Key Things to Consider When Buying Property in London
The thought of buying a house in London can be overwhelming for many prospective buyers, especially if this is your first step onto the property ladder. However, with the right planning and preparation, there’s no reason why you can’t enjoy the buying process and become a fully-fledged homeowner in no time at all.
Here are our top tips for buying in London:
Prepare Your Finances
Before you even start searching for your dream property, it’s important you know how far your money’s going to get you.
Generally, up to five times your annual salary is available in a mortgage, but there are a number of things that can bring this down, including bad credit ratings. Furthermore, if you’ve never borrowed money before and you’ve never had a credit card, this can also go against you, as you haven’t built up a credit history that banks and lenders can look to.
Property finance can be made a lot easier by employing the help of a specialist mortgage broker. As they take their commission from the bank, their service is often free to you, which makes their advice even more advantageous! They’ll often be able to advise when an original application may be declined, and will be able to secure a number of different deals from various banks, so you’ll have a better idea of how much you can borrow.
Find a Property
At first, you may enjoy trawling through hundreds of listings, reading the hilarious blurbs put together by estate agents. However, after a few weeks, you may start to tire of this! That’s why it’s always a good idea to get active in your property hunt, visiting your local estate agents and registering your interest with them.
When you do find something you like, don’t get carried away too quickly. Look for any obvious omissions to the listing (e.g. the length of the lease) and always tread carefully if the property’s been on the market for a long time – there might be a reason behind this.
Make a Viewing
Viewings are the perfect opportunity to find out more about a property, and you should ask as many questions as possible when you’re walking round – especially if you’re viewing it with the estate agent. Because of the amount of decent property London has and how quickly they sell, this could be your only chance to quiz the agent.
Look for any warning signs too, including damp on the walls, unsightly gardens and a lack of water pressure, and always ask the seller or tenant why they’re moving out. You’ll often get a much more honest answer from them than an estate agent!
Not the right property? Don’t lose hope. You’re searching for a property in one of the most vibrant places in Britain, where properties are always coming onto the market. 90% of your viewings may not go well, but they’ll be worth it in the end.