\n The rise of a new industry owing to the UK house purchasing trend <\/p>\n
HONG KONG SAR –\u00a0Media
\u00a0<\/p>\n As a registered company in both HK
Top 10 potential risks when
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Everyone especially for the Hong
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Below are the top 10 potential risks
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It’s not like
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In the United
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A full Home
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In terms of
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Unlike HK,
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BNOOK has
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7)\u00a0\u00a0\u00a0\u00a0\u00a0
Although catchment
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8)\u00a0\u00a0\u00a0\u00a0\u00a0
Some
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There is a
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10)\u00a0
United
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In a nutshell, purchasing UK
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Founders of BNOOK Property Limited
Understanding BNOOK Property Limited in 3 minutes:\u00a0https:\/\/youtu.be\/GfufaIIZziI<\/a><\/p>\n
Company Website<\/b><\/p>\n
http:\/\/www.bnook.com.hk<\/a><\/p>\n
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BNOOK social media platforms<\/b><\/p>\n
YouTube :
Facebook :
MeWe : https:\/\/bit.ly\/3bvC1p0<\/a><\/p>\n
Instagram :
\nOutReach<\/a>\u00a0–\u00a023 March 2021 – Different from other agents, BNOOK Property Limited (BNOOK)<\/a> does not
\nonly source properties for clients, but also follow-up all the search documentations
\nas well as surveyor reports, handling and advising any critical matters that
\npossibly happen in purchasing a property. No matter for clients planning to
\nrelocation or buy-to-let, the whole BNOOK team assists all buyers from the
\nbeginning to completion, walking through all this uneasy UK property purchase
\njourney with clients.<\/p>\n
\n
<\/p>\n![](\"https:\/\/release.media-outreach.com\/release.php\/Images\/Thumb\/500x0\/134848\/19005-560-IMG-00-0000.jpeg#image-134848\")
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\nand UK, BNOOK specializes in searching for second-hand brick and block
\nproperties. The service locations cover from the South (such as Southampton) to
\nthe North (Scotland). BNOOK is a Property Consultant who almost covers the
\nlargest number of areas in the UK. <\/p>\n
\n
\n
\n
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\npurchasing UK properties<\/b><\/p>\n
\n
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\nKong (overseas) buyers seem to be fancy about properties in the United Kingdom lately.
\nSome of them aim at investing for stable
\ncashflow returns; while some of them are for living because of relocation to
\nthe UK. The new demand leads the rise of a new industry. Nowadays, there are people claimed to be Property
\nSourcing Agents. However, some of them are one-man-band; while some do not even
\nown a company, but are helping Hong Kong people to do “viewings” only as
\npart-time “viewers”. <\/p>\n
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\nthat overseas buyers must pay attention to. These are gathered by BNOOK which
\nis founded by a group of experienced UK property investors. BNOOK reminds all
\noverseas buyers should carefully select a reliable UK Property Consultant who
\nhelps to avoid all these traps.<\/p>\n
\n
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\n
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\n<\/b>New-built property, Property under construction, Second-hand property, Auction
\nHouse, Retirement House, etc. There is a huge variety of UK properties.<\/b><\/p>\n
\n
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\nall the apartments in HK, there is a huge variety of UK properties. For
\nexample, an “Auction House” is immediately exchanged (must be completed) once the
\nbuyer wins the bid, even though there are any defects after reviewing the Home
\nBuyer Report. BNOOK provides due diligence service of filtering all these
\nproperties for clients and to make sure that there are no tricks before
\nrecommending and putting offers. <\/p>\n
\n
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\n
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\n<\/b>Title and ownership are not just a fine line in between<\/b><\/p>\n
\n
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\nKingdom, purchasing a house is usually with the land. Some of them are
\nFreehold, Leasehold or even Shared Ownership. There was a case happened to one
\nHong Kong buyer who was originally looking for a Freehold property,
\nunfortunately the previous owner had ceded certain part(s) of the territory for
