The property purchase process in Sweden

Swedish Mortgages

As a general rule, Swedish mortgage providers will offer a loan of up to 75 percent of the value of the property. Generally, mortgages in Sweden are offered on fixed rates over a period of approximately 20 years.

Purchase Process in Sweden

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The purchase process in Sweden is relatively straightforward and does not even require the assistance of a lawyer. However, it is always advisable to obtain local specialist advice when purchasing overseas and a lawyer is, therefore, strongly advisable.

Sweden maintains an accurate and up to date land registry which indicates who owns the property and whether there are any issues with transferring the land such as loans or additional owners who may object.

Preliminary Issues
Every Swedish citizen is issued with a personal civil number which they use on all communications and for most forms required by the government. Anyone who works in Sweden is also required to obtain a civil number, regardless of how long they stay in the country. Otherwise, visitors of less than 1 year will not be required to obtain a number.

Anyone who requires a number can obtain one from the local tax office on the production of a passport, marriage certificate (if applicable) and letter of admission to the country.

Securing the Property
Almost every sale in Sweden goes through an estate agent and it is common for these individuals to deal with all the negotiations and paperwork involved. After you have located the property you wish to purchase, the first thing you have to do is to agree a purchase price.

The next stage is to put in place the necessary financing. Most Swedish lenders insist that a survey is conducted on the property in order to ensure that it offers adequate security. Buyers may also decide to conduct an independent survey, although this is not legally necessary.

Unlike in the UK there is no formal ¡¥exchange¡¦ of contracts and it is simply a process of questions being put back and forward between the parties until a completion date can be agreed. This entire process can normally be agreed by the real estate agent, although most buyers tend to opt for a local solicitor to conduct the negotiations and to manage the completion.

After completion, it becomes the buyer¡¦s responsibility to ensure that the deeds of title are registered within 3 months. Failure to do so may mean that title does not pass and the property cannot be proven to be owned by the new purchaser.

Summary
Bullet Point Even before a property is found, purchasers should consider whether or not they are going to require a citizens¡¦ registration number;
Bullet Point almost all sales are conducted through real estate agents;
Bullet Point real estate agents play a much more active role in negotiation of contracts than in the UK and in some cases can run the entire transaction;
Bullet Point although a solicitor is not essential, it is generally considered prudent, particularly for foreign purchasers;
Bullet Point a buyer has 3 months to register their interest in the property, from the date of completion.

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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