It is the same conveyancing procedure however the individual will incur more costs, for example, the higher rate of Stamp Duty Land Tax in England or Land Transaction Tax in Wales will apply. If the purchase is dependent on mortgage finance, the individual will usually need a higher deposit to secure the lending and the interest rate is usually higher.
Again, it is the same conveyancing procedure but if dependent on mortgage finance, you will need a special buy-to-let mortgage which will have special conditions contained in it in relation to letting, for example, you might not be able to rent it out to a family member.
You will need to pay the higher rate of Stamp Duty Land Tax if buying in England and Land Transaction Tax if buying in Wales.
If you are buying in certain areas, post-completion consideration will need to be given to additional Council Tax premiums.
Since 1 April 2017, local authorities in Wales have been able to charge a premium of up to 100% of the standard rate of council tax on long-term empty dwellings and dwellings occupied periodically (more commonly referred to as second homes) in their areas. From 1 April 2023, the maximum level at which local authorities can set council tax premiums will increase to 300%. The powers given to local authorities are discretionary so whether to charge a premium on long-term empty properties or second homes (or both) is, therefore a decision to be made by each local authority.
You will need to instruct a local solicitor. There may be residency requirements and local taxes to consider. It may also be more difficult to obtain lending as you will need to obtain a mortgage from a lender in the country you wish to purchase a home in.
If you have any further questions, please do not hesitate to contact our conveyancing team today.