Buying a property in London can be a profitable investment. Here is some information that will be useful to you during your steps.
Are you dreaming of buying a home in London, UK? You can buy a house or apartment here if you want to settle here. However, the procedures can be quite complicated. It is advisable to hire a solicitor or estate agent to assist you.
But first of all, it is important to find out what type of home you want to buy and where you want to live. You also need to take a long-term view as many London neighbourhoods have changed considerably over the years.
The housing market
London is one of the most expensive cities in Europe. The property market is growing rapidly, with prices rising by around 20% by the end of 2013. The minimum price for modern housing in almost all London boroughs is at least £1 million. But you can still find some homes for an average price of £550,000.
Buying property in London can be a worthwhile investment after a few years. This will allow you to make considerable savings in terms of rent. But it is important to find a reliable seller or estate agent.
The procedures for buying a property can take at least 8 weeks if everything goes according to plan. Your legal representative will handle the exchange of contracts on your behalf. Among other things, he will have to check the validity of the title deed, carry out research with the local authorities and the housing environment, and review the sales contract according to your preferences before asking you to sign it. This will give you time to think carefully about whether you still want to proceed with the purchase of the property.
In addition, you are required to pay a security deposit of 10% of the sale price to the seller when you make a formal commitment to purchase the property.
Contract of sale
The contract of sale must include the names and addresses of the seller and the buyer, the purchase price, the registration fees and property tax calculated on the basis of the purchase price, the Land Registry fees, the terms and conditions of the sale, among others. The contract will not be dated until you have made the full payment to the seller.