Florida Mortgages

Finding a Florida Property the easy way

Total Business recently asked the British Homes Group, a leading UK-focused estate agency and mortgage brokerage company in Orlando, to describe a typical buying experience for British families purchasing Florida property...

Tony stood up from his chair, warming his hands, getting the blood circulating a little. Gosh, it's cold out, love. What is it again tonight, minus 3, minus 4? Tony never did like the cold and wet, just like millions of fellow Britons, but what could be done about it except wrap up warm and endure?

Turn the heat up a little would you pet? Let's have a cup of tea and watch a bit of TV before bed. OK said Chris. Sounds good, it's just going to adverts anyway. They were both heading for the kitchen when the Florida advert caught their attention. They stopped what they were doing and stood stock still.....watching, suddenly feeling warmer, tilting their heads towards the sun, walking the beaches, riding the rides, dreaming for a full thirty seconds.

When the advert was over, they snapped out of their short temporal trip to the 'Sunshine State', feeling the pesky cold weaving its way back into their bones all too soon. Wow, said Tony, that looked wonderful....and in December, too. I wish we were there, right now, you, me and the kids; towels in hands heading to the pool. What I wouldn't give for that to be us next December!

I'll put the kettle on, said Tony after a moment's pause for thought, and you know what?, tomorrow, when I get chance, I'm going to see what I can find out about buying a property in Florida, you'll see! He headed for the kitchen with a bounce in his step that wasn't there just seconds before.

The next day Tony remembered reading that 75 percent of all homebuyers began their search on the internet, so, with his morning coffee in hand, he sat down in front of his computer, navigated to google.co.uk and simply typed in the word, 'Florida'. As good a starting point as any, he thought. He spent the next hour or so learning about the history of the 'Sunshine State', (as it is aptly known), and was surprised to discover an incredible affinity between Florida and Britain dating back over 400 years.

Sir Francis Drake had battled with the Spanish in 1584 for control of St. Augustine (on the north east coast of Florida) and in the late 1700s, Florida was actually under British rule for over 20 years before it went back to Spain under the Second Treaty of Paris in 1783. Later, in return for the settlement of outstanding debts, Spain signed over Florida to the US in 1821 and it was later accepted into the Union as the 27th US State.

Reading right through to the present day, Tony began to see how Florida had evolved into the UK holiday heaven that it had become today. From the 1970s and the emergence of Walt Disney World to the current 55 million plus visitors (and potential renters) that the State's thriving tourism industry sees each year. Combine that with demand for Florida property by US residents, (some 6,000 people per week move to the State), a weak dollar, foreign investment, a cornucopia of natural resources, beauty and sunshine and it was easy to see how Florida's real estate market was benefiting from such worldwide demand.

Florida seemed to have something for everyone!

His interest piqued, Tony was eager to continue his research and check out some of the homes available. He returned to the search engine's home page, typing in the phrase, 'Florida Real Estate'. He was amazed at the amount of information his search had revealed, but right at the top, a company caught his eye that seemed to be precisely what he was looking for, 'The British Homes Group - the UK's favourite one-stop-shop for villa owners in Florida.'

He clicked the link and fifteen minutes later he knew he had found the ideal location for his first enquiry into the Floridian real estate market. He excitedly wrote: My family and I are seriously considering purchasing a home in Florida. I found your site on the internet and I wonder if you would be able to call me later to discuss the process . . .

Wow! he mused, no wonder most buyers begin their search on the internet - that was so easy. He couldn't wait to let Chris know his search for their holiday home had begun! Later that evening, Tony and Chris were thrilled to see a response to his request for information. A courteous and helpful 'Thanks for Contacting Us' e-mail had been sent, outlining some of the main points for consideration in preparation for a call.

Did they have a budget in mind? How quickly would they like to secure a property? Did they want a property with a private pool? Did they wish to rent the property out when they were not using it themselves? How many bedrooms/bathrooms? Would they require assistance with financing? Had they considered new construction or a resale property?

When the call from Florida came the following day, Tony and Chris were delighted to hear an English accent on the other end of the line and were even more pleased when the caller was able to reassure them she would be able to assist with all their requirements.

The level of expertise and advice offered encouraged them to find out more. They were thrilled to discover that every step in the purchase and mortgage process could be handled and coordinated by just one team of property and finance professionals - the British Homes Group - the 'one-stop-shop' slogan definitely applied!

By providing some very basic information, Tony and Chris were able to obtain pre-approval for their financing to assist with their purchase and, having discussed their requirements in more detail with their British Homes Advisor, they were able to narrow the search with proximity to Disney in order to maximise the short term rental potential of the property.

At the end of their first conversation, Tony and Chris felt comfortable and confident with their proposed undertaking. It was so reassuring to have the process explained in terms that were familiar to them - they even knew what an 'escrow account' was and how and when it was used in relation to their purchase.

They had discussed both US and UK currency loans, including the new multi currency option. They covered the home inspection and valuation procedures, together with timelines from pre-approval to the Formal Offer and completion - or 'closing' as it is known in the US. They were relieved to have a British representative, expert in 'both languages', explain in simple terms, all aspects of the Florida property and financing process with them.

As soon as Tony hung up the telephone, he and Chris were back on the internet browsing through potential properties, sent through for them to look at. Over the next few days they worked closely with the British Homes' 'Realtor' (American for Estate Agent) assigned to help them find the perfect property. Before they knew it they were formally submitting an offer, fingers crossed, they waited for a positive response.

They were both still having fun reading about Florida when they heard the familiar sound of an e-mail arriving in the background. They were thrilled to see their offer had been accepted and that things were ready to proceed to the next level.

Their British Homes' Advisor had already let them know the process from this point forward...

First there would be the UK currency Mortgage Application arriving in the mail, (already partly filled out to save time). A 'Flexible Tracker' British pound home loan had been selected over a US dollar mortgage to take advantage of sterling's current strength against the dollar and to avoid any future US/UK currency exchange risks. Tony and Chris were to add some more information and then send it directly to the lender in Harrow, Middlesex, in the envelope provided.

Once the Mortgage Application arrived with the lender, the Florida team would be instructed to set the wheels in motion for the new property to be surveyed and valued.

The British Homes Group team would also coordinate the pest inspection and necessary insurance coverage and any and all other items necessary to complete the purchase.

All had gone well and Tony and Chris were in the final stages. Their British mortgage Formal Offer had been received, signed and forwarded to the Title Company in the US. The funds for the deposit and closing costs had been transferred and receipt acknowl edged. All they were waiting for was the seller's documents to arrive and all the pieces would finally be in place for closing.

The call from the British Homes Group came about 6 pm with the exciting news that they were now the proud owners of their very own piece of the Sunshine State. Tony quickly went to the kitchen to fetch and open the bottle of champagne waiting to celebrate this very moment. They couldn't wait to book their trip out and enjoy the first night in their new holiday villa.

Paradise found!

Tony, Chris and the kids grabbed their towels and lotion and headed for their very own swimming pool in the Florida sun - with smiles from ear to ear on their faces. They had just spoken to their 'freezing cold' friends in the UK to let them know they had arrived safely and they had taken great pleasure in letting them know they were 'off to the pool' to work on their December tan!

They planned to spend a few hours in the sun and then head over to the British Homes Group office in Kissimmee, close to Walt Disney World, to thank everyone who had been involved in making their dream become a reality. They also had a few 'British goodies' packed in their suitcases that they wanted to hand deliver.

After their visit to their newly extended family at the British Homes Group they now understood the reasons behind all the letters and cards of thanks that had been written by previous families like themselves in recognition for the services and assistance they had received over the preceding months.

Florida Advisory Panel