\nbuilding one another house and sold it for profit. Eventually the buyer had
\nlost the part of the territory. Therefore, an experienced Solicitor \/
\nConveyancer as well as a
\nProperty Consultant (but
\nnot the part-time Sourcing Agent) who are proficient in UK properties would be
\nhelpful to the buyers to figure out and advise whether the property is worth
\npurchasing at no risk. <\/p>\n
\n
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\n<\/b>The complexity of a Home Buyer Report<\/b><\/p>\n
\n
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\nBuyer Report is conducted by a professional Surveyor. The report contained more
\nthan 30 pages that listed the conditions of structural problems, any signs of
\ndamping, any potential risk of asbestos, and all of these conditions will be
\nlabelled with 3 levels of urgency. The report is explained with many technical
\nterms and jargons that are not easily understood merely by a “Google Translate”
\ntool. BNOOK’s service includes reviewing and analysing the details of the
\nreport, help judging whether this property is worth purchasing, and these are
\nmore than just a “property seller” can handle.<\/p>\n
\n
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\n
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\n<\/b>The solicitor disappears or neglection after engagement<\/b><\/p>\n
\n
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\nworking attitude, there is a cultural difference between Hong Kong and the
\nUnited Kingdom. The former one used to be fast-responding, efficient, and more
\nflexibility in work; while the latter one is rather following the prescribed
\nroute and not to be too aggressive. There was a case of client’s previous
\nexperience before reaching BNOOK Property Limited – there was no news in 2-3
\nmonths after engaging the solicitor, and it was found that the solicitor did
\nnot even started any searches after the mortgage has been offered. As a result,
\nthe seller was not willing to wait anymore and terminated the sale. What the
\nclient had lost was not only the time, but also the surveyor fee of that
\nproperty as well as the solicitor deposit. Hence, choosing the reliable solicitor is critical.
\nOne of BNOOK’s services is to recommend the reliable solicitors with reasonable
\nprice that could contribute in completing the property smoothly.<\/p>\n
\n
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\n
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\n<\/b>Earning stable and high salary does not necessarily mean that the
\nmortgage application will be successful<\/b><\/p>\n
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\nthere is no so-called “stress-testing” in the UK. Earning high annual salary
\nand stable employment may also result in a failure in mortgage application
\nbecause of the applicants’ large amount of spending and private loan. Each bank
\nhas its own formula of calculation. Mortgage brokers are here to explain to the
\napplicants on the requirements of the lender, and select the most suitable
\nlender based on the applicants’ financial situation. It is always recommended to
\ndeclare all the items that are required. The case might still be disapproved
\neven though the Approval in Principle has been obtained. BNOOK refers
\nexperienced mortgage broker with large bank network which can help finishing
\nthe property purchase. <\/p>\n
\n
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\n
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\n<\/b>There is a “chain” on the property that delays a property completion<\/b><\/p>\n
\n
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\nhandled a real case: A client entered the UK via LOTR in September last year.
\nThey stayed in an Airbnb and in the meanwhile, they searched for houses by
\nthemselves which they thought would be at lower risk. However, 2 months after
\nthey have put an offer and proceeded the legal works, the seller kept rejecting
\nthe inspection appointment from the Surveyor. Finally, they discovered that
\nthere was a “chain” of buying this property because the seller had still not
\nstarted buying his new property. Turned-out they had to move to another Airbnb
\nfor 3 times in total before they had their own property. They did not have an
\nofficial proof of address for applying school for their children. Eventually,
\nthey contacted BNOOK which helped them to get a very lovely house with no chain,
\nintroduced a reliable and fast-responding solicitor, and followed up tightly on
\nthe schedule. During the purchase, BNOOK reviewed all the reports, arranged the
\nexchange and completion. As a result, the property was completed in 1.5 month
\nwhich was definitely the fastest case that have ever seen. Now the client had
\nalready moved-in and the children are attending school. At the most critical
\nmoment, a team of professional Property Consultant plays the most important
\nrole.
