Investing in property has always been a popular choice as it is a tangible asset which you have control over, with a steady growth in value expected over time. You will also receive monthly rental income. There is a shortage of housing in the UK and when this demand exceeds supply it makes for an excellent investment choice.
In all developments, the service charge is reviewed in line with market rates; this is standard practice.
All developments have their own company registered at Companies House, this ensures that if anything happens to the developer or contractors, the development is ring fenced and safe from external issues.
An escrow account is an account in which your deposited funds are held by a third party. This is to safeguard the money and ensure the funds are not released to the developer in one lump sum, but at different agreed stages within the build.
We ensure that all of our new developments are mortgageable, we speak to multiple lenders before accepting a project. However, this does depend on the specific unit and the buyers circumstances. It is important to mention whether you are using cash or a mortgage while discussing with your consultant. For a more specific inquiry, please contact our team.
For anything visa related, North Property Group would suggest you contact an immigration specialist – this isn’t something we can help with, as Visa criteria can change year to year. More information can be found here.
In many cases, a new contractor is appointed to finish the build as there is the safety of a legal first charge already in place.
Although North Property Group recommends using a solicitor familiar with the project to keep the buying process on track and as easy as possible, you are of course free to appoint any UK property solicitor you wish.
As with any off-plan investment, your initial deposit will be tied up during construction. However, many developers offer interest on your funds up until completion to help compensate for this. Your property purchase should also increase in value during that build time, thus giving you capital appreciation. North Property Group will always aim to provide properties with the best potential return and capital appreciation. Your money may be temporarily tied up, but it’s always growing in value.
The developer often appoints the management company, so if a management company ceases to trade then the developer will source a new company to replace the previous management if needed.
Dependent on the firm manging your investment, usually every 4 months – or more upon request. All tenants are credit and reference checked and must give a deposit of 5 weeks rent too. The communal areas of the building are checked by maintenance teams often as they’re usually on site. At North Property Group we can manage your investment and our Lettings Team will be in regular contact to give you any update you need regarding the status of your investment.
Yields can vary, depending on where and what you buy. The Northern Powerhouse is a great place to invest – regional city locations in the north of England offer the best rental yields in the UK, regularly above 6%. Yields can go up or down, but the future is ever growing for the buy-to-let market in the big Northern cities given the huge regeneration they are seeing.
North Property Group is an award-winning property investment company that helps connect investors across the globe with high-yielding property investments. North Property Group offer an end to end investment solution and are the only company that will manage your investment journey every step of the way. From the moment of reservation, during the management of your investment and through to the exit plan, North Property Group are here to provide with independent, expert advice. We regularly update our clients with market values on their current assets, and when the time is right, we will market the property and re-sell it though our large database of loyal investors. We are highly committed to upholding the highest professional standards and are regulated in the UK by The Property Ombudsman.
Purchase costs vary between different developments.
The most common costs include:
Buy-to-let property investment involves paying a variety of taxes.
Income from your property is taxed in the same way as money you earn at work and has the potential to push you into your next tax bracket.
Capital gains tax can also apply to any property you own that is not your home. It is calculated based on how much your capital has grown when you sell the property.
The above should not be construed as definitive tax advice and everyone’s circumstances are different. You should verify any tax information from HMRC or a qualified tax adviser. Taxes and allowances can change regularly, so be sure keep up to date with the latest information at the time you plan to invest.
It’s always in the developers own financial interest to complete on time, but there is also a longstop date in place to protect the client’s best interest should any delays occur.
Our investors are provided with regular construction updates and images of the build progress are supplied in regular intervals.
North Property Group is a member of The Property Ombudsman
