Buying Your First London Home
published on 17/05/2019
Want to know what to expect why buying your first property? We have put together 10 helpful tips on what you will need to do and think about when buying the property.
1. Know your budget:
To get a sense of how much you can afford, then talk to a mortgage adviser. We can point you in the right direction with this, through them you will need to apply for an “Agreement in Principle” from the mortgage lender in order to start viewing properties.
2. Research different areas and types of home:
Find out what's for sale using a property portal such as Rightmove or speak to us at Alexanders about what your requirements are.
3. How to work out how much to offer:
Houses come in all different shapes and sizes, so work out the price per square foot and use this to compare with other properties to be sure you're getting good value.
4. Put a cap on your offers:
Negotiate a price you think is fair. This may be the asking price or a little above or below. Don’t get carried away and stick to your guns.
5. How to choose a solicitor:
You’ll need a solicitor to manage your purchase. Ask us here at Alexanders how we can help you with this.
6. Get a survey:
It's important to get a survey to ensure there are no significant problems with the building because it’s your responsibility to discover any defects.
7. Be patient:
It typically takes three months to get all the paperwork in order.
8. Exchanging Contracts:
This is when you transfer your deposit to your solicitor and sign contracts. Then your solicitor and the seller's solicitor exchange contracts.
Your solicitor should now be in receipt of the total balance – both the deposit and the mortgage funds from your lender. On the agreed date, your solicitor sends the total balance to the seller’s solicitor. Once they confirm receipt, the keys will be given to you.
10. Paying for your new home
Your solicitor should register your title to the property and submit a stamp duty return. You'll have 30 days to pay the full balance. You should also speak to your solicitor about making a declaration of trust or cohabitation agreement if you have bought with another person.