High property prices can be very off-putting for first time buyers, and this is especially true in London where the prices are the highest you will find in the whole of the UK. There are also many extra costs for first time buyers, so getting your foot in the property ladder may seem very complicated, however with the right advice the process can be fairly simple. Here is a breakdown of things to research before you buy, as well as other points to consider:
Paying stamp duty can add a lot of money on to the initial buying price, however first time buyers do not always have to pay stamp duty, this may be because you are buying in a ‘disadvantaged’ area, or a developer could pay the stamp duty for you. When buying in London the latter may not happen very often, as much of the city is fairly built up and there is not frequently the building of new houses.
It is necessary to hire a surveyor when buying property, especially in London where many of the buildings are very old, or have been re-developed from older flats or council houses. It is therefore best to specifically look to London surveyors as they will be used to examining these types of buildings. London surveyors will also know if there are any common patterns/faults that tend to occur.
There are three types of property surveys, a basic valuation which will estimate the value of the property. This will usually be carried out by your mortgage company, so London surveyors will not be necessary at this stage. The second type of survey is a homebuyer survey and evaluation which will both value the property and do a basic check for faults. This could be recommended for a fairly new property that is not likely to have many problems.
The third type of survey is a building survey which is much more detailed than the homebuyer survey and is highly recommended for older buildings, or ones that have been redeveloped. With the price of property being so high in London this type of survey is recommended, paying a little bit extra and hiring London surveyors would be worth it in the long run.
Other things to consider will be a mortgage, you must do your research before you commit to anything and it is best to choose the one that suits you are your situation. Start the search for your dream property today!
Bill Weston writes on a number of subjects including London surveyors, dda access audits, disability access audits.
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