A Guide to Buying Real Estate in the UK

guide to buying real estate in uk

When it comes to buying a property, this is a huge financial commitment and it can turn out to be quite daunting, especially if you are new in the property market. In all corners of the world, the UK is probably the most breathtaking country, and frequently near the top of the UN quality of life tables, or Human Development Index.

Apart from that, the UK is one of the major destinations for most immigrants. These qualified and highly-skilled people often search for the right accommodation through the help of estate agents in East Dulwich, right when they land. Hence, it is nothing new that the demand for quality housing in UK’s real estate is high, and it is likely to remain this way in the future.

If you are new to this beautiful city, here are some of the important factors you need to consider.

Finding a Property
Right now, the majority of transactions in the real estate are brokered by estate agents. Many licensed estate agents all have access to the MLS (Multiple Listing Service). This is a massive database of different homes for sale all across the UK. One of the leading advantages of this system is that every estate agent can search the listing, thus save a huge amount of time.

In addition to estate agents, an increasing number of owners choose to market their directly, hence saving on the commission they need for estate agents. Usually, the commission savings partially pass on in the form of lower asking prices. However, the downside is the greater work and expertise on the part of the buyer or seller.

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It is necessary to keep a check on the actual prices sold, rather than checking for the prices when you decide to make an offer. Usually, the sold prices represent the people who are willing to pay for some particular properties, rather than what sellers all hope to obtain.

Using an Estate Agent
In the United Kingdom, the estate agent has to be licensed and qualified by the estate agent provincial association. Just as any profession, it is necessary that you work with experienced individuals such as those at Fish Need Water. You need to be sure of their basic competency and how well they adhere to the association’s code of conduct. For most sellers, the estate agents commission does not have to be cheap, however, it varies.

It is a lot common for most buyers and sellers to turn to different realtors. A buyer’s agent will access the listings in your area to show you the properties available and help to write an offer that works even after negotiations. Usually, it is advisable that you choose a realtor who has complete knowledge of the area you wish to purchase in, as well as the prices of the accommodations.

Their personal recommendation means a good indicator. If not, you can consult two, three agents and see which one works best for you. A good estate agent should be more than happy to at attend to all your needs.

Making the Offer
When you view the property that you wish to buy, the very next step is to ensure you have a formal offer for the seller. If you plan to use an agent, they will be able to handle this stage for you. Essentially, the offer says exactly how much you wish to pay for the property and the particular dates you want to complete the transaction and take over.

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The offer usually consists of different conditions, like the inspection, obtaining the finance, selling the home and more. You can think of various conditions and as each one is demanding, the more likely the seller will reject the offer.

A smart way to avoid any financial condition is to talk to the lender beforehand and be sure of the amount of finance you have in hand. This should give you a clear understanding of how the offer should be like. Keep in mind that the seller will then accept, reject or give you another offer, depending on the pricing you choose.

Inspection of the Property
Most likely, you would want to have a property inspected professionally before you finalize the offer. One of the best ways is through recommendation. Inspection is always a great idea because it gives you the chance to look at some of the issues that may be in the intended purchase. If you do find such issues, you can ask the seller to revamp the property or work on the repairs.

Once all these steps are complete, after the inspection, the other factor you have to consider is finalizing the deal. If you meet all the conditions, you can involve a lawyer to help you. In addition, you have to know about the conveyancing process through solicitors.

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