Essential Documents for Buying a Property in the UK & Opening a UK Bank Account
3 Common Pitfalls of Buying First-Hand Properties in the UK
February, 2021
RSVP fify5ive
March, 2021
Essential Documents for Buying a Property in the UK & Opening a UK Bank Account
Since the UK announcement on Hong Kong BNO holders, many Hong Kong citizens have considered the possibility of emigration, and plenty of them are planning to purchase local properties and turn over a new leaf. This article explains the procedures in opening a bank account in the UK and a list of required documents for purchasing first-hand property in the UK.
How to Set Up a Bank Account in the UK
During the hunt for a property, investors may be required to open a UK bank account for mortgage purposes or receiving rent as a landlord, should they not have an account already.
Required Documents
In general, regardless of an individual's nationality, anyone is permitted to apply and open an account with a local bank in the UK, as long as they can present identity certification and proof of a valid UK address. Therefore, before opening an account, the following documents are required:
Account Setup Procedures
The process of opening an account in a local bank in the UK is almost the same as at a bank in Hong Kong. The procedure is generally as follows:1. Make an appointment online or in person at one of the bank's branches 2. Prepare the mentioned required documents and visit the branch for formalities
3. Fill in the application form
4. Submit the required documentation
5. Once the application has been approved, the bank shall send the bank card and the password letter separately by post
Set Up UK Account in Hong Kong
If you cannot produce proof of a valid UK address, and your bank has a branch in the UK, you can open an overseas or international account with the bank on condition that you meet the relevant requirements of the bank (terms vary with each bank, please consult the bank for details), In addition, some British banks allow clients to complete the application procedures online.
Relevant Documents for Property Purchase in the UK
Throughout the entire process of buying a property, the documents you may come across include:Required Documents for mortgage in the UK
If you need to apply for a mortgage for a UK property, you will come across a wide variety of mortgage options offered by mortgage brokers or local banks in the UK, however the required documents are more or less the same:
One-Stop-Shop Service at Salboy
Salboy is a property developer that sells self-owned properties directly to Hong Kong clients without the need for real estate agents, reducing miscommunication when providing property information or during the buying process. In addition, Salboy offers a one-stop-shop service, here to make investing easy for our clients. Whether you are in Hong Kong, and yet to be able to make a trip to the UK, or wanting a tour of Salboy’s sites, Salboy provides you with assistance every step of the way. We have our own construction company, a dedicated lettings & management team who will handle all aspects of rental and finding you the perfect tenant, as well as connecting you with the most reputable furniture suppliers, mortgage brokers and solicitors so to speak. Buyers can complete all formalities directly at our Hong Kong office for a more time-efficient, convenient and secure experience of purchasing UK property .
