Buying Property in North West London
We’re local property specialists; we’ve helped buyers in Willesden, Dollis Hill, Neasden, Harlesden and throughout North West London find their perfect property for the past 15 years. Whether you’re a first-time buyer or a Buy to Let Landlord we can help you find your next property.
Whether you are buying for the first time, or moving to a new home, buying a property can be a stressful experience. To help you understand what’s involved we’ve put together a step-by-step guide to buying a property in North West London.
Get together a deposit
Buying a house will likely be the biggest purchase of your life and you need to ensure you can afford it before making a commitment.
Most mortgage lenders will request around 10% of the property’s value, meaning a house worth £250,000 would require a down payment of £25,000. You would then have to take out a mortgage worth £225,000 to pay off the rest of the value over a fixed number of years, along with added interest.
There are a number of mortgage schemes available for first-time buyers that can make things easier, such as Help to Buy, Shared Ownership and Equity Loans that can reduce the amount of deposit required to make it more affordable.
Find a mortgage deal
If you can gather together a large enough deposit, you will have to look at the latest mortgage deals currently available. If you would like to speak to a mortgage broker we can put you in touch with RAM Financial Options.
Mortgage lenders can help advise on the best option based on your income and when you make an application there will be a number of factors involved in whether or not you are successful. Factors include an affordability test, deposit amount and your credit score history.
Other costs to factor in when purchasing a house include stamp duty, conveyancing and survey fees and the hiring of a removal company.
Register with Us
You do not have to register with an estate agent, but their local market expertise and contacts can make the entire process much easier to manage.
At Regal Estates we have helped hundreds of people find their ideal home in Willesden Green and the surrounding North West London area. Thanks to our in-depth knowledge of the local market we are able to make the process as pain-free as possible, keeping your interests at the forefront of everything we do. As members of a variety of professional bodies like NAEA Propertymark and The Property Ombudsman, you can be rest assured that you will receive the highest standard of service in the industry.
By registering with us we will be able to keep you in the loop about new houses that match your criteria as soon as they arrive on the market, giving you a vital head start. Contact us today for more details.
The fun part of the process is the actual house hunting. If you already know the area you want to live in, start to look at how suitable it is in more detail. You can browse our available properties for sale in North West London here.
There are a number of key factors to take into account when researching a new area to live in, such as:
- House price: The closer to the centre of a London the property is, the more expensive it will be. This is also true for newly developed areas, or where regeneration is planned or underway.
- Property type: The more bedrooms the property has, the larger it will generally be, as will the price tag. Do you want a terraced, semi, detached, bungalow etc?
- Local amenities: Do you want to live close to nearby shops and neighbours, or somewhere more remote? Look at what the local transport, schools and crime rate is like. What are the council tax rates? Are there parks and green spaces close by?
It’s a good idea to visit the area first to get a feel and to see if you like what it has to offer. Read our area guides for more information on the area and if you have any friends or family living there, ask for their feedback. Alternatively, you can contact our estate agent team who’ll be happy to provide more details on the area.
Once you have found a property you love, get in touch with us to arrange a property viewing. Our team will inform you of other properties we have available within your search criteria in case they may also be of interest. Once you book a viewing with us, we will send you a text and email confirmation to confirm the viewing. You will then meet with one of our sales negotiators on site at the time agreed and we will guide you around the property answering any questions you may have.
Make an offer
Once you have found a house you’d like to own, it’s time to put forward an initial bid. You can compare the asking price to similar properties in the area to help you assess your bid or simply discuss with one of our estate agents who’ll be happy to advise you. You have the final say, but using their experience could save you money.
Many people go in lower than the asking price to see if the seller is willing to negotiate. However, if there are a number of people interested, you may have to bid a little higher.
When you have decided on an offer, get in touch with us to put your offer in writing via email and we will pass this on to the seller. You will most probably need to provide proof of funds/mortgage offer/agreement in principle. We will also discuss and pass on any relevant information on your current situation, for example if you are chain-free – this could give you an advantage over others making a bid who cannot move until they sell their existing home.
Hire a conveyancer and surveyor
Once your offer is accepted you need to hire either a conveyancer or solicitor who will manage the legal details of the purchase on your behalf. Once, you have provided us with details of your conveyancer or solicitor we will send out the memorandum of sale to your solicitor and the sellers solicitor.
Your conveyancer or solicitor will oversee things like local authority and Environment Agency searches, as well as drawing up contracts between the two parties.
Some mortgage lenders require you to use a conveyancer or solicitor that are on their panel, so be sure to check this before confirming a hire.
The company you use will likely offer an estimated cost because if the process is quite complex it will involve more work on their part, which can only be assessed as the sale proceeds.
You will also be required to get a valuation of the property by the mortgage lender. This can be upgraded to a full survey, if needed, and will breakdown any potential structural issues with the property. The survey is usually arranged through your mortgage broker however cash buyers must arrange any surveys themselves.
There are three different types of survey available - a condition report, a HomeBuyer’s report and a building survey – costs vary depending on which one you choose.
At Regal Estates, we work alongside some highly reputable conveyancers, and can put you in contact with them, if required.
Once the contracts have been negotiated and drafted by the conveyancer, you can then review and sign if you are happy with the content. This will include things such as the completion and move-in date, as well as any fixtures and fittings agreed with the sale.
The exchange stage happens when the finalised contracts are swapped between the two parties and you pay the deposit for the property. At this point the sale becomes legally binding and should you decide to pull out for any reason the seller will be able to retain the full deposit.
Complete the purchase
The completion date will be stated on the contract and once the contracts have been exchanged you can get everything ready to move in.
When it comes to completion day, the full funds will be transferred to the seller via your conveyancer and you will be able to collect your keys from us.
The conveyancer will also handle the transfer of ownership with the Land Registry and the property deeds – all that’s left is for you to settle into your new home.
If you’re interested in buying property in Willesden Green or the surrounding North West London area, contact us and a member of our team will be happy to assist you.