Guide to Move to London and Buy a New-Build Home - Broke in London

Guide to Move to London and Buy a New-Build Home

Guest Post by Lisa Seward

When people start to find out some information about buying a flat, their heads are getting flooded with so many pieces of advice and things they got to keep in their minds. In this article, you find some useful tips. They will help you to bring order and make your dream of a new-build house in London to come true.

Is Saving Money Possible?

Of course, everybody knows that London is a pricey city. Some tricks can help you to save some money to afford real estate here, but you need to have an objective look at your budget. Get your expenses in order, count all your incomes, and find out what sum of money you can spend. After that, don’t forget to calculate the approximate expenditures.

Here are some ideas for you to mind:

  1. As the “HBB Solutions” recommends, you need to be careful with an exchange house idea. Make sure that your current accommodation has been evaluated right. There are some requirements you need to meet. For example, the house you want to give as a part of the payment must be yours only. It should cover 65-80% of the expenditure on a new home.
  2. Consider a “Help to Buy” government scheme. You pay only 5% of the house cost as a deposit. The government gives you another 25%. Bear in mind, that this loan is interest-free only during the first five years. Then you will have to pay the interest rate.
  3. Remember that the bigger your deposit is, the less your monthly payments are, and the lower the interest rate is.
  4. Shared ownership isn’t always the best idea. There is a huge trick here – even if you own only 30% of the place, you have to fully pay maintenance and repair costs. As the “HomeOwners Alliance” states, the sub-letting of space is not allowed in the majority of cases. Many experts don’t recommend this type of ownership.
  5. Don’t forget that you will need a solicitor. Nobody would advise you to turn to the first one you see. This person will safeguard your interests if something goes wrong, so it’s not reasonable to be tight-fisted here.
  6. You can also go to a mortgage advisor. The manager can help you to calculate the amount of money for monthly payments you are able to cover. Moreover, he can suggest some other options to consider.

How to Choose a Perfect Place

If you are looking for a trusted source to find your new perfect home, visit There’s a large variety of options.

Here is a step-by-step guide on how to move to a new place and buy a house there:

Gather Information About a Developer

The more you find, the better. It would be best if you were sure that reputation is spotless. Check some reviews and feedback from people who have already dealt with the company. Asking your friends and family about their experience in buying new-built houses won’t hurt either.

Wander around the Neighbourhood

Preferably during rush-hours. You will soon live here, so get acquainted with the location: from traffic jams and nearby parks to schools, supermarkets, and other amenities.

Learn about Additional Perks

Find out what perks are included in the price and determine what you don’t want to waste your money on. A private parking space, a possibility to choose fittings and appliances, wooden floors, dishwashers, and so on – all these may be included in the rate. Be aware.

Speak to a Mortgage Advisor

You need to have a clear understanding of your financial state at the moment and in the future. Never agree on more that you will be able to cover.

Secure Your Property and Pay the Reservation Fee

If you don’t change your mind within the 28 days period after the payment, it’s time to finalize the deal with the developer. The amount of the reservation fee is deducted from the final price of the house.

Choose a Lawyer

The developer usually has a lawyer who oversees the deal. However, you have a right to choose a specialist you trust more.

Never Forget about a Snagging List

It is a list of things that you didn’t like or that don’t work as they are supposed to. Make up the list before you move in, so the developer won’t have a chance to blame you for the damage. Besides, the company will need time to fix everything before your arrival.

One significant thing that hasn’t been mentioned above is that you have to trust your intuition and feelings. Don’t go for a perfectly built house if you can’t imagine yourself being satisfied there. Good luck and happy housewarming!