HOW MUCH DOES A RENOVATION COST IN LONDON?

The cost of a London flat refurbishment depends upon several factors:

1. Size and condition of the flat
2. Structural or non structural alterations
3. Necessity to comply with building regs (ie. listed building, alteration of the building facade, etc..)

NB. Professional consultancy (structural engeener, party wall surveyor etc...) adds up around £500 each.

BASIC REFURBISHMENTS
Installing new flooring, fitting a new kitchen, installing some new lighting, painting, joinery work (shelving or cupboards), modifying an existing bathroom = £10-£15k

FULL REFURBISHMENT
Structural work (alteration of internal wall position), replacing ceilings, installing new electrics, installing a new boiler and radiators, re-plastering walls, replacing flooring, fitting a new kitchen and bathroom = £15-£30k

SPECIAL REFURBISHMENT
Major structural internal alterations, addition of insulations, extensions = £35k +

THE COSTS OF BUYING

Here a list of the expenses you might occur when buy a property, based on the purchase of 1 bed flat in London at the date of December 2015, (please note that figures are just indicative and derived from searches and direct or indirect experiences):

Buying Agents around 2.5%t of the agreed purchase price. Sometimes totally worth it.

Mortgage Broker around 250-300£

Mortgage Offer around £200

Solicitor around 2.5% of the agreed purchase price, including

Solicitor's Legal Fee: between £350.00 and £800.00

Leasehold Fee: £125.00

Telegraphic Transfer: £30.00

Bankruptcy Search: £4.00

Priority Search OS1: £3.00

Survey (including “fall through protection”): from £150.00 up to £1000.00
How to chose the right survey

Land Registry: £135.00
VAT@ 20% (Not all costs are subject to VAT)

WHAT CAN GO WRONG

Remember this as a rule set in stone: until the papers are signed there is no legal obligation to either buy or sell. So from the acceptation of the offer until the completion day allot of unpleasant things can happen. Here some experienced I've heard:

Please note: in all the following cases the buyers had lost time and money since surveyor, estate agent and legal fees involved in buying property are non-refundable.

1. The plan of the flat attached to the contract was not representing correctly what was sold at the viewings. In particular the balcony was not appearing in the plan and therefore illegal. (It happens very often in London, means that it was built on the top of the neighbor's roof without any consent or planning approval). My friend stepped out.