Important Information On Buying Property In London

The UK property market is showing no signs of slowing, and there is a 22.7% growth from the year 2014 to 2018 predicted. Whether you are buying or selling property in London, you must have complete knowledge regarding the rules about land transactions. If you are planning to buy property here, then you can assess the market simply by reviewing the land transactions (weekly or monthly basis) as well as can check that the developer, broker or Estate agents south London is accredited and licensed. Overseas property buyers can purchase freehold property here either off-plan or on the secondary market.

Off Plan Property

Most off-plan property needs you to pay 10-15% down payment while the balance amount in installments. Also, off-plan is inexpensive as the property may be wholly built or not yet built, so ensure that the developer is registered with a trust account for the designated property.

On The Secondary Market

To buy ready property on the secondary market is your 2nd option. You must check if the property owner lives in the country or abroad has any outstanding mortgages, and has clear title deeds, whether there is an existing holder, who the broker or agents  as well as what commissions have to be paid. Keep in mind that fees and commissions to real estate or brokers are only to be paid after the contract/MoU (memorandum of understanding) is signed. You can hire Crown Housing that has property portfolio based in and around South East London. The company ensures to manage everything, right from the starting to the end of the tenancy

Furthermore, brokers or letting agents south London must carry a Broker's ID card. Usually, brokers charge between 1 percent to 2 percent of property value as their fee, but be prepared to negotiate and deal with another registered broker/agent if not satisfied. Once you have agreed and decided to buy ready property at a particular price, a contract/MoU is signed, which outlines all costs and responsibilities for both buyer and seller.

If you do not have ready cash, then ask your bank for a valuation of the property to get funding. Also, the seller of property goes for a No Objection Certificate (NOC) from the developer, assuming there are no outstanding mortgages or pending maintenance fees. Remember, the NOC is only valid for 2 weeks. All these documents must be presented to the Land Department to pay balance amount, decided commission to the real estate, finish the transfer, and create a title deed for the new property owner.