Buying property in London is rarely a poor decision. As one of the world’s most dynamic property markets, both local and foreign investors continue to see the capital as a place of long-term stability, strong demand, and lasting appeal. While the opportunity to buy can be exciting, first-time buyers might feel overwhelmed or unsure of their next moves when not fully prepared.
At Assure Move, we bring structure and clarity to the process for first-time buyers and portfolio investors alike. We’ve created this guide to help buyers better understand the process, prepare properly, and make informed decisions at every stage.
The 6 Steps to Buying a Property with Assure Move
Before you begin viewing properties, you have to understand exactly what you can afford. It’s important to look beyond simply the purchase price and monthly mortgage repayments but also consider stamp duty, legal fees, survey costs, and moving expenses, which are often forgotten.
At Assure Move, we help prospective buyers determine realistic and manageable property budgets. If you need guidance, our team can talk you through the typical costs involved and help you understand what feels manageable based on your unique needs and circumstances.
If you’re buying property with a mortgage, we recommend speaking to your broker or lender as early in the process as possible. While it’s not a viewing essential, having a mortgage agreement in principle can help you move faster when you find the right property. It also gives sellers more confidence that you’re serious and financially ready.
If you haven’t started looking into mortgages yet, that doesn’t mean you have to delay the search entirely. Assure Move has long-standing relationships with trusted brokers who can point you in the right direction early on.
Every property purchase in the UK requires a degree of paperwork. Preparing yours in advance ensures a smoother transaction and avoids a situation where you lose the ideal property due to a paperwork holdup. Buyers will be expected to provide:
- Photo ID
- Proof of address
- Proof of deposit or source of funds
- Proof of income
- Mortgage-related documents
With finances in place and paperwork ready to go when you find a property that fits your needs, it’s time to start viewing properties. While most people have an idea of the layout, outdoor spaces, and condition of the home they’d like, as North and East London property experts, we help buyers quickly and easily compare neighbourhoods, access to public transport, local schools, nearby amenities, and long-term suitability so you can make a more informed decision.
When you find the property you want to buy, it’s time to make an offer. While the seller will have an asking price, if you are a first-time buyer, a cash buyer, or already have your mortgage agreement in principle in place, you can reasonably expect a lower offer to be considered.
Sellers don’t only consider the offer itself but also speed, reliability, and the chances of the sale proceeding smoothly. If you’re buying with Assure Move, we’ll help you structure an offer that is in line with local pricing and current market conditions.
Once the offer has been accepted, the property is marked as ‘sold subject to contract’, and the legal process begins. This stage typically involves conveyancing, searches, contracts, surveys, and mortgage checks (where applicable). We closely guide buyers through this process, ensuring a smooth transfer of ownership.
From accepted offer to legal ownership, the average sale takes around 12 weeks, although where all parties are prepared and the paperwork moves efficiently, the process may be completed in as few as 8 weeks.
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What costs should you budget for beyond the purchase price?
While the purchase price naturally makes up the bulk of the total cost of buying property, it is by no means the only significant cost. Ensuring that you take all costs into consideration when setting a budget can help avoid unexpected financial strain down the line.
Deposit
While the deposit is strictly speaking a part of the purchase offer, it is usually the largest upfront cost to plan for. The deposit amount needed will vary based on the property value and the type of mortgage you’re applying for. Most mortgage lenders in the UK require a 5-10% deposit.
Stamp Duty
Stamp duties, also called ‘Stamp Duty Land Tax’ (SDLT), may be a significant additional cost, depending on your situation. While first-time buyers and owner-occupiers qualify you for certain relief, virtually all property purchases in England are subject to a 5-12% stamp duty.
Legal Fees
Property purchases involve legal costs for conveyancing and handling the transfer of ownership. They are usually charged as a fixed amount rather than a percentage of the purchase price, and it’s not uncommon for legal costs to total anywhere from £1,200 to £2,000.
Survey and Search Fees (Optional)
Before finalising the deal, many buyers opt to have the property surveyed for structural issues, hidden defects, maintenance concerns, or other non-obvious issues. Searching includes local authority checks for flooding risks, new development plans in the area, or other issues that might affect the property value or liveability.
Mortgage-Related Fees
If you’re buying with a mortgage, it’s important to budget for the related costs beyond simply the principal and interest payments. Most mortgage lenders also charge arrangement fees, broker fees, valuation fees, or other charges related to securing finance. Not every mortgage lender includes the same costs, so speak to us for an introduction to trusted brokers.
Moving and Renovation Costs
Depending on how far you are moving and how much you need to move, the big day itself can bring extra costs that are easy to underestimate: removal services, packing materials, cleaning, and/or storage add up quickly. If the property requires urgent work or renovations to make it habitable, remember to include those costs in your budget.
To be on the safe side, Assure Move recommends that you keep around 12-15% of the purchase value of your home set aside for any additional costs.
Common mistakes that buyers make
Buying property is a serious decision, and even the most well-prepared buyers can make avoidable mistakes when rushing to get the deal done or when they’re not sure which details to focus on. Avoiding the common mistakes below can save you time and frustration.
At Assure Move, we bring our decades of experience to each property sale, helping buyers budget and plan like professionals. We work closely with our clients, ensuring they’re always up to date and on track towards a seamless, surprise-free, and disappointment-free buying process.
| Common pitfall | Resulting problem |
|---|---|
| Starting the search before understanding your budget | Unexpected costs and delays. By far the most common problem. |
| Delaying mortgage preparation | Increased risk of losing the property of your dreams after you find it. |
| Procrastinating on paperwork | Stressful rush to get it done when you find a property you like. |
| Focusing only on the property, not the area | A home that looks right on paper but doesn’t match your lifestyle or needs outside the home. |
| Overlooking condition and hidden costs | Unexpected and expensive repair or renovation costs. |
What to look for when viewing a property?
A good photographer (and sometimes a bit of Photoshop) can make a space look perfect, but until you’ve viewed the property in person, it can be difficult to understand if it’s really for you. When viewing properties, try to imagine how the home will fit into your day-to-day life, take a closer look at its condition, and try to think of its long-term value, putting aside the excitement of the moment.
- Layout and usable space: Think about how the rooms flow into one another, look at storage space, and consider how your household might grow in the future.
- Condition of the property: Look for signs of painted-over mould, damp, cracks, worn electrics, or issues that may require repairs or renovations after purchase.
- Natural light and noise: A daytime viewing allows you to open all the curtains fully, giving you a better idea of how bright the home can be. Listen for ambient commercial or traffic noise that may become an issue.
- Outdoor spaces: Check gardens, balconies, decks, and verandas for potentially expensive repair needs. Confirm and check any assigned parking space for suitability.
- Surrounding areas: Consider transport links, shops, schools, green space, safety, and the overall feel of the neighbourhood, not just the property itself.