18th July 2022
Buying a property can be a daunting task, especially when it requires you to navigate something as complex as the London property market. Once you begin the buying process, you’ll be expected to make a series of rapid decisions or risk losing your dream house.
In this guide, we’ve outlined the sorts of discussions our buying agents will have with you to help you make these decisions in an informed, appropriate and timely manner.
Amid the current housing shortage, finding a suitable property can be the first and biggest hurdle. At Black Brick, we have access to properties that never make it to the open market, meaning we’ll be able to find a house matching your criteria that you otherwise would not see.
Our first discussion will therefore focus on what you want from your new home.
You may know what you’re looking for right now; for instance a particular location, commute, size, budget or style of house. However, it’s important to also consider your future plans.
For instance, if you think you might want to start a family in a few years, then it probably isn’t worth buying a studio flat. Similarly, if you have children who’ll one day attend school in London, it’s worth thinking about catchment areas sooner rather than later.
As part of the conversation, we’ll also share our own insight into the property market, for instance suggesting locations you may not be aware of and ways to maximise your budget.
Having these discussions ahead of time means we can view properties on your behalf, presenting you with only the best finds.
Though most of the finance and legal work can’t be done until you bid on a property, there are steps you can take to lay the groundwork for a successful sale.
The legal process can be smoothed by choosing a lawyer ahead of time, allowing them to undertake necessary due diligence processes. Similarly, there are ‘onboarding’ and Know-Your-Customer (KYC) checks that banks can carry out in advance.
Whatever your current mortgage status, it’s worth revisiting the subject at this early stage, so you’re able to move quickly once we find you the right property.
A mortgage agreement in principle (AiP) typically lasts for six months and isn’t specific to any particular property. You won’t have to stick with this deal if another lender is offering better rates by the time your bid is accepted.
Where appropriate, we can refer you to leading law firms and independent financial advisors. By addressing such questions now, you won’t have to make these decisions under pressure later.
Another consideration at this stage is how to structure your purchase.
A lot of our clients prefer to buy property in their own name, since tax changes have made this easier and more cost-effective. This isn’t always the case, however. In certain cases it may still make sense for you to set up a company structure or trust to make the purchase.
We can refer you to leading tax advisors for guidance on structuring your property purchase.
The prime property market moves fast, so we may need to act quickly once we’ve found you a suitable property.
Our buying agents will accompany you to your viewing, helping you to ask the right questions and providing an objective assessment of the property’s value. We’ll also share our insights into the local area and amenities.
This helps you to make a fast, informed decision about whether the house is right for you, with the confidence that you won’t be caught out by something later.
The property may be right – but is the price?
Our buying agents are experts in the London market, meaning we understand value.
We’ll have a detailed discussion with you about how much your chosen house is worth, and how much you are willing to pay to avoid losing it.
Armed with this knowledge, we will then negotiate resolutely on your behalf to secure the property at the best possible price.
You might think the buying process ends with your new keys, but moving house comes with its own challenges.
Things to consider range from packing and transporting your belongings, to transferring bills and making sure all the amenities are set up in your new home.
Our buying agents can advise and assist you in this process to make sure everything is covered – or we can even handle the move for you, through our complimentary Property Concierge Service.
In this guide, we’ve outlined just a few of the things you need to consider when buying your new home. When you choose Black Brick, our buying agents will guide you through all of these discussions – and more – to make the process as smooth and successful as possible.
To start your property journey, get in touch today.
We would be delighted to hear from you to discuss your own property requirements. For a non-obligatory consultation, please contact us.