\n
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\n<\/b>The ideal school and the house are very near, but they are from two
\ndifferent councils<\/b><\/p>\n
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\narea is important when applying for school, only 0.1 \u2013 0.3mile distance from the
\nideal school to the property does not guarantee a school offer. If the council of
\nthe property is not clarified, there may even has no eligibility to apply for
\nthe school just because they are not in the same council. Having a completed
\ndue diligence work to avoid such low-level mistake is the basis criteria of BNOOK
\nas a professional Property Consultant.<\/p>\n
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\n
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\n<\/b>Be aware of the high-flood-risk property<\/b><\/p>\n
\n
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\ndishonest (or unexperienced) agents promoted some properties with high flood
\nrisk to Hong Kong people. As everyone knows, weather in the UK is always
\nunpredictable and raining is common. Apart from inconvenience, the most
\nconcerned point is actually whether the insurance company would cover it, and
\nif the insurance company does not cover the high-flood risk property, there may
\nnot be able to get any mortgage approval. The due diligence service of BNOOK
\ncan be able to acknowledge all these potential risk in advance so as to reduce
\nthe clients’ potential risk. \u00a0<\/p>\n
\n
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\n
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\n<\/b>The selling price is too aggressive<\/b><\/p>\n
\n
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\ndifference in property market from HK and the UK. In Hong Kong, seller is used
\nto place a higher price for the buyer to negotiate; in the opposite, in the United
\nKingdom, seller is always placing a guide price for all buyers to bid, and
\nusually the buyer who placed the highest price got the offer. To be honest,
\nthis practice made the Hong Kong buyers quite anxious because they never know
\nwhat is a reasonable bidding price. Of course, the seller will reject a price that
\nis far below their expectation; but the buyer will never want to offer a price
\nhigher than the market value. BNOOK helps evaluating the marketing value of the
\nproperty, listing all necessary expenditures of buying the property, addressing
\nthe potential risks, investigating and setting up an optimal ceiling price with
\nthe buyer and making offer to the seller agent. The advantage of setting up the
\nceiling price help control the budget and not to push up the market.<\/p>\n
\n
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\n
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\n<\/b>A mixed-population does not equal to high crime rate of the district? <\/b><\/p>\n
\n
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\nKingdom itself is a diversifying country where people are from all over the
\nworld, such as European, Asian, Indian, Middle Eastern, Jewish, etc. A
\ncommunity with a mixed-population does not definitely equal to high crime rate.
\nTalking about Reading where is located in the Southern part of England as an
\nexample, many international companies set up their headquarters here, and thus
\nthere are many people from different countries relocated to this beauty place.
\nThey are young, lively, educated and polite as we can see. Immigrant who wants
\nto integrate into the UK and start a new life more easily, it’s also a good
\nchoice to stay in a community with mixed-population. Therefore, looking only
\ninto the figure of crime rate is always more representable than looking on the
\ndata of culture diversification when choosing the location to settle. The team
\nof BNOOK who are based in the UK can reduce the risk of remote purchase, having
\nphysical visit to the place for client. This can be done by live time
\nconference and video, feeling the environment and security level of each
\ndistrict.<\/p>\n
\n
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\n
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\nsecond-hand property is not as difficult as imagine, but there are many hidden
\ndetails that requires professional advice and follow up. When it comes to a trend
\nof purchasing UK properties, it is always recommended to select the Property
\nConsultant who are experienced in second-hand brick and block houses rather
\nthan the general property seller. The former one provides professional advice,
\nfollows up with the who purchase procedure
\nuntil the property is exchanged and completed; while the latter one (especially
\nfor those part-time viewers who may not completely familiar with purchasing
\nsecond-hand property) requires the clients to handle all the documentations and
\ncommunications by the themselves.<\/p>\n
\n
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\n
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\nare a group of experienced UK property investors located in the UK. Any
\nproperty that they recommend to clients are up-to-the-standard of what they
\nwould also live or invest, while the buyers will be well-prepared and rest
\nassured by advising every step and any risk of purchasing UK properties. <\/p>\n
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<\/p>\n![](\"https:\/\/www.media-outreach.com\/Release\/templates\/images\/socialMedia\/iconmonstr-youtube-6-24.png\"\/)
https:\/\/www.youtube.com\/channel\/UCeLmn_QNAqs4hLqoTtS3sXw<\/a><\/p>\n
\n
<\/p>\n![](\"https:\/\/www.media-outreach.com\/Release\/templates\/images\/socialMedia\/iconmonstr-facebook-1-24.png\"\/)
https:\/\/www.facebook.com\/bnookproperty<\/a><\/p>\n
\n
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\n
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https:\/\/www.instagram.com\/bnookproperty\/<\/a><\/p>\n<\/p><\/div>\n