These are the 5 main steps for buying an off-plan home in London.STEP 1 — PREPARE YOUR BUDGET
During this step, you need to estimate your budget, save a deposit (10%-20% of the property value), and speak to a mortgage adviser to know precisely how much you can afford.STEP 2 — FIND THE RIGHT PROPERTY
Once you know your budget, continue researching the off-plan market and find which homes fall within your finance. Then, contact a developer and pay a reservation fee if you want to secure a chosen home (typically 2500 - 22,000.STEP 3 — APPOINT A CONVEYANCER TO SORT OUT LEGALITIES
Find an experienced solicitor who will help you manage all the paperwork that comes with buying an off-plan property and assist you with the purchase.STEP 4 — ARRANGE YOUR MORTGAGE, CONTRACTS EXCHANGE, DEPOSIT
Arrange and finalise your mortgage with a lender, who will most likely want you to organise a property valuation. After that, you get your mortgage, sign contracts with the developer, and pay an exchange deposit (different from a mortgage deposit; around 10% of the property value). Exchanging contracts means you are legally obliged to buy the property.STEP 5 — PREPARE FOR THE COMPLETION DATE
You will get a completion date from your developer, and your finance should be in order before that day. Then, pay the remaining price and the Stamp Duty Land Tax (SDLT), if applicable. Finally, you will get your keys to your new dream home in London.
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