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Guide on How to Buy House Guide in London
LONDON MARKET EXPERTS
Purchasing a property in London can be a complex journey, even for seasoned buyers. Understanding how to buy a house guide in the UK involves several critical steps and considerations. Below is an introduction to the process, offering insights and tips to assist you in making informed decisions.
Buying a Property: Your Comprehensive Guide
Embarking on the journey of how to buy a house can be both exciting and overwhelming, especially in the dynamic London property management landscape. Recognizing the significance of this substantial investment, it’s crucial to navigate the process with informed decisions to avoid costly oversights.
While this guide provides a foundational overview, it does not replace personalized legal advice tailored to your specific circumstances. For bespoke support and insights, especially if you’re a first-time home buyer or exploring first time buyer schemes, please don’t hesitate to reach out to us.
10 Essential Steps to Buying a House in the UK
1. IS IT A GOOD TIME TO PURCHASE?
You have enough savings for a deposit; that’s great. But you also need to consider very carefully about how to buy house and if this is a good time to purchase for you, as it is a long-term commitment. Rather than panicking about the state of the real estate market or falling into the “must-own” mentality, pause and assess your own personal circumstances and decide if this is an affordable move for the extended future.
2. WHAT IS YOUR BUDGET?
Once you have decided that this is the right move for you, the next step is to clearly identify how much you can afford. You can get a good idea from an online mortgage-deposit calculator, such as the Money Saving Expert one.
Alternatively, you can reach out to a mortgage broker to understand how much you can borrow based on your current circumstances.
3. WHAT ARE YOUR LONDON AREAS OF INTEREST?
There is a lot more involved than just buying and selling a property. There are additional costs you need to consider and save for, such as:
- Mortgage arrangement fee – for your lender.
- Valuation fee – if you have a current home you want to sell, Wentworth can run your valuation for free, quickly, effectively, and accurately; you can book one here.
- Legal fees – any solicitor for conveyancing.
- Stamp duty – you can use this stamp duty calculator to estimate costs.
- Surveys – you’ll need to budget for a few, as some sales fall through.
- Home insurance – grab your quotes before buying a property.
4. ARE YOU A FIRST-TIME BUYER OR A HOMEOWNER?
As a first-time buyer up to 39, depending on the value of the property, you will be able to skip some of the stamp duty costs and also you could get up to £32,000 from the Government with a new LISA.
If you have a current property you’re moving from, put the property on the market before you find your new home. Find out how much your home is worth on the current market by booking a valuation to learn about the potential guaranteed rental income.
5. HOW WILL YOU USE THE AGENT THAT CAN HELP?
With loads of new listings, Wentworth can help you find your dream home in no time. We will build a close one-to-one relationship, advise, and defend your interests.
Additionally, we can advertise and sell your property to get things moving along. You can find out why we’re a better choice here.
6. WHAT ARE YOUR LONDON AREAS OF INTEREST?
Whether you want to be close to your friends and family, have a short commute to work, or live in a quiet neighbourhood, it’s important to take all variables into consideration. It all depends on what is most important for you.
Why not go for a walk and investigate the chosen neighbourhoods on foot? Is it clean? Do you feel safe? Are you happy with the selection of local shops? Level of traffic? Are there parks, schools, or pubs? Where is the nearest station? Additionally, if you want some stats, you can look at crime rate reports from the police. We offer lots of information on the areas we cover.
7. HAD VIEWINGS & FOUND THE PROPERTY OF YOUR DREAMS?
This is the type of conversation Wentworth will have on your behalf to ensure you get the best possible outcome. We’ll be interested in how long the property has been on the market, has its asking price changed at any point, how many viewings or offers it has had, inspection and reports dates, neighbour information, what’s included in the sale, council tax band, parking situation, etc. We think and ask everything under the sun and then discuss it with you.
8. HAVE YOU THOUGHT ABOUT THE RESALE POTENTIAL?
An important factor to consider is the situation of the market today. Since few people can accurately predict the state of the housing market five years from now, you can consider the development plans and hence value growth in the area you’re planning to move to. It gives you flexibility in choosing to move out later in life and making some money off the resale.
9. HOW MUCH TO OFFER?
Here at Wentworth, we will advise you on how to buy a house, what price to offer, based on the circumstances above, and the selling price. Definitely don’t go in offering the selling price; it gives you no room for negotiation.
Additionally, make an offer under the condition that the property is taken off the market. This saves you if a higher offer comes in after you have agreed to the sale.
10. HAVE YOU SURVEYED & ASSESSED NECESSARY WORK?
A surveyor will be sent to the property to evaluate its value and finalize your mortgage offer, which will be sent to you and your solicitor to sign. You can then tweak your offer based on the findings and any necessary work to be done.
AREAS COVERED
PARTNER WITH WENTWORTH
We will be your partners in the buying process, support you through one of the most important investments of your lifetime. Instruct us with the property you’re interested in, and we’ll make sure you get the best price.
