How to Purchase a Flat in London
London is quit pricey city to live in and is considered one of the most expensive places in the world. Residents of London can cut back on the cost of living by moving from a rented space to a purchased flat in London. In some cases moving from a house far away from the city to a flat in the city can reduce travelling costs also. To purchase your own flat may seem like a daunting task but you can find a great apartment at a reasonable price. Many Londoners are not familiar with how to begin their search or how a reputable real estate agent or real estate website can help them in finding their dream home. Moreover, going through legal paper work is a constant issue with numerous locals.
For inexperienced residents, here is a Step by Step guide that will help you purchase a flat in London.
Instructions
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1
First determine, how much money you can use up to purchase a flat in London. Then, decide what are your needs for example:
In which locale of the city do you want to purchase a flat.
Determine how much square foot or metre space you need in the flat.
Decide whether you need a new flat or a revamp will fulfill your requirement.
If you own a car or planning to buy one then, find and select only those buildings that offer their residents a proper parking space.
Conclude whether your apartment should be near your work place, amenties, business centres or away from the all the hustle bustle.
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2
After concluding your needs, find a real estate dealer/agent, who holds a good track record in finding good deals for his/her clients. Here are few real estate dealers of London that can help you find a flat of your choice in the city.
(a) Harrods Estates - Knightsbridge Office
Address: 82 Brompton Road, London, SW3 1ER, United Kingdom. view map
Contact: +44 20 7225 6506
Visit Harrods Estates Website
(b) Outlet Property Services
Address: 32 Old Compton St, London W1D 4TP, United Kingdom. view map
Contact: +44 207 287 4244
Visit Outlet Property Services Website
(c) RE/MAX London Central Estate Agents
Address: 85 Rochester Row, London SW1P 1LJ, United Kingdom. view map
Contact: +44 20 7630 1099
Visit RE/MAX London Central Estate Agents Website -
3
After settling on one estate dealer, you will inform your agent about your requirement. After hearing your details, estate agent will provide you the available options with him which he/she thinks are close to the idea of apartment you have told him/her.
If these deals don't grab your attention then, your agent will begin his/her search from the real estate market to find a flat of your choice.
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4
If idea of contacting a real estate agent doesn't appeal you, then you can always begin your search from different real estate websites on internet. There is no shortage of such websites on internet and you will find several listings of flats for sale. Below are few such websites that will help you in your search for a lovely flat:
(a) Visit Foxtons Website
(b) Visit Brompton House Website
(c) Visit Zoopla Website
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5
If you were able to find a flat of that meets your criteria or close to it then, determine its real price. To asses the value you need to hire a property valuator. Here are some reputed valuators in the British capital that will help assess the value of the flat for you.
(a) John D Wood & Co
Address: 9-11 Cale Street, London SW3 3QS, United Kingdom. view map
Contact: +44 20 7717 5116
Visit John D Wood & Co Website
(b) Kinleigh Folkard & Hayward
Address: 298 Upper Street, Canonbury, London N1 2TU, United Kingdom. view map
Contact: +44 20 7226 2487
Visit Kinleigh Folkard & Hayward Website
(c) Kutner Associates Limited
Address: 56D Upper Montagu Street, London W1H 1SN, United Kingdom. view map
Contact: +44 20 7724 6677
Visit Kutner Associates Limited Website -
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When the valuator provides you real value of the flat then, go through the tax papers of the property in order to verify whether seller has maintained his taxes or not. Also check that is there any debt against flat. Because if there is any tax or other claim is standing against the flat then it can become a real problem for you in the future.
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Also make sure that whether the seller has leased the flat from any bank or mortgage it. If yes then, bear out how much payment is due and the term of loan or lease.
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8
If all these papers are in order only then, negotiate a deal with the seller. Once you reach a deal with the vendor then, legal paper work will come into play.
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9
At this stage, assistance of a solicitor or lawyer is required. Because with the help of a solicitor you can avoid any sort of fraud or mishap in the legal papers of the property.Here are few solicitors that can help you go through the legal frame work process.
(a) Clifford Chance
Address: 10 Upper Bank Street, City of London, Greater London E14 5JJ, United Kingdom. view map
Contact: +44 20 7006 1000
Visit Clifford Chance Website
(b) Steel & Shamash
Address: 12 Baylis Road, City of London SE1 7AA, United Kingdom. view map
Contact: +44 20 7803 3999
Visit Steel & Shamash Website
(c) Penningtons Solicitors LLP
Address: 33 Gutter Lane, City of London, London EC2V 8AR, United Kingdom. view map
Contact: +44 20 7457 3000
Visit Penningtons Solicitors LLP Website -
10
At the end of the verifying all the legal papers, you will make the payment to the vendor and he will hand over the ownership of the flat to you as the property will be registered by your name.Then, gear up to shift your belongings to the new flat.
