If you have decided the UK is the ideal location for a property investment, London is a good place to begin your search. The capital city is crammed with thriving businesses, an excellent infrastructure and a diverse offering of areas ranging from leafy suburbs to busy central locations. Here are five ways to make finding your dream property that little bit easier.
1. Make some basic decisions
When it comes to investment property, London offers a wealth of residential property such as flats, apartments and traditional houses as well as commercial property like offices and shops. If you are buying to let in the residential sector, it is likely that your tenants will want a central location with access to tube stations, mainline stations, shops, bars and restaurants. Put together a list of postcodes and streets that appeal to you then visit them.
2. Sort out your finances
Before you secure a London property investment, ensure your finances are in order. Talk to mortgage advisors to work out how much you can afford. Your budget will need to cover things like agent’s fees, solicitor’s fees, valuation, stamp duty, land registry, local authority searches and insurance. It’s also a good idea to have a contingency fund, just in case there are any unexpected costs.
3. Find your ideal property
Now it’s time to get out there and start looking at potential investment properties. London has thousands of estate agents so start contacting them and arrange viewing appointments. Register on estate agents’ websites to receive email alerts when new houses or flats are added to their books. When you have found a house you like, arrange to view it in the daytime and at night, so you can get a real feel for the area.
4. Make your offer
If you have found a property that ticks all the right boxes, it’s time to make an offer. Contact your estate agent so they can inform the seller that you are interested. The seller’s response will depend on whether or not you have a buyer for your current property and whether you can afford to buy theirs.
5. Sale agreed
Once your offer has been accepted, your solicitor needs to go through the legalities of the sale and you or your mortgage advisor must sort out a formal mortgage application. A conveyance must also be carried out on all investment properties. London solicitors will prepare the title deeds and a draft contract of sale. If there are no problems, once you have handed your mortgage offer, deposit and signed contract to your solicitor, a completion date will be set then you will officially be given the keys to your investment property in London.
*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.