London is one of the hottest property markets in the world, which means that buying a home in the capital can often be a very competitive process. Before you embark upon your home search it’s worth understanding a few things if you want to secure your ideal property.
Know what you want.
Leasehold or freehold? Which area? Number of bedrooms? Maximum budget? These are all things that should be clear in your mind before you start the process.
Talk to mortgage brokers early.
Securing finance can be a lengthy process. Try and get as much of the groundwork underway as you can so that when you find the property you want, you can move quickly. Mortgages approved in principle are a very useful thing to have under your belt.
Be prepared to compromise and negotiate.
You might be lucky and find the perfect property, but if not, work out what you’re prepared to compromise on and what is a deal breaker. Do you need an extra bedroom? A garden? And when it comes to putting in an offer – you’ll need to get your negotiating hat on, a process our agents will assist and advise you on.
Fees & Costs
The main fees you’ll need to consider are:
- Legal Depending on the value of your property and the complexity of your transaction, solicitor’s fees may vary. Contact your lawyer for a quotation.
- Stamp Duty The current rates for stamp duty are tagged to the value of your property:
Property Purchase Price Stamp Duty Land Tax Rate Up to £125,000 0% £125,001 – £250,000 2% £250,001 – £925,000 5% £925,000 – £1,500,000 10% Above £1,500,000 12%
Note: From April 2016, a 3% surcharge applies to all second home and buy-to-let properties valued over £40,000.
- Surveys Prices vary between flats and houses, and whether a basic home-buyers survey or a structural survey is performed. Contact your surveyor for a quotation.
- Removals You may also need to factor in the cost of a removal team to help you move into your new property.