How to Buy A House in London?

How to buy a house in London I hear you ask. As I am sure you are aware, the London housing market is very competitive and prices seem to be only moving in one direction. With low supply and increasing demand, the London housing market is one of the most competitive in the country and for that reason, it’s important for any prospective buyer to read these key tips about how to buy a house in London.

Where should I buy it?

We can all agree that London is a beautiful, bustling and diverse city. Not only in terms of people and culture but also the landscape of London itself. there is literally something for everyone, from the leafy green suburbs and parks to penthouse apartments in sprawling skyscrapers.

The key therefore  when first thinking about how to buy a house in London is to determine what sort of environment you want to reside in and from there, you can really narrow down your search to focus on locations that meet those requirements.

I have found a property, the next step is hire a conveyancer

Absolutely not. Conveyancers are qualified to act on transactions throughout England and Wales and therefore it is not necessary for the conveyancer to have local knowledge of the area that the property is situated. If of course you want to be able visit your conveyancers office, then it may be prudent to instruct a London based conveyancing solicitor.

However, with advances in technology and the move towards conveyancing embracing technology, much of the work can be carried out using email, telephone and post and there is no requirement to visit a conveyancers office.

What is involved in conveyancing?

Conveyancing is a legal transaction and results in legal transfer of ownership of property. When buying or selling a property, each party will need a conveyancer to act on their behalf and carry out the legal work.

Conveyancing Explained – Purchase – this will involve verifying the buyers identity and source of funds to comply with the government regulations and also requirements of the mortgage lender, investigating the legal title and raising appropriate enquiries with the sellers solicitor, reviewing the property searches and survey and reporting to the buyer on the contents, reviewing the mortgage offer and comply with the lenders requirements regarding the same, preparing a legal report for the buyer, preparing the file for exchange of contracts and completion, registering the ownership at the land registry and paying stamp duty land tax to HMRC on behalf to the buyer.

Conveyancing Explained – Sale – this  involves verifying the sellers identity, drafting the contract, obtaining the title documents from the land registry, dealing with legal enquiries raised by the buyers solicitor, dealing and obtaining information from relevant third parties e..g management companies, obtaining settlement figure from any existing mortgage lender, sending contract paperwork to seller for signing, preparing file for exchange and completion and dealing with post completion requirements.