How to Buy a Property in England

Today Allan is here to talk you through the property-buying process in England. Scotland and Wales have some different rules so in this episode it’s just advice on buying property in England for buy-to-let or renovating and flipping. Listen in as Allan talks you through from finding a property all the way through to completion, he’ll also advise on what to do if you’re stuck in a chain and other issues you may encounter.

KEY TAKEAWAYS

• One of the first things you need to do is understand your mortgage affordability. You will need between 80% and 90% of the property value to come from the mortgage and the rest will be a deposit. If you see a 95% mortgage, this will often have a much worse interest rate. You can use an online mortgage affordability calculator, most will lend around 4 ½ times your income.
• If you’re buying to invest or to let, then you’ll probably need at least 25% of the value of the property as a deposit.
• The first £250,000 in stamp duty is now free and you’d only pay 1% on the next £50,000. If you’re a first-time buyer you probably won’t pay any stamp duty at all. You can find stamp duty calculators online.
• Remember your legal fees could be anywhere from £500 to £2000.
• Check your credit report before you go looking for mortgages, do you have any missed payments that will count against you? If there is something on there that might cause a problem, you need to get it sorted before you apply for a mortgage.
• We all want a deal, some people say you want to get about 25% off for a commercial deal, but Allan disagrees with this. In some situations, he has agreed to pay the full asking price but asked the seller to wait a certain amount of time for payment until planning permission was done. Going too low can annoy a vendor.
• When sending an offer, Allan sends over all the information they’ll need so he’s proving that he’s ready to move forwards straight away. He gives them the proof he has the funds, bank details, his solicitor's details, mortgage decision in principle, all the things they’ll ask for.
• Communication through the process is so important. Don’t be afraid to pester the people you’re paying to do a job, to actually do the job.

BEST MOMENTS

‘In Scotland they have the process nailed down to 28 days, it’s much worse in England’

‘I love looking at houses, the feeling of walking into a new building’

‘What is the purpose for the property you’re buying’

‘You get what you pay for’

ABOUT THE HOST

Allan Harding

I’ve had an amazing career through to setting up my own businesses. It's time I gave that back to help other people achieve where they want to be in life. Through my learnings and those of the guests I have on the podcast I hope you find what you are looking for. I am certainly learning with every conversation that I have. From Art to finance, IT to Music, Some of my guests have led extraordinary lives and you can too. These recordings are unscripted and a natural conversation that explores peoples inner beings!

CONTACT METHOD

[email protected]

IG: @allanh1 https://instagram.com/allanh1

Facebook: https://www.facebook.com/allan.harding.37

Website - https://allanharding.co.uk

PODCAST DESCRIPTION

Entrepreneur, Business owner, Property investor and developer, Allan talks to people across the world asking questions that will help you determine your own journey and help. Having built several successful businesses and created a lifestyle to be proud of, Allan has set out on a journey to help as many people as possible achieve their dreams.

Hit me up on Instagram!: https://instagram.com/allanh1

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