This is the second of the three-part episodes we filmed with 3 different experts covering the newest 2021 updates of the UK real estate market. Learn more about obtaining a mortgage in the UK, tips on doing taxes, and what to be aware of when investing in UK properties.
Today’s episode is about obtaining a mortgage in the UK. We interview Gordon Franks at Lifestyle Brokers – a mortgage brokerage that sources international mortgages and offers loan comparison from 40 banks and lending institutions worldwide with over 15 years of experience, and Jasper Yeung at LCP Lawyers – a professional law firm in Hong Kong, providing dynamic services to clients for over 30 years.
Through this episode, you can get a detailed explanation on how to obtain a mortgage in the UK, what to be aware of, and key terms to look out for within loan documents and the property’s lease agreement. This is going to be amazing for those of you who might be interested in investing in the UK. Please share this video with anyone who might be interested and we hope you enjoy the show!
今天的節目是關於在英國獲得抵押貸款。我們採訪了Lifestyle Brokers的Gordon Franks和LCP Lawyers的Jasper Yeung，前者是一家抵押經紀公司，負責國際抵押貸款，並提供來自全球40家銀行和貸款機构的貸款比較，擁有超過15年的經驗；後者是一家專業律師事務所，在香港為客戶提供了超過30年的動態服務。
This episode covers a lot of good tips when it comes to obtaining a mortgage for investing in UK properties, especially for first-time investors. I suggest watching this video a few times to understand the process and key terms.
There are more details in the loan document and how to land the best mortgage you can get. If you need any help, I suggest reaching out to Jasper and Gordon. You can find their contact information in the show notes.
- Should You Acquire a Mortgage
- What Buyers Should Be Aware Of
- Mortgage & Lease Key Terms
▶ About the guest:
Gordon Franks is the Managing Partner of Lifestyle Brokers in Hongkong. Primarily focusing on helping Hong Kong residents to purchase properties overseas with a focus on the UK, Lifestyle Brokers do not only source the properties but also help arrange finance and provide full turnkey solutions.
▶ Connect with the guest
- Website: www.lfsproperty.com
- LinkedIn: https://www.linkedin.com/in/gordon-franks-19279715/
- WeChat: LFSHKGordon
- Email: [email protected]
▶ Source & Supporting:
Mortgage A mortgage is a loan that the borrower uses to purchase or maintain a home or other form of real estate and agrees to pay back over time, typically in a series of regular payments. https://www.investopedia.com/terms/m/mortgage.asp
Loan-to-value ratio The loan-to-value (LTV) ratio is an assessment of lending risk that financial institutions and other lenders examine before approving a mortgage. https://www.investopedia.com/terms/l/loantovalue.asp
Inheritance tax An inheritance tax is a tax imposed by certain states on those who inherit assets from the estate of a deceased person. Its tax rate depends on the state of residence, the value of the inheritance, and the beneficiary’s relationship to the decedent. https://www.investopedia.com/terms/i/inheritancetax.asp
Memorandum of sale (property) A memorandum of sale is a simple document containing written confirmation of every important detail of a property transaction. It is drafted by an auctioneer, home buying company or estate agent after a sale agreement. The document is then sent via email or post to solicitors representing the seller and buyer. https://www.myconveyancingspecialist.com/2020/11/13/memorandum-of-sale-what-you-need-to-know/#:~:text=A%20memorandum%20of%20sale%20is,representing%20the%20seller%20and%20buyer.
Condition survey A condition survey is a detailed inspection of a building in order to establish its maintenance and repair condition at that time. It is done at a level that surveys each building element, describing it and providing detail of its current state. https://www.metcalfebriggs.co.uk/survey-type/condition-survey#:~:text=A%20condition%20survey%20is%20a,detail%20of%20its%20current%20state.
Leasehold Leasehold is an accounting term for an asset being leased. The asset is typically property such as a building or space in a building. The lessee contracts with the lessor for the right to use the property in exchange for a series of scheduled payments over the term of the lease. https://www.investopedia.com/terms/l/leasehold.asp#:~:text=Leasehold%20is%20an%20accounting%20term,the%20term%20of%20the%20lease.
Freehold A freehold property is one, where the owner/society/residents’ welfare association owns the building and the land that it stands on outright, in perpetuity. Freehold land is generally bought through an auction or lottery. The completed project, thus, will include the cost of the land incorporated in the final cost of the units. https://housing.com/news/real-estate-basics-freehold-property/
Ground rent provision Ground rent is a contractual rental payment for the occupation of part of an area of land and anything occupying that space. If you fail to pay your rent then the freeholder of the land could reclaim your property as their own for breaching the contractual agreement. https://www.realtymgt.co.uk/contact/frequently-asked-questions/what-is-ground-rent/
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Alright, let’s get back to the transcript of the show. Enjoy!