (5 to 25% of purchase price) and then pays balance over 25 years, with interest.
As a non-resident then UK banks won't give you credit - to buy with mortgage,
You would need to buy with your own cash.
Buyers normally use a UK solicitor to handle the purchase formalities.
On the actual day of completion, your solicitor needs to have the money in their bank account.
You would normally be able to do a bank transfer to this account from overseas.
It would be unwise to bring a suitcase of cash to your solicitors office to pay for a property - as they are bound by anti money laundering rules to report clients who bring them cash above a certain amount (possibly as little as £5000).
Because you have no credit history in the UK you will not be able to get a mortgage in the UK so unless you can get a bank loan in your home country or from somewhere else, yes you would need to pay cash.
If you don't have the cash you can still obtain an offshore mortgage. But you will not be eligible to get a high street mortgage because your income is from outside the UK. Try Natwest offshore in Jersey or Barclays offshore. They all offer mortgages to foreigners but probably they require higher deposits !