Buying Property in London | A step-by-step guide to buying property in London
An overview of the legal process involved when buying property in the United Kingdom.
Types of property ownership:
There are three different types of property ownership, freehold, leasehold and commonhold.
The steps required to purchase are similar but there are a few additional requirements for leasehold and commonhold properties.
Money Laundering Regulations
The buyer’s solicitor will need to satisfy the requirements of the money laundering regulations.
This generally takes the form of verifying the buyer’s identity and source of monies required to undertake the purchase.
Buying a property in London should be relatively straightforward. Knight Frank has compiled a comprehensive guide "London buying Guide" to help purchasers navigate their way through the UK buying process
We also recommend that you make your own independent enquiries and take independent, professional advice. Our guide does not seek to provide or replace legal advice, which you should obtain. We would always recommend that you instruct the services of a reputable agent, surveyor and solicitor.
Timeframes: Depending on the circumstances, buying can be a very quick or very long period, anywhere from 1 week to 12 months and beyond. However, a typical sale should take between 4 and 12 weeks.
Procedures: Typically, the buyer would normally view the property or marketing suite and make an offer.
The seller or developer may counter triggering negotiations. Once a price is agreed, the estate agents prepare a Memorandum of Sale.
The buyer instructs a solicitor to act on his/her behalf to conclude the purchase of the property.
Transaction costs of Purchase
Searches (Local Authority, Environmental Drainage and title)
Stamp Duty Land Tax
Land Registry fees
SDLT & ATED (paid as part of transaction costs on purchase)
Capital Gains Tax