{"id":2625,"date":"2020-05-01T20:25:40","date_gmt":"2020-05-01T20:25:40","guid":{"rendered":"http:\/\/realestateagentmagazine.com\/?p=2625"},"modified":"2020-05-01T20:25:40","modified_gmt":"2020-05-01T20:25:40","slug":"buying-renting-in-the-uk-what-need-know","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/buying-renting-in-the-uk-what-need-know","title":{"rendered":"Going Overseas: Buying or Renting in the UK \u2013 What You Need to Know"},"content":{"rendered":"

Taking an extended vacation? Continuing your education? On temporary work assignment? Whether you\u2019re considering investing or moving to the UK permanently or for a shorter term, you\u2019ll appreciate our guide to renting and buying property in the UK.\u00a0<\/span><\/p>\n

Know your terminology\u00a0<\/span><\/h2>\n

In the UK, trash cans are bins, paper towels are kitchen paper, chips are crisps, and the list goes on. Just as you\u2019ll want to familiarize yourself with new names for certain items, you\u2019ll also want to learn about some of the similarities and differences between <\/span>UK and US real estate terminology<\/span><\/a>. Here\u2019s a brief sampling:\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n
US term<\/b><\/td>\nUK term<\/b><\/td>\n<\/tr>\n
Closing<\/span><\/td>\nCompletion\u00a0<\/span><\/td>\n<\/tr>\n
Realtor or real estate agent\u00a0<\/span><\/td>\nEstate agent\u00a0\u00a0<\/span><\/td>\n<\/tr>\n
Rent<\/span><\/td>\nLet<\/span><\/td>\n<\/tr>\n
Collateral<\/span><\/td>\nSecurity\u00a0<\/span><\/td>\n<\/tr>\n
Finance charge<\/span><\/td>\nTotal charge for credit\u00a0<\/span><\/td>\n<\/tr>\n
Appraisal<\/span><\/td>\nValuation\u00a0<\/span><\/td>\n<\/tr>\n
Prepaids<\/span><\/td>\nPrepayments\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Renting in the UK<\/span><\/h2>\n

Can American citizens rent apartments in the UK? The short answer is yes. If you\u2019re simply looking for vacation accommodations, you\u2019ll want to look into short-term let, which basically means finding rentals offered on Airbnb and similar sites or going through an Airbnb management agent. You\u2019ll need to have an appropriate ID and follow the site\u2019s booking guidelines. Be sure to ask questions if you\u2019re uncertain about anything at all.\u00a0<\/span><\/p>\n

While you might like the idea of moving from one short-term rental to another and experiencing different neighborhoods along the way, long-term rentals are also available.\u00a0<\/span><\/p>\n

In London, for example, laws place limits on the amount of time a landlord may offer a rental property over the short term, so long-term rent might be preferable. Houses, cottages, semi-detached homes, and flats are available in many areas, so your needs and preference will be met.\u00a0<\/span><\/p>\n

You\u2019ll find that many UK rental properties are fully furnished, which makes the prospect of renting even more convenient.\u00a0<\/span><\/p>\n

Whether you\u2019re searching for a short- or long-term rental, you\u2019ll want to remember that in the UK, the differences between <\/span>flats vs apartments<\/span><\/a> are minimal.\u00a0 In addition, you\u2019ll want to check <\/span>average UK rental costs<\/span><\/a> before making a decision.<\/span><\/p>\n

What you need to rent a home in the UK<\/span><\/h2>\n

Most UK rental contracts are for six months to one year, often with the option to extend tenancy. It\u2019s likely that if you go through an <\/span>online letting agent<\/span><\/a> or a private landlord you\u2019ll be asked for rental references and a security deposit. As in the US, this is likely to be equivalent to one month\u2019s rent. You might also be asked to provide:<\/span><\/p>\n