London Property Buying
Pomp Properties Buyers Guide
Looking for a property to buy in Central London and the surrounding locale? We are proud to be the area’s leading estate agency with a wealth of exciting properties to buy across Central London.
Whether you are a first time buyer looking to purchase your first home, an investor looking to add a great asset to your property portfolio, or a homeowner contemplating your next move, our expert, motivated sales team are on hand to assist you to source your ideal property.
The Property Buying Process
Making an Offer
If you have found your perfect property, it’s time to make an offer. When you make an offer, we will ask for information that is relevant for the seller to make a decision. The offer will be put forward to the seller for their consideration and you can expect that we will ask you for all the relevant information, including your financial position. In some instances, where a property is popular or subject to certain processes, we may ask for full and final bids from any interested parties.
If your offer is accepted, you will then move into the conveyancing process.
Instructing Your Solicitor
You will need to instruct a solicitor as soon as possible. (If you do not have a solicitor we have an array of law firms that we work tightly with whom we can refer you to.) We will send a memorandum of sales to both your solicitor and the seller's solicitor to start the conveyancing process. Your solicitor will act on your behalf throughout the process, and instruct items such as local searches, and ask questions about the property on your behalf, and often on behalf of your mortgage lender if you are subject to a mortgage.
Arranging your finances
If you intend to use a mortgage to fund your purchase, you need to submit your mortgage application, in full, as soon as possible. As part of this application, your mortgage lender will need to conduct a valuation of the property you intend to purchase. If you need any assistance in sourcing a suitable mortgage provider, please do let us know and we can put you in touch with an expert mortgage broker
Arranging a Survey
You may wish to arrange for a surveyor to inspect the property. This is a separate survey from your mortgage valuation (if applicable) and is a more detailed report. We are more than happy to recommend a local surveyor where required.
Exchange of contracts
The exchanging of contracts is the point at which the sale becomes legally binding. To exchange contracts you will need to sign your contract, and also lodge your deposit funds with your solicitor. If you should pull out of the sale after this point, you will lose your deposit, and you may be liable for other costs.
Completion of your purchase
Completion is the point at which the final funds for the property are released to the vendor, and both parties fulfil the purchase contract – in other words, the property sale is “complete”. On the day of completion, the money has been received by the seller’s solicitor they will send a deed transfer document to your solicitor, confirm that the seller has vacated the property, and the property will officially be yours!
If you have any questions about the purchasing process, please feel free to get in touch with our expert team who are more than happy to answer all your questions.
*The information above is for guidance only and not intended to replace legal advice.