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INTERNATIONAL BUYERS THINGS YOU NEED TO KNOW

Many international buyers begin their search for a home in the UK with significant information gaps. Here are some important factors you may not have considered:

1. Exchange Rates
   Exchange rates can affect your purchase significantly. Ensure your budget has enough flexibility to account for fluctuations in currency values.
2. Extra Stamp Duty
   You may be required to pay additional stamp duty if you are purchasing from outside the UK or have not been in the UK long enough to qualify as a resident.
3. Visa Requirements
   Before house hunting, ensure you are eligible for the necessary visa. Explore all your options and review the fine print, as certain visa conditions might restrict your ability to work in the UK.
4. Proof of Funds and ID
   Certified proof of funds and identification must be provided by the appropriate authorities. You cannot purchase property in the UK without passing anti-money laundering checks, which require certified documentation.
5. Mortgages
   Don’t assume you will qualify for a UK mortgage. Seek independent advice, as many mortgage providers do not lend to international clients. The pool of lenders is often smaller, and you may face higher costs. Additionally, lenders may impose restrictions, meaning your dream home might not meet their criteria. Working with the right lender is essential.
6. Rentals in Cumbria and the Lake District
   Rental properties in Cumbria, particularly in the Lake District, are scarce. If you plan to rent before relocating, be aware that your ideal location may not be available. In this region, high demand is common. For instance, a property in Kendal once received over 50 enquiries, with viewings capped at 16. Expect competition for rentals.
7. Contracts and Banking
   Establishing a financial footprint in the UK can be challenging. Without one, you may face difficulties securing phone contracts, insurance, and bank accounts. Start researching and preparing these essentials before leaving your home country.

Thank you for reading, happy house hunting.