Other than those under the Immigration Act (which also apply in the UK), there are no restrictions on moving to the Isle of Man or buying property.
Unlike other offshore locations, you don’t require a permit to buy a house, there are no ‘tiered’ housing markets and property values are robust and compare favourably with those in the South East of England.
Heritage Homes is the Island’s largest developer of luxury and executive property on the Isle of Man. We have excellent working relationships with the Island’s leading banks and law firms so you can rest assured that the purchase of your new Premier Collection home will be handled efficiently and professionally.
In the Isle of Man, the legal process of buying a property is known as ‘conveyancing’ and is very similar to that of the UK. You will need to instruct a local solicitor or ‘advocate’ and we will be happy to recommend one to you.
Once you have chose a property you wish to buy, the legal process is very similar to that of the UK:
- Your advocate (solicitor) will request the ‘Agreement for Sale’ (the contract you enter into to purchase the property from us), the ‘Abstract of Title’ (documents relating to the title or copies of previous conveyances) and a draft ‘Deed of Conveyance’ (which we sign to transfer title to you) from our advocates.
- Written search enquires are prepared and searches undertaken at the Deeds Registry. Your advocate will confirm that all previous owners had good title and there are no outstanding encumbrances on the property.
- our advocate confirms that a mortgage (if required) has been agreed and obtains details of what the lender requires from the advocate.
- Once satisfactory replies to the above have been received your advocate will request a deposit (a minimum of 10% of the purchase price). The contents of the Agreement for Sale will be explained to you and you will be required to sign it. The deposit is then paid to our advocate and signed contracts are ‘exchanged’. At this stage Heritage Homes and yourself are fully committed to the purchase. Your advocate will also ensure that on the date of exchange, buildings insurance and any required life insurance are in-place.
- The wording of the conveyance is approved and any ‘Requisitions of Title’ (queries regarding items that may need correction) are raised.
- Your advocate produces a Settlement Statement confirming the balance to be paid. You sign the mortgage documentation and pay your advocate any balance of the purchase price, advocates fees and any other agreed payments. Your advocate collects the mortgage advance directly from your Bank.
- You sign the Conveyance, which is then recorded at the Deeds Registry and the keys to your new Premier Collection home are yours. Once registered a copy of the Conveyance, Abstract of Title, Certificate of Registration and any other relevant documents will be sent to you by your advocate.
It is useful to know that in the Isle of Man, advocates are permitted to act for both parties, provided neither party objects and there is no conflict of interest, which can make the process run more smoothly.
Homebuyers on the Island benefit from tax relief on Manx mortgage interest. In addition the Island does not levy Stamp Duty; instead, residents pay a Recordal Fee of £4.00 per £1,000.
The table below shows a comparison between Recordal Fees in the Isle of Man and Stamp Duty in the UK.