There are many big and little things involved when it comes to buying luxury property in London. You might already be aware of some of these things. For example, everyone knows that it’s best to view the properties before buying them. However, you may not know exactly how much of a deposit you’re supposed to put down or what other costs may come up in the process of buying a property. At Landmass London, our team will be able to guide you through the process smoothly. In order to be prepared, look through the following pointers.
1. Finances: When you buy a property, you generally need to put down a deposit of 5-10%, and the remainder is paid upon “completion.” Once you know which property you want, it’s important to move quickly which can be done if your finances are in order before you start the process. Our team will also guide you through other expenses such as the mortgage arrangement fee (if you need a mortgage), a basic valuation, survey, legal fees, stamp duty etc. It may be hard to keep track of all the expenses involved, but with our help, you should make it through the process smoothly.
2. Finding a Solicitor and a Surveyor: You’ll need a solicitor who specializes in real estate if you want to buy a property. You’ll also need to have a survey carried out on the property. Our team will be ready to help you find the right solicitor and surveyor for you since we’re familiar with the London market and have worked with many reliable people before.
3. Viewing the Properties: It is generally preferable to look at more than one property, maybe up to ten, before you make your final decision. You need to make sure that the property has the number of rooms and bathrooms you require, is in an area that you want to buy in, is in good condition, has the kind of view or orientation you require, etc. Some buyers also like to check out the condition of the building and any other amenities that come with the property such as a garage, pool, gym etc. If you can’t make the time to view the properties, try to have someone you trust do it for you. These are some of the things you should be aware of before purchasing a luxury property in London. It may seem like a complicated process, but you can contact us at Landmass London to help you to make your way through it.