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GUIDE TO BUYING A HOUSE
LONDON MARKET EXPERTS
Buying a house, a daunting journey even for the experienced. Below you can find an intro into what steps to take, and tips to consider when purchasing a house in London.
BUYING A PROPERTY
Are you looking into buying a new home and not sure where to start? It’s probably one of the biggest purchases of your life and you want to make sure that small overlooks don’t cost you large. Here are 10 clear steps to know what to expect.
Bear in mind, this doesn’t constitute legal advice suited for your exact circumstances. If you want more advice and tailored support, don’t hesitate to get in touch.
Don’t worry, we will be there all the way, advising on what your best options are for your budget, what costs to expect or the state of the market.
1. IS IT A GOOD TIME TO PURCHASE?
You have savings enough for a deposit, that’s great. But you also need to consider very carefully if this is a good time to purchase for you, as it is a long-term commitment. Rather than panicking on the state of the 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, 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 ADDITIONAL COSTS YOU NEED TO CONSIDER?
There is a lot more involved than just buying and selling of 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 or any 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.
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 121 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 on how long the property has been on the market, has its asking price changed at any point, how many viewings or offers has it 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 5 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 how much to offer, based on the circumstances above, based on your budget, 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 the sale.
10. HAVE YOU SURVEYED & ASSESSED NECESSARY WORK?
A surveyor will be sent to the property to evaluate the property’s value and finalise 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.
Once this is agreed, contracts are exchanged, and deposits are put forward. When the rest of the monies are exchanged, everything finalised, the keys are released, and you are officially a homeowner!
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.
