More Related Content Similar to Steven Coogan's Property Buying Tips Similar to Steven Coogan's Property Buying Tips (20) 2. Step 1: Put yourself in the best position
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Seek independent mortgage advice before you start your search.
> Speak to an independent mortgage broker.
> Confirm whether you have an arrangement in principle.
> If you have a minimum of 500,000 GBP in liquid capital, which will be
separate funds from your cash deposit for the mortgage, speak to a Wealth Manager.
> If you have children or are planning on having a family then map out an education
strategy for the family first.
> Trusts, family offices or other corporate advisory service provider this includes you.
Note: Your bank won’t necessarily give you the best rates so seek financial advice you maybe able use
more complex finance and can use other assets to leverage your lending.
© Steven Coogan Limited
3. Step 1: Put yourself in the best position
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If coming from overseas:
> Check visa status.
> Tax position home (place of origin) and abroad (UK).
> Map out an education strategy for the family first before considering a location.
> Transfer funds into a bank account UK for exchange of contracts to make sure you are in
the best position to secure your new home.
> Use an FX provider when transferring funds.
> Consider your health care whilst in the
Note: When transferring funds banks can charge up to 4.5%. Whilst an FX provider will charge no
more than 1.5%
© Steven Coogan Limited
4. Step 2: Property Research
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Match the budget to the correct location and ear mark 3 areas.
> Prioritize them 1, 2 and 3.
> If education is the driver then you are going to be limited.
That’s why it’s essential to map this out before you start your search.
> Remember, just because you have the budget doesn’t mean you need to leverage it.
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Do some research to see what type of accommodation you can get and where.
Don’t waste time, do this online:
> www.primelocation.co.uk
> www.zoopla.co.uk
> www.rightmove.co.uk
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Identify travel times, airport access, distance to work, local amenities such as gym, shops
restaurants, school run etc.
> It’s important to get accurate travel times. Don’t rely on online maps
as this can be a false reality (e.g. the school run traffic could be chaos).
Note: You will have to compromise somewhere no matter what your budget is.
© Steven Coogan Limited
5. Step 3: Sourcing
On Your Own:
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Register with the portals and all the local Estate Agents
> Make sure you keep on top of the notifications and the Estate Agents.
> Publish your interest on social networks.
> If you source privately get a good Estate Agent instructed to see the
transaction through. Private sales can be a disaster.
Buying Agent:
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You can instruct a buying agent to oversee the entire process for you.
> Qualify the commit of their service.
> A buying agent should have contacts and if you hadn’t instructed
them you may of not of discovered.
> They should understand the process and use their expertise to
put you ahead of the competition.
> You will need to qualify your resource.
© Steven Coogan Limited
6. Step 4: Negotiation
Obtain as much as the information below as possible to give the best picture for negotiation.
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How many viewings has it had?
How many offers has it had?
How long has it been on the market?
How long is the lease (if it has one)?
Why are the vendors moving and are they sure they want to sell now?
What renovations have been done and do they have planning permission if required.
Where are the vendors moving to - is there a chain?
How much are service charges and ground rent?
How long has the seller lived there?
What's included in the sale? White goods? Curtains? Wood burner? (You can offer subject to
these goods being included.)
Are there any parking restriction?
Have there been any subsidence problems?
Look at what is on the market and look at the local sold prices to give you a guidance on an offer.
Put your offer forward on what you think the property is worth.
Remember: Estate Agent acts for the seller.
© Steven Coogan Limited
7. Worth Finding Out:
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Have there been any neighbour disputes?
Who lives upstairs/downstairs/next door?
Local crime.
What's the council tax band? (This can be checked here: www.gov.uk/council-tax-bands).
© Steven Coogan Limited
8. Step 5: Once Secured
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Once you have secured your new home instruct a property lawyer.
They will conduct due diligence on the property you are purchasing.
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Inform the bank, lender, mortgage broker to instruct a surveyor.
> If you are not using a mortgage, then instruct a surveyor independently.
> A surveyor will make sure the property values up and
is structurally sounds. This is subject to the type of survey you go for.
> There are three type of surveys which are valuation, homebuyers and
full structural. As a minimum we recommend a home buyers.
> Once they report is back, read it. This may sound obvious
but the surveyor has no duty to point anything out other than what is in the report.
> List the points for discussion and contact the surveyor.
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Once the the lender is satisfied with the report they will issue a mortgage offer.
© Steven Coogan Limited
9. Step 5: Once Secured
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Once the searches and all enquiries are back and satisfactory
your lawyer will arrange for the contracts to be exchanged.
> A completion date will be negotiated before this point.
> A 10% deposit is the norm and will be required for security
on exchange of contracts and is non refundable.
> You will also be required to insure the property by the lender
in the event any damage is caused to the property during exchange and completion.
© Steven Coogan Limited
11. London Property Facts
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Prime Central London has outperformed gold over a 36 year period.
Gold has risen by 802% and PCL by 2,685%.
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On average, Prime Central London properties have doubled
in value every 8 years since the 1960’s.
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London property prices dropped by 20% in 2008-9, but 1.5 years later
they had surpassed their previous peak by 20%.
This period has been measured against the 1930’s great depression.
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London’s world-class property and educational institutions continue to attract
the High Net Worth community.
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London is expected to maintain it’s top ranking for at least 10 years
for the High Net Worth community, even in the face of competition
from the emerging Asian economies.
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70% of London Property transaction over 4 million are sourced via a buying agent.
© Steven Coogan Limited
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