Steps to buying a new house/flat in London
Steps to buying a property in London
Buying a property is a big financial commitment and can be stressful particularly for first time buyers.
Find below a guide of the steps involved in buying a property.
Step 1 – Think how much you can afford – Before you plan to start the viewing process, it is important to understand what you want to spend on a monthly basis.
Step 2 – Finding the property – Sign up with an estate agent to assist in looking for a suitable property. Alternatively you can sign up on property portals to also assist in the process.
Step 3 – Requiring a mortgage – Speak to your mortgage adviser who will guide you in finding a mortgage to suit your needs.
Step 4 – Found your property – Once you have identified your potential property and satisfied with your mortgage or cash situation an offer can be made.
Step 5 – Appoint a solicitor – These legal property experts are involved in the entire legal process of the transaction.
Step 6 – Arranging a survey – As a buyer you can appoint a surveyor to complete an assessment of the property you are purchasing. There are a variety of surveys available and discussing these choices with your surveyor is important.
Step 7 – Finalising the mortgage – If you are happy with the survey and offer you can communicate to your chosen mortgage adviser to proceed where accordingly.
Step 8 – Exchange Contract