Mortgages
Before you do anything you need to consider what funds you have available, you should consider the cost of the property, the deposit, transfer fees and estate agent fees. You should also consider the fluctuation of the local currency against the GBP and consider the consequences if the market changes.
Mortgage laws often change. Keep up to date with local news through UAE newspapers so you know what the changes mean for you. For more information about mortgages in the UAE, check with the UAE Central Bank.
Borrowers checklist:
- You have found a lender and confirmed how much you can borrow and what you will be expected to pay per month
- You have been advised how much the fees are on top of the purchase price of the property and calculated your costs accordingly
- You have opened a local bank account and provided all the paperwork required
- Copy of your passport
- ID card ( if applicable)
- Proof of address
- Proof of residence
- Bank statements
- Letter from employer confirming salary
Visa requirements for buying a property in the UAE
The UAE government has a six-month visa called “Property Holders Visa” which allows foreign investors to stay in the UAE for up to six months. The stipulation is that the property you are purchasing must be worth over 1 million dirham and the ownership of the property must be for an individual owner not a company or multiple owners. You cannot work on this visa.
For more information on visas, contact the General Directorate of Residency and Foreigners Affairs in Dubai.
Your responsibilities as a landlord in the UAE
If you buy a property to let, you have legal responsibilities as a landlord. You should have a contract drawn up between you and the tenant stating what your obligations are, such as maintenance, service repairs and rental collections, etc. You should consider seeking legal advice to ensure you are acting in accordance with local law. By law in Dubai, you must register your contracts through Ejari. Your contract will be kept on file for the duration of the tenancy where it cannot be altered. This system is designed to help resolve any disputes that may arise. RERA has some useful tips for landlords…
Lawyers
The British Embassies in Dubai hold a list of lawyers. If you decide to hire a lawyer you need to be aware that only a local lawyer can represent you in the UAE. A lawyer from overseas can offer you advice but they have no legal jurisdiction in the UAE and will not be able to represent you should things go wrong.
In Dubai, lawyers must be registered and approved through the Rulers Court before being allowed to practice law. To check if a lawyer is registered in Dubai, contact the Rulers Court on 04 03531060 or email Sara Dawood: sara.dawood@legal.dubai.gov.ae or nidal.villegas@legal.dubai.gov.ae
If you feel your lawyer has acted inappropriately or not represented you in accordance of the law, you can complain to the Ruler’s Court in Dubai
