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Buying a Property in London

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Buying a Property in London

How to buy homes in London

Buying a home in London can seem like a daunting task, particularly if you are based overseas. The system can feel complicated and time consuming to the perspective buyer, especially if you’ve never bought here before. Here is a brief guide to buying a house in London:

How to buy a house in London

Firstly decide on what type of property fits your needs and requirements and where you want to be. Consider commuting time to work or schools or any other regular daily journey. Think about where your friends, relatives and acquaintances are living and how easy it is to get to see them. You may consider somewhere like Fulham, Chelsea, Knightsbridge, Kensington or Mayfair. Decide on your budget. You may need to speak to a financial adviser if you require finance to buy the property. Take into account how much space you will need. London is a fairly cramped place and most people living here have to put up with considerably less space where they live than they have previously experienced.

Now the search begins to buy a house in London!

This is probably the most time consuming part of the process. The proliferation of London Estate agents (sometimes known as London Realtor) over the last fifteen years and the fact that no one agent has more than 5% of the available properties in a given area means you have to deal with many different firms and people in order to give yourself the best chance of finding your ideal property. Searching via the agents is not the only way of finding a house in London. Send us an email and we will come back to you and discuss the different areas which may be suitable for you. Some of the better known agents are Foxtons, Winkworth, Haart and Barnard Marcus. Once you have located a house to buy you will need to negotiate the price to purchase it at.

Once you have located a house to buy you will need to negotiate the price to purchase it at

What you offer will depend on a number of different things: current state of the London property market, how long the property has been on the market, why the vendor is selling plus a number of other factors which will affect the final agreed price. We have many years of dealing with property in London and welcome the opportunity of discussing your property requirements in London. You will now need to move the purchase from agreement to exchange of contracts, when the purchase will become legal and binding. You will need to instruct a solicitor to carry out the conveyance for you. You should ideally get a survey done: there are a number of different types of inspection/survey which will tell you different things about the property. Your finance application needs to be submitted in a timely manner and chased up on a regular basis. The last thing you want is to lose a property you have spent months searching for because someone somewhere in a bank decides to put your application form at the bottom of the pile instead of on top of it. Don’t forget, up until exchange of contracts, the deal is not binding and either party can withdraw for any reason with no compensation to the other party. We can suggest a number of ways to reduce the chances of a lost purchase. Assuming you have chosen a property with a clean bill of health you can now proceed to exchange of contracts, at which time you will hand over (normally) 10% of the agreed price and a date for completion (closure) will be set.

Congratulations, you’ve bought your house in London!!

Now you have to arrange your removal people and organise with your solicitor for the remaining balance of money to be paid over on the day of completion.

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