Friday, 22 March 2013

Property in London-Buying a house or other property in London

Usually, two types of property buyers can be identified as follows: Those who intend to acquire property and pay by their own independent means either immediately or on mutually agreed terms; and those who seek a mortgage provider to purchase the property. Generally, most property acquisitions are carried out by means of a mortgage. With respect to the acquisition of property, a mortgage can be defined as: An agreement by which an individual borrows money from a money-lending organisation such as a bank or building society, and consents to the right for that lending organisation to reclaim ownership of the property, should the person subsequently prove unable to repay the loan or fulfill the loan’s general terms and conditions. To buy a house in London, here is the sequence of steps to take:

Step 1:
Determine the means by which to buy the house; either by personal means or through a mortgage. Equally determine the price range of the property you are looking for.
Step 2:
Register with an accredited and professional estate agent and provide your property specifications with regard to cost, form, capacity, location and others. Estate agents usually have access to a vast range of available property.
Step 3:
The estate agent would provide you with property options compatible with your specifications. This phase is usually characterised by constant communication between the estate agent and the potential buyer.
Step 4:
You arrange property viewing with the agent at mutually agreed times.
Step 5:
If you find property that fulfills your specification and you are interested in pursuing the deal, then engage a solicitor well versed in the domain of conveyance.
Step 6:
Make an offer for the property to the estate agent, who tend transmits the message to the owner or seller of the house, both verbally and in writing.
Step 7:
If offer is agreed, the estate agent carries out the relevant paperwork.
Step 8:
For conveyancing, your solicitor liaises with the solicitor of the seller, to align all matters pertaining to the deal.
Step 9:
Survey and mortgage offer:
A survey of the property will be booked by a surveyor on behalf of the mortgage lender, to identify any structural problems and advise on the property's value.
Step 10:
Exchange of contracts occurs between the buying party and the selling party.
Step 11:
Deal is complete when buyer must have received the full amount of the price of the property.

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