Guide to Buying
Planning is key for success in buying the right property at the best price in prime central London.
Firstly, do your homework and choose an area you like. London, whilst a large city, has many desirable areas within it; Belgravia has a rather village feel with boutique shops and restaurants whereas Knightsbridge offers a cosmopolitan atmosphere.
Things worth considering include communication links such as the proximity to a tube station or airport, local amenities and the journey time to your place of business.
What would be more suitable to your requirements; a house or an apartment? Traditional London town houses tend to be tall and narrow but are often architecturally impressive whereas an apartment with lateral space may be your preference with a porter and security.
It will help Wellbelove Quested if you create a ‘shopping list’ of features your property should or shouldn’t have, no matter how unrealistic they may sound.
You need to establish your maximum budget and ensure your funding is in place. If it is required, explore what opportunities are out there in the mortgage market and should your purchase be dependent on the sale of another property you should bring your existing home to the market without delay. Speak with your solicitor’s and make them aware you will be requiring their services shortly.
Have a time frame in your mind for when you wish to move in.
The next step is to get out into the market and start viewing properties. Only by looking will you get to understand the local values in your chosen area whilst getting a feel for the locality. Be realistic and look in the price bracket you can afford.
When you have found a property and would like to make an offer, Wellbelove Quested will require certain information which will be passed onto the vendor. This includes your predicted time frame from when you can exchange contracts and then complete on the sale, whether the purchase is conditional on you selling your current home and if you are reliant on financing. The London market tends to move quickly so it is important you have all this information at hand.
Once the offer is accepted, timely action helps avoid delays further along the process. If you are raising finance often your lender will require a valuation survey and this should be organised as soon as your offer is accepted.
Once you have made your solicitors aware of a pending purchase, the vendor’s solicitors will send them a contract of sale and various official searches will be instigated, including enquiries on planning to ensure nothing is in the pipeline that will affect the value of the property in the future and the Land Registry to establish legal title.
When all the legal and planning matters are determined, contracts are exchanged normally with a 10% deposit paid to the vendor’s solicitors after which the deal is set in stone. The date for completion is then set which is when you obtain the legal title and the keys. Your property purchase is complete.