WHAT ARE YOU LOOKING FOR?

Here everybody say that buying a property in London it's a matter of compromise. But what does it mean? And, do you really know what type of property you are after?

So here we go, just a small questionnaire to help you build your priority list:

1. I have a specific London neighborhood in my heart

vs

2. I have more like a budget and I'm flexible about the location

3. I'm planning to live in this property for long time

vs

4. It has to be easily rentable and quickly salable

5. I care a lot about the entrance experience and the general aspect of the building

vs

6. What is important is inside my home

7. I value a lot the view

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8. I don't want to climb a lot of steps or to enter my flat

9. I strongly want to personalize it

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10. It just have to look good

11. In London I won't use an outdoor space that much

vs 

12. I would love some outdoor space

you would go for...

THE VIEWING CHECKLIST

My Viewing Checklist

1. Is the property freehold or leasehold?
2. What's the length of the lease?
3. Who is the freeholder?
4. How much is the service charge and what's included?
5. What's the council tax band?
6. How much is the ground rent?
7. Is the property actually rented or occupied by the owners?
Note. In case it's rented, ask the tenants when their contract expires, if they are happy to move out and if any minor is living with them.
8. Is the purchase in a chain?
9. When do the vendors expect to exchange?
10. Is there any major work planned for the building?
11. Have the latest interior works been done with approval?
12. Is there any dispute or issue with the neighbours?
13. Have other offers been made so far?

UNDERSTAND THE BASICS

London Real Estate Vocabulary

Flat: how the Brits call an apartment, usually spread over only one floor of a building.

Maisonette: An apartment that is set over two or more floors. Generally located in low-rise buildings and accessible from the ground floor. In London is common to find them in terraced houses (see below).

Duplex: an apartment having rooms on two adjoining floors connected by an inner staircase. They are mainly set in mid-rise or high-rise buildings. Their access can be at any floor of the building. More common in modern or new buildings.

Conversion Flat: an apartment (or maisonette) originated by the subdivision of one house into more units. The original building can also be a warehouse or another industrial building that has been turned into residential.

Townhouse: is a type of housing sets on multiple floors and usually arranged in a row, very common in European city centers. The term originally referred to the city residence of a member of the nobility, as opposed to their country seat. In London they are typically Georgian or Victorian houses. A modern town house have frequently a small footprint on multiple floors.

PROPERTY TITLES IN THE UK

There are a number of different types of property titles in the United Kingdom.
Many are completely unknown to the majority of foreigners.

Freehold

You own the building and the land it stands in perpetuity. You will be register in the land registry as “freeholder” owning a “title absolute”.

Whole houses are normally sold freehold. In London only 10% of the properties are on freehold. You can be the freeholder of a building, but also of a flat.

> You won’t have to pay annual ground rent.
> You have the responsibility for maintaining the fabric of the building – roof, outside walls and fundation included.
> You have responsibility of whatever happens on your property.

Leasehold

You just have a lease from the landlord to use the home for a number of years. Most of the properties in London are sold as leasehold.