Our expertise
Our Promise to you
At Silk London Property Agents, we promise to help you find your dream property in London and beyond, from our exclusive off plan developments to ready to move in properties. We will bring the Expertise, as we want you to have the best possible experience with us. We are committed to providing a personalise and bespoke service no matter how unique your requirements are, we are willing to go that extra mile as we aim to exceed our clients expectations.
Our expertise, your experience
The Buying Process
Buying a new Home can be a very stressful process, if this is your new home knowing where or how to start can be confusing and overwhelming. Below we have out together a guide which can be useful when starting to think about buying your home
SAVING FOR A DEPOSIT
#1
A typical deposit starts at around 5% of the purchase price. The price range you are searching with will influence how much of a deposit you need as the banks have caps on the amount they can loan depending on your deposit, and whether you’re looking to take advantage of government home schemes such as Help to Buy.
Think about your current earnings and look for ways you can add more to your savings pot each month - aim for 20-30% of your salary if possible and what that might take in terms of cuttings costs to make possible. If you can bring in some extra cash – with a second job or freelance work, or selling any of your unwanted clothes, this can make all the difference to speed up your journey to independence and home ownership
FIND OUT HOW MUCH YOU CAN BORROW
#2
There are a lot of online calculators that can give you an idea of how much you can borrow, but don’t rely on these too heavily. They are only rough estimates to give you a head start but use the rule of 4 to 5.5 times your annual income for simple maths to give you a rough budget and add that to your deposit. With Help to Buy, there are equity loans available which can bolster your deposit an additional 40% of the purchase price in London, and 20% outside of London.
This is the next step up from finding how much you can borrow. This is when you get your mortgage approved and go through all the credit checks, paperwork, etc. You’ll have to provide documents of earnings, savings, outgoings and incomings, etc… so that the bank has a clear picture of your finances.
If you want the full low-down on how much you can borrow, Help to Buy or to receive an AIP (Agreement in Principle), please contact a financial advisor. Please make sure if you intend of using the Help to Buy scheme, that your chosen firm/advisor are au fait with the help to buy scheme
Once you know how much you can borrow, and how much of a deposit you’ll have, then you can start your search for your dream home.
KEEP AN OPEN MIND ON WHERE YOU WANT TO BUY
#3
Housing supply is in short supply, and very high demand, especially in cites. Therefore, you will have to weigh up the pros and cons of every home you see and inevitably have to compromise along the way. For example, would you prefer to have a larger bedroom or a larger entertain space, what aspect do you want your outdoor space to be facing. Perhaps make a list of your top four- non-negotiables.
START ARRANGING VIEWINGS
#4
Once you get to this stage, we can help you arranging viewings depending on your search criteria. This is the most fun part of the process.
MAKE YOUR OFFER
#5
Offers are always welcome but make sure you ask for advice on what offer to make so that you’re either not disappointed or not overpaying. It’s not always a given that a discount will be available, but there often is, or there could be some incentives available to help you with the upfront costs. Please bear in mind that a developer has a different dealing margin depending on the plot, so some of their most desirable plots may not have an incentive on offer.
You also need to consider any additional work that needs doing such as furnishings or window dressings.
GET HELP WITH THE LEGAL WORK
#6
Once your offer has been accepted, the paperwork legal paperwork will begin.
The legal term for transferring a property from one person to another is called ‘conveyancing’, so you’re likely to hear it a lot.
The paperwork will mostly include:
• Confirming building and contents insurance policies
• Mortgage Valuation
• Stamp Duty Land Tax
• Dealing with the Land Registry
• Transferring the money
The developer can always recommend a legal firm. This is usually a better option as they would be more familiar with the development in question and therefore will be a quicker and more efficient process. The solicitor is working on your behalf allowing you more time to focus on other things.
• Confirming building and contents insurance policies
• Mortgage Valuation
• Stamp Duty Land Tax
• Dealing with the Land Registry
• Transferring the money
The developer can always recommend a legal firm. This is usually a better option as they would be more familiar with the development in question and therefore will be a quicker and more efficient process. The solicitor is working on your behalf allowing you more time to focus on other things.
EXCHANGE
#7
Once all the paperwork is done and dusted, you will finally sign the contract and exchange! This is where you can start to plan for your move in date as officially exchange contracts means that you are contractually bound to purchase the property. You’re almost there! Next stop, completion!
COMPLETION!
#8
If the property is not yet ready for occupation, you will need to wait for PC “practical completion” and the initial estimated date will narrow as the developments progresses further. Typically, you will be put “on notice” after you have exchanged and will then be given 10 day’s notice prior to completion. This will be ample time for your solicitor to draw down the mortgage funds and transfer the final paperwork.
On the day of completion, you can finally move in and relax! Time to put your feet up in your New Home.
Our Experience
Top six reason why you should consider purchasing a New Build
- Guarantees: new-build homes come with a 10-year warranty covering structural defects. Most developers also provide their own two-year warranty.
- High spec: new homes are built to the latest specifications, so major repairs should be unnecessary for the first few years. They tend to be more energy-efficient, too, so you could benefit from lower utility bills.
- Personalisation: if you buy off-plan, you might be able to choose your fixtures and finishes. This is great if you're attracted by the 'blank canvas' element of buying new-build.
- Smoother process: there's no upward chain to contend with when you buy a new-build home, which means you won't be stuck waiting for someone to sell a property before you can move in.
- Incentives: some developers will try and persuade you to buy by offering to pay your legal fees or even your stamp duty - although the latter will be less helpful for first-time buyers, who are often exempt from this.
- Schemes: Help to Buy equity loans are exclusively available on new-build properties. Disruption: if you're one of the first to move in, you could find yourself living on a building site for months or even years while the rest of the work is completed.
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