What are the top five tips for buying a property in London?
THEODORA MICHAELOUDIS >
Consultant SolicitorMon 11 February 2019
Our London Residential Property expert Theodora Michaeloudis outlines the five key considerations when buying a property in London:
Speak to a financial advisor and get your finances in order. Find out how much mortgage you will be able to raise. You will be expected to pay a 10% deposit on exchange of contracts, using your own financial resources, unless you have a reason for not been able to provide the 10% deposit. Some sellers can be flexible about accepting a reduced deposit on exchange, provided the balance will be available on completion. Depending on the amount of the mortgage which you can obtain you may need to raise more than just the 10% in order to finance your property purchase.
If you are a first time buyer, you may be eligible for a Help to Buy ISA or Lifetime ISA, however there is an eligibility criteria, which you must meet.
2. Make a Decision
Decide if you want to buy a property in London or consider whether you are prepared to move slightly out of London where prices are often more affordable.
3. Price Range
Whilst the average house price has risen in recent years across the board, in May 2018, London had the lowest annual price increase. Therefore speak to agents about the market and prices in London.
4. Flat or House
Consider whether you want to buy a flat or a house. Flats remain more affordable in London when compared to houses and there are plenty of benefits in owning a flat in London which may even include a share of the freehold.
5. Shared Ownership
If you want to buy a property in London but are concerned about house prices then as an alternative option you could consider a shared ownership scheme which allows you to buy a share in the property and also pay part rent. There may be the option to eventually acquire the 100% share in the property. There is an eligibility criteria.
For more details about owning a property in London, please contact Theodora or call 01733 333333
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