Whether you are looking to take that first step on the property ladder, move to a new a different area or downsize the process of buying a new house can often be a protracted drawn out affair. A house is probably the most expensive purchase you will make during your lifetime, and as such it is imperative you get it right. That means it is important you take time to do as much research as possible about both the property and the area you are looking at moving into.
One of the problems people encounter when buying a house in London is that the property market moves so quickly, with demand especially in the more popular areas outweighing supply. This means that people frequently feel pressured into moving quickly to try and ensure they don’t miss out on their dream home. Now this is completely understandable especially in the case of less experienced buyers, but you must make sure you not only do all the relevant checks but take a little time to reflect on your decision to ensure it is exactly what you want.
So, we thought we would put together a few tips for you, that while they by no means guarantee you a stress-free purchase, they will definitely help you avoid some pitfalls associated with buying a house in the capital.
Set Your Budget and Try and Stick to It
There is always a temptation if you find a property you like to get carried away when it comes to the budget. Failing to have a definitive budget can often lead to you overstretching yourself especially in a vibrant property market such as London. Quite often, you will find yourself in competition with someone else when buying a property leading to a bidding war. Remember there are times when it is much more prudent to just walk away. To be certain of what your limit is always take advice from a mortgage lender before starting your search. The buying process will be much quicker and more straightforward if you have an agreement in principle with a lender up front.
Check Out Different Areas
Now most people will have an idea of where it is they want to live when they start any house hunt. Sometimes that may be a very small geographical area which is understandable as people may have friends and relatives in that area and are reluctant to move away from them. However, focusing on a small area will make buying a property much more difficult as obviously choice tends much more limited.
Check out a few neighbouring areas you may be pleasantly surprised and find they offer much better value for money. Obviously priorities will vary depending on your personal circumstances. But top of the list of things to consider are transport links, local amenities such as shops, bars and restaurants and how long your commute will take. Also try and find out about the status of the area, as buying in an up-and-coming location could prove a shrewd investment.
Try and Reduce the Chances of Being Gazumped
When you are looking to buy in a vibrant and competitive property market there is always a chance you could be gazumped. Unfortunately not all vendors are honourable people, and some will do whatever it takes to get the best price possible. So, how can you minimise the chances of being gazumped at the last minute. In order to help avoid this, it is important to negotiate a price that both parties agree on and are happy with. You can also minimise the risk of being gazumped by having the property removed from the market as part of your offer. This includes removing the property’s details from all websites on which it is listed. It is essential to understand that both buyer and vendor are entitled to pull out of any deal right up to exchange on contracts.
Find the Right Solicitor
Like it or not solicitors play a vital part in any house purchase and making sure you have one who is well versed in the conveyancing process should be top of your list. A good solicitor can take all the stress out of any house move by ensuring things are completed on time reducing the wait for your new keys. Solicitors will also coordinate all the relevant mandatory surveys and searches. When choosing a solicitor always try and get recommendations from friends or families, if that is not possible quite often estate agents will have the names of solicitors they routinely work with.
Homebuyer Drain Surveys
As we mentioned above, there are a number of mandatory surveys that are required as part of any house purchase. However, one area of the home that is typically overlooked is the drainage system. By employing the services of a trusted drainage company in London to undertake a homebuyer drain survey you will have peace of mind that there will be no hidden surprises after completion. If the survey highlights any issues having proof of this can help you get problems resolved or the price renegotiated before completion.
So,
London is a maze of different cultures, people and a seemingly endless number of houses. While there are undoubtedly other things to be taken into account when buying a house in the capital, hopefully the information contained in this article will help any transaction go more smoothly.
