When you are buying or selling land or property at an auction, although your ‘Lot’ may take a matter of seconds to be won, if you are to be successful in the long run, planning and effort is required before and after the gavel falls.
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There are currently no legal restrictions on either UK non residents (an Ex Pat) or UK resident non-domiciled individuals (a foreign national living in the UK) buying or selling property in the UK.
However, when overseas buyers, or international funds are being used to buy UK property, additional rules must be met. In particular, strict adherence to Anti-Money Laundering (AML) regulations, where you must clearly prove the source of funds.
Remote identification of the party or parties involved in the transaction must be approved. UK banking, foreign fund transfers and UK solicitor’s client account must also be considered.
Non-UK residents may also face an extra 2% Stamp Duty surcharge. As such it is prudent to use a solicitor experienced in managing overseas clients and funds.
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