INFORMATION FOR BUYERS - RESIDENTIAL SERVICE
First of all, find out how much you'll need to set aside to complete a property transaction.
Check Stamp Duty Tax due with our simple Calculator
How much stamp duty will you have to pay when buying a property in 2018? [stamp_duty_calculator]
We will be happy to help you at every stage of the process, If you are looking to buy your first home or to buy as investment, let us know what you’re looking for asap, you can register with us online or over the phone.
We have summarised the whole process in the easy 6 stages as below:
Buying a property - The Process
Stage 1 Decide from the main requests and basics
Initially is a good idea to draw a wish list mainly with “essential” and “and non-essentials”, to make your decisions easier. In the list you may take into considerations: Area, Transport links, Size and type of the property you are looking to buy; other things to consider: a House or flat in London? What type of property: new build, period, conversion. How many bedrooms do you need? Do you need a spare room? Do you need balcony or garden? And the most important: your budget
Stage 2: Organise your finances first
Organise your finances first is the first stage in order not to loose a suitable and right property that may comes along, you have to be able to act immediately, so get your finances sorted out as soon as possible.
If you don’t have currently your own mortgage advisor than we can help you by referring to our database of qualified mortgage advisers.
You will need to budget for the followings:
• Mortgage fees
• Agent’s fees if we are acting for you as buyer’s agents
• Solicitor’s fees
• Stamp duty
• Land registry
• Local authority searches
• Bank transfers
• Building Insurance
• Essential rebuilding or redecorating
A contingency fund to cover any unexpected costs is a good idea too.
Stage 3: Register with us and find the right property
You can register with us online or by calling us on 02072811222 where you can discuss your property requirements with one of our local agents
After you have found online or we have found for you a suitable flat or house in London, we’ll organise a viewing appointment as soon as possible. We advice to view the property twice: once during the day and second during the night, to check better the local area.
Stage 4: Making an offer in the property
After you found the property which meets your requirement inform the estate agent as soon as possible in order for the process to start immediately so the seller can be contacted with details of your offer. It is important to understand that when you make an offer, the seller will consider your position and status as: Are you in a chain; have you got a buyer for your current home; Do you have your finances in place to proceed (for this reason is a good idea to have a written agreement in principle from your mortgage lender).
If your offer is accepted, we’ll confirm it to you in writing and will be subject to certain terms and conditions.
Stage 5: Sale agreed
When your offer it has been accepted we are heading for another stage. This stage is known the sale agreed stage. In this stage your solicitors get involved to check out all the legal aspects of the sale. If you don’t have appointed yet a solicitor even at this stage, we can recommend a local one. The solicitor will also be dealing when you (or your mortgage advisor) will go ahead with your formal mortgage application, to check that your lender’s willing to lend on that specific property.
Formal mortgage offer
This document will be sent to your solicitor for you to sign. Once signed and returned, your mortgage is in place and you are ready to exchange contracts.The legal transfer of the property from its current owners over to you is called conveyancing. During this stage the seller’s solicitor will get copies of the documents which includes the property’s title deeds, searches and other relevant documentation e.g. lease and prepare a draft contract of sale. These will be passed to your solicitor who will check the contracts and the other documents including the lease for any problems or inconsistencies.
If there are no problems and your solicitor has your mortgage offer in place, deposit and a signed contract, they can exchange contracts and set a completion date.
Stage 6: Exchanging contracts
After you finalise and sign your mortgage documents and send your deposit to the seller’s solicitor you will sign your contract. At this time you will also sort out the practicalities of your move. Such as removals company or storage; sort out buildings and contents insurance; sort out Utilities etc
Once the exchange has happened, the completion date will be normally four weeks later, but you can choose to exchange and complete at any time earlier if you need to.
Both parties now on the sale are legally binding, which means that your deposit is non refundable if you change your mind. Same is also for the seller who is obliged to sell to you at the price you’ve agreed.
Stage 7: Completion date
This is the stage generally set a few days to a few weeks after exchange of contracts, depending on each party's personal requirements.
Once you’ve had the call to confirm that the money has been transferred, the transfer document and title deeds will be yours. You can arrange to collect the keys.
Congratulations, you are now the legal owner of your new home and this is your new home!
Buy to let Property - Investment
Buy-to-let is a residential investment where the buyer, usually with a mortgage, buys a property to rent it out. The 1988 Housing Act made possible that investments in residential property to be more attractive when introduced a new type of tenancy agreement giving the owners more control over their properties in the private rented sector. The easy access and increased availability of loans at attractive rates of interest during the booming years up to 2007 has also increased the demand for owning rental property investment
Choosing the right property means knowing how to research the market
Always researching the market yourself or employ a specialist agent to help you find the area and property you are looking for is a very important step. If you do it yourself, you will need to gather all necessary information from local estate agents, local papers, local letting agents and even the local authority, in regard of the demand and supply of the rented accommodation.