U.K. Property | London, Manchester & Liverpool
U.K New Apartment for Investment:
London (Zone 3) - Grand Union
London (Zone 3) - Anthology Hale Works
London (Zone 3) - Royal Wharf
London (Zone 4) - Royal Arsenal Riverside
London (Zone 4) - Anthology Wembley Parade
Top reasons to buy U.K property
London will remain as one of the top global financial centres even after Brexit
Opportunities in the slow market due to concerns over Brexit
Growing urban population leads to high demand in rental property
The U.K. is home to some top & best universities in the world that attracts overseas undergraduates
Uptown Riverside | Manchester
Uptown Riverside is located in the heart of Manchester city centre. it comprises three residential towers 6-, 8- & 10-storey with a total of 156 apartment units. Uptown Riverside is walking short walking distance to Manchester Victoria Station. Communal facilities such as gym, concierge services and sky gardens and 44 carpark lots are included.
Developer: Property Alliance Group Ltd
Tenure: 250-year leasehold
Land Area: BC
Estimated Completion Date: Mid 2021
Total Units: 156 apartment units
Price Guide (before 8% discount)
1-Bedroom 549sqft from £215,567 (est. S$384K)
2-Bedroom 799sqft from £300,970 (est. S$536K)
Crown Street | Manchester
Located in the "Super Tower District" of Manchester, Crown Street aka Elizabeth Tower is within the "Great Jackson Street" regeneration area close to the Deansgate and Castlefield areas. It comprises a single tower of 52-storey with a total of 664 apartments units that come with the highest swimming pool in Europe on 44th floor, communal gardens and 24/7 concierge.
Developer: Renaker Build Limited
Tenure: 250-year leasehold
Land Area: To be updated
Address: 9 Cargo Square, London E1W 2AA (Wapping)
Estimated Completion Date: Summer 2022
Total Units: 664 apartment units
Price Guide (before 3% discount)
1-Bedroom 620sqft from £299,278 (est. S$533K)
2-Bedroom 1079sqft from £436,632 (est. S$777K)
3-Bedroom 1246sqft from £483,217 (est. S$860K)
Prince of Wales Drive | London
Prince of Wales Drive is perfectly located in Zone 1, in a new transformation cluster of Battersea. Excellent transport link within less than 5-minute walk, provides direct access to both underground & aboveground station, as well as the new Northern Line extension due to open in 2021. Next to Battersea Park.
Developer: Berkeley Group
Tenure: 999-year leasehold
Address: Battersea SW11 4FA
Estimated Completion Date: Completed
Total Units: 955 apartment units
1-Bedroom 630sqft from £804,000 (est. S$1.43M)
2-Bedroom 867sqft from £1,120,000 (est. S$1.99M)
3-Bedroom from TBC
SDLT (Stamp Duty Land Tax) & Buy to Let (BOT)
All freehold residential units will subject to stamp duty up to 12% depends on the tax bands on the full purchase price. Additional surcharge will be applied on top of the normal SDLT rate for additional property or buy-to-let property. Stamp duty needs to be paid within 14 days after completion of the property purchase.
Stamp Duty for non-UK Residents
From April 2021, non-Uk residents who is non-UK tax residents will have to pay an additional 2 percent stamp duty if the property purchased is in England or Northern Ireland. Thus the new additional stamp duty for overseas investment will be from 5 percent onwards.
As an overseas investor, they must know that there will be other taxes in the United Kingdom to be paid annually like ground rent, rental income tax (deductible, depends on net income after costs), property tax, service fee, the insurance premium etc. The overseas investor may also need to pay the letting agent fee when engaging a local agency to help to rent out the property. Capital Gain Tax (CGT) is on the gains received by the seller when selling or disposing of property.
Refer to below table for tax bands.
Booking & Payment Scheme
Every development will have different booking fees and payment schemes. Below is the general payment scheme when buying U.K property:
- Booking/reservation fee around £2,000 - £5,000
- Sign the exchange contract and pay 10% less booking/reservation fee within 21 days, plus legal fee + VAT 20%
- 10% within 6 months from the exchange contract
- 3-6 months before completion, purchaser to engage banks for mortgage loan
- Pay remainder 80% plus other fees (stamp duty etc) during handover