Moving to London can be equal measures of excitement and terror - where is the best place to live? Can I afford it? How will I make sure I get the house I want in such a competitive market? We've put together a brief guide of what to consider when moving to London, so you can focus on the exciting parts of buying property in the city.
Where in London should you move to?
When people say “London”, most people think of it as one big city, but this can prove confusing, especially to people who have never lived in the capital. London consists of 32 boroughs, each very different from the last, and even districts within these boroughs can be very different from each other. This is because of the sheer size, population and diversity of the city, so somewhere like Chelsea will be very different to live in than, say, Camden. However, this is not a bad thing, variety is the spice of life after all, and London has variety in spades. Just make sure that if you're moving to London, you've done your research into the specific area you are looking at buying in so you're not disappointed that you've got markets rather than museums.
What is your budget?
Everyone knows these two things about London: 1) it is the most desirable place to live in the country, and 2) popularity always pushes the price up. But just because the average house price in London is higher than the rest of the country, doesn't mean that there isn't something for most budgets still. You just need to do a little looking first. It might take a bit longer to find somewhere you love that is also in your budget, but once you do find it, you'll have an investment for life. We recommend keeping an eye on property websites like zoopla.co.uk or rightmove.co.uk, or asking around some London-based estate agents.You can even try scouring the auction houses if you're looking for a bargain or a project to do up.
When do you want to move in?
Moving house in the countryside might be a smooth and easy transaction, but the chaos of London doesn't just reach the underground. Buying a house in London can be frustrating, the competition is so high that there's a high chance that if you don't move quickly, you'll get outbid and lose your dream home. This annoying situation is fondly (…or not) known as “gazumping” and it tends to be more common in areas with more competition for property, like London. The best way to avoid this is to speed up the conveyancing process. The first step is to hire an efficient conveyancing solicitor, preferably someone that knows the London market. Our sister company, Capital Conveyancing, focuses entirely on London conveyancing, and is known for its swift completions. Of course, there are also some ways of speeding up the process yourself such as ensuring all your paperwork is back as soon as possible and your mortgage lender (if you have one) is ready to go on time. And that's it! Of course, once you've moved to London, living there is a whole other matter, and one we'll leave you to discover for yourself! If you're purchasing a property in London, give us a call on to discuss how we can help with your conveyancing, or if you've already spotted a property you like, why not get a free instant quote from us to see how much your London conveyancing could cost?