Looking for a flat in London?
Guest post by Annie Button
The process of buying a new home is stressful at the best of times. Adding the competitive, high-priced nature of the capital’s housing market into the mix only makes it more so. If you’re looking for a flat in London – whether it’s your first home or your next home – here are the essential steps to make the process slightly easier.
#1 | Research area values
Just because London is one of the most expensive cities in the world doesn’t mean you should resign yourself to paying over the odds for any property on the market. When you’ve seen a flat that you like, make sure to look at recent sale prices for comparable properties nearby so that you can make a reasonable offer without being immediately ripped off. The asking price is not necessarily the same as its value or what the seller will accept.
#2 | Understand the leasehold
You’ll find that most flats in London are sold as leasehold, rather than a share of freehold. While this isn’t necessarily a bad thing, there are some pitfalls to be wary of. Make sure you check the remaining term on the lease and what the annual ground rent is. You may also want to find out whether the current owner would be happy to start the lease extension process or if other tenants are prepared to apply for collective enfranchisement.
#3 | Check your commute
Don’t get so wrapped up in finding the best flat for your money that you forget to factor in how long it will take you to get to work. Adding an extra half an hour or walking or time on the tube each morning and evening equates to five hours a week – which would earn you £51 at minimum wage. Do the maths to make sure that a cheaper property with a longer commute actually makes sense.
Pic taken from Pixabay
#4 | Look below ground level
Nope, we’re not talking about pitching up in an abandoned tube station. Flats that are on the lower ground-floor (LGF) of a property are usually less sought-after, meaning they often go for significantly less than other flats in the building. Keep an eye out for properties with surprisingly high ceilings, garden access and a decent amount of light coming in from whichever side doesn’t face the street and invest in a bit of light-boosting décor.
Pic taken from Unsplash
#5 | Quiz the agent
Given how competitive the London market is, it’s likely that you only get one viewing in before you have to make an offer or else lose a good flat to another keen buyer. Ask questions that will help you form an idea about whether you want to buy the property and how much you want to offer. Good starting places are:
- How long has it been on the market? (Is there a problem that other buyers are seeing?)
- Why are the current owners selling? (Noisy neighbours? Structural damage? Upcoming development nearby? You might not get a truthful answer, but then again, you might)
- Have any major renovations been done recently? (If so, why? Was there a leak? Are they trying to sell quickly?)
- How long have the owners been there? (Several owners over a few years is a red flag, but long-term owners may have been putting off essential maintenance)
- What’s included in the listing? (White goods, fixtures and fittings, furniture etc.)
- What are the bills like? (Check the EPC rating and the council tax band)
#6 | Remember that it’s “buyer beware”
In the UK, it’s up to the buyer to uncover any faults with the flat – the vendor doesn’t have to disclose them. Obviously, it’s in the interest of the estate agent to downplay any undesirable aspects of the property, so take a viewing checklist and be on the lookout for cracks, damp patches, faulty electrics and other defects. It’s good practice to hire a surveyor to inspect any home before you buy it, as they’ll have the experience to notice issues that an untrained eye would miss.
#7 | Inspect the local amenities
If you like the flat you’ve just viewed, check out the neighbourhood a little bit more carefully. What kind of people are in the nearest pub? How far is the nearest shop, and what kind of businesses are nearby? Is the local park clean and pleasant? These little details can reveal a lot about the daily life of an area.
Investing in a new property is never easy, and London can feel particularly unforgiving at times. Just do your best to take everything in your stride and have confidence that it will work out perfectly, eventually.
