How To Buy Property in the UK

1. Decide on a budget

Obviously your budget is the deciding factor in which property you'll choose. Spend up large on inner city property, or opt for a slightly cheaper property on the outskirts of the central business district, from where you'll commute.

2. Choose your area

It's always helpful to make a list of your requirements - are you a family looking for a quiet area close with a short drive to shops or the station, or are you a city dweller wanting to be in the thick of it all? Will you need access to schools in the future, or a hospital, or an airport for regular trips abroad?

London cityscape

3. Decide what type of property you want to buy

Again, this might be dictated by your budget. But your options are flats, townhouses or detached or semi-detached homes. The latter three are generally found in the suburbs outside the central city.

4. Contact a mortgage broker for financial advice

They do the math that makes sense when buying. There is no reason not to seek out their help. See here for more information on finding mortgages in the UK.

5. Start the search

Your agent should have narrowed down a few likely lifestyle or London investment properties for you. Look around each property and its area to decide whether or not it's a good fit for you.

6. Make an offer

Think carefully about your offer. If it's too low, you won't have a chance in a fast-paced market. Do not offer anything over what you can afford, but make your offer an attractive one. Work with your agent, they will know what is reasonable and realistic. Read more about making an offer here.

Solicitor uk property

7: Find a conveyancer

Once the vendor has agreed to sell at your offer, each party works towards closing the deal. You do this by using a conveyancer, who will work on your behalf to complete the purchase. Most purchase agreements require surveys, and there are always extras like home warranties, or wrangling over appliances. For more information on what a conveyancer does, read here.

8. Valuation

Your mortgage lender will carry out a property valuation, which is sent to your solicitor. At this point in the process your conveyancer will use the survey results to work out any reduction in price based on repairs or faults in the house, or essential renovations that need to be done.

9. Payment

The buyer puts down a percentage of the purchase price. This sum will be worked out by your conveyancer. The buyer's solicitor will finalise the contract, and the details will be confirmed with your mortgage lender. Your conveyancer will prepare the transfer deed.

Finally, on the date of the closing, each party signs legal documents, money is transferred to the vendor, and possession of the property is passed from the vendor to the buyer.