Frequently Asked Questions
You can use this guide to familiarize yourself with rules, laws and other important information relating to your property.
In the UK, all payments for property purchases are sent to your solicitor’s escrow (client) account as required by law. Your solicitor completes the transaction by transferring this amount to the seller’s solicitor’s client account. This method protects the buyer.
Additionally, the following systems and safeguards are used to ensure the security of payments:
• Stakeholder System: Payments exceeding 10% are held in the seller’s solicitor’s account and are not transferred to the firm until Completion.
• Deposit Guarantee Insurance: Insures your entire deposit.
• NHBC, LABC, ICW Memberships: Your investment is secured through the structural and financial guarantees offered by construction firms.
It is usually sent electronically by the HM Land Registry within 1 or 1.5 years of purchase.
The main costs you will encounter when purchasing property in the UK are as follows:
• Solicitor’s Fees: The fee for the solicitor who will handle the purchase process and represent you legally.
• Stamp Duty: Paid at completion and calculated based on the property’s value and the buyer’s circumstances.
In addition, buyers do not pay estate agent commission in the UK. Estate agent commission is charged solely to the seller. This is a significant advantage for buyers, unlike the practice in Turkey.
No, purchasing property in the UK does not grant you any visa privileges. This purchase does not entitle you to a residence permit, work permit or tourist visa. Property investment is purely a financial transaction and is not linked to the UK’s immigration or visa policies.
The main regular expenses you may encounter after becoming a property owner in the UK are as follows:
Service Charge: This is paid for the maintenance and services of communal areas within the block of flats or estate.
Lettings Agency Fee: If you let your property through an estate agency, you will pay a commission for the lettings service.
In addition to these:
Property Tax: There is no property tax in the traditional sense in the UK.
Council Tax: This tax is paid by the person actually residing in the property. If the property is rented out, it is paid by the tenant.
Rental Income Tax: You must declare the rental income you receive from the property. Rental income up to £12,570 per year is tax-free; income above this threshold is subject to income tax.
Yes, individuals who are not resident in the UK, live in Turkey, and earn their income in Turkey can also purchase property in the UK using a mortgage. These individuals can purchase property using a mortgage. However, this process involves more complex and restrictive conditions compared to those for resident individuals. Generally, higher down payments (25–50%) and interest rates apply. In addition, income documents, credit history and financial stability are examined in detail during the application process.
No, you do not need to travel to the UK to purchase property there. All procedures are conducted remotely and contracts are signed online. The original documents are sent to your solicitor. You do not need a visa or even a passport to purchase residential property in the UK. You can complete all procedures using only your Turkish identity card. This makes the investment process both easy and fast.