The property market in London is Booming – Here is how to buy in London (and if doing so is a good idea)
Buying a property in London
Owning property in London has been lucrative to say the very least over the last couple of decades and if you speak to many people that situation is only going to increase for the next few years. In fact in some areas of London, such as Hackney, they have seen house price increases of almost 1000% over the last 20 years
Is there a property bubble?
People have been talking about a property crash for quite some time and I personally know of quite a few people who lost out on a lot of money betting on this happening and this was over a decade ago! No doubt the debate will rumble on, below is an interesting video about both sides of this debate
What you will need to buy a property in London
An Estate Agent
Normally, buying a property in London is going to require you to use an estate agent. There are other ways to buy property such as buying a property at auction although normally property sold at auction can have problems such as structural problems or simply be in need of a lot of renovation so you may be better off using an estate agent to find a property, especially if you need to obtain a mortgage on the property.
For a bit of help with dealing with Estate Agents check out these 8 tips for how to deal with Estate Agents
Assuming that you don’t have a huge amount of cash burning a hole in your pocket then you are going to need a mortgage. There are a huge number of different deals out there so you need good advice on which one to take out. It might be an idea to engage the services of an independent mortgage broker – don’t worry, it does not have to cost you an arm and a leg as lots of brokers will give you advice without charging you a fee.
Alternatively you could try to organise the deal yourself through either your own bank or with some other lender. There are some benefits of doing this as some lenders offer rates only directly through them and many offer great rates which cannot be accessed by brokers. These include HSBC and Co-Op Bank.
The legal process involved in buying a property is known as conveyancing. This is what allows the required documents (mostly nowadays electronic) to be created confirming that you now own the property.
There are a number of very important legal processes which need to occur in order for your property to be purchased and they need to be done correctly so that you don’t end up with a house which is going to be a money pit rather than a fantastic investment.
Nowadays, most of the work can be done online and even the cheapest conveyancing solicitors should be able to provide you with the legal services that you require for your new purchase.
A Removals Service
So you have your home – now it is time for you to move home! This can certainly be a very stressful time and anything you can do to reduce this stress has to be a good thing.
You will need to choose a good removals service and also pack up your belongings correctly. Below is a useful video on how to relocate without all of the stress and heartache.