Buying Property in the Isle of Man
The process of buying houses and other properties in the Isle of Man is similar to that in England. ie
- Vendors list their properties via estate agents.
- Purchasers identify and view properties via the estate agents.
- Purchasers wishing to buy a property submit an offer to the vendor via the estate agent. Such offers are typically subject to survey and contract.
- Upon acceptance of their offer, the purchaser arranges a building survey. Sometimes price is renegotiated depending on the survey findings.
- Once property condition is accepted Advocates are instructed and the offer is now subject only to contract.
- Purchaser’s Advocate undertakes ‘searches’ (planning, utilities, title etc) and then prepares a report and a contract.
- Assuming all is in order and the vendor wishes to proceed, they pay up the deposit (usually 10%), contracts are exchanged and a completion date is agreed. At this point the purchaser is legally committed to the purchase of the property.
- On the completion date, the balance of the consideration is paid, via the Advocates client accounts, the contracts are dated and the Purchaser can collect their keys.
- Following Completion, the Purchaser’s Advocate prepares the submits the paperwork together with the recordal fee to the land registry to formally record the transaction.
Unlike the Channel Islands – we have no restrictions on ‘non islanders’ or new residents buying property in the Isle of Man. Essentially, if you have the cash – you can buy it.
We don’t have Stamp duty / SDLT in the Isle of Man but we do have land registry recordal fees – which although lower than SDLT in the UK are not insignificant.
Dealing with property transactions is an activity reserved for Advocates so we have no low cost conveyancing services in the Isle of Man – you have no choice but to engage an Advocates to help with the transaction.
You can expect to pay £1500-£2500+vat for Advocate’s fees – excluding disbursements.
If you would like a referral to an Advocate contact us.