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Tips for First Time Buyers of Luxury Properties in the UK

Many first time buyers find the process of buying luxury properties in the UK rather complicated. This is largely due to the fact that the buying property process is less straightforward than that found in other countries, such as the U.S. Having an expert to help you is necessary if you want to get the best deal possible, but before you reach that point you could do with some tips.

·       An Estate Agent is Not The Same as a Real Estate Agent

Estate agents work for the seller. Real estate agents work for the buyer. In the UK, you have to deal with the former, which means that at the end of the day you must remember that the agent's first concern is to satisfy the seller, who pays them their fee. In addition, estate agents show you only the luxury properties which the seller wants to sell, meaning in many cases that you must deal with multiple agents if you want to see all the properties available for sale.

·       The Legal Process Might Take Time

To get the legal process going you need an experienced solicitor. There are many conditions and restrictions that must be considered, and only an expert will be able to get things moving quickly. The exchange of contracts is not usually done in less than 40 days; this is when you make the deposit that binds you to the purchase.

·       The Luxury Property UK Based You Choose Must Be Inspected

It's often necessary to have a qualified surveyor inspect the property before the exchange of contracts. Finding an expert early on can help you get things done faster.

·       Prepare to Put Down a Deposit

At some point during the legal process you must put down a deposit, as a guarantee that you truly want the property. In most cases this amounts to 10%, but more may be required.

Ask our experts at Compare The Financial Markets and use our bespoke property search below to find the right home, or investment, for you.

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