Buying Property Internationally Has Been a Humbling Experience (UK vs US)
My partner and I are currently buying a vacation rental in the UK. I grew up in London but have lived and invested in the US for many years, so I assumed I'd have a pretty good idea of what to expect. I was wrong.
We're now about 14 weeks into the purchase, and the latest update is still (after three weeks), "We're waiting for the solicitor to respond." I have a feeling they're getting a little tired of me mentioning that attorney review in the US is often wrapped up in about a week! Can they only communicate by letters in the mail?
One of the biggest surprises has been how different the process is. In England, there is typically one "estate agent" representing the seller. Buyers don't usually have their own agent in the way we do in the US, so you're dealing directly through the listing agent and your solicitor. It is though dual agency is standard practice which is not great on the buyers side.
Another major difference is that until contracts are formally exchanged, there is very little certainty. The seller can accept a higher offer from someone else at almost any point; a practice known as gazumping. Imagine being months into a transaction, having paid for inspections and legal work, only for another buyer to come along with a higher offer and the seller walks away. Thankfully it doesn't happen every time (especially in the current slow UK market), but it's a real possibility that buyers have to live with.
As someone who's invested extensively in the US, it's been fascinating to experience a completely different system. It's a good reminder that just because you understand real estate in one country doesn't mean the rules translate elsewhere.
I'd love to hear from other BiggerPockets members who have invested internationally. What differences caught you off guard? Any tips for surviving the UK buying process while we continue waiting for "the solicitor to respond"?