I am in the process of buying a property in the UK and want to know the first steps that I need to take?

First, you will need to consult a reputable independent financial advisor (IFA) that has experience in dealing with South Africans to advise you on your ability to obtain a mortgage and the best mortgage product available. Through this process, you will be advised on the price you can buy at and the deposit you will need. With the knowledge that you can obtain a mortgage and what you can afford, you can start looking at properties that fit your requirements. Always ensure that you also look at the Home Information Pack that will give you insight and any possible issues that there may be with the property.

Take your time when viewing the property and ask as many questions about the property, neighbours and area as well as what items (such as washing machine, cooker, curtains etc) the seller will leave in the property and ensure that your solicitor is provided with this information once your offer is accepted.

When buying old properties, take a look at the roof, gutters and walls which will give you a general idea about the state and condition of the property and whether ongoing maintenance will be required. Adjust the price you are willing to pay accordingly.

When you make an offer on the property, make it clear that it is subject to survey. Your survey and inspections may later reveal defects or serious maintenance issues that were not expected or that the price is too high. Your offer on the property is also subject to contract and when your offer is accepted, you will need to instruct a solicitor to start the process of investigating the legal title of the property, carry out various searches and advise you on any issues you need to be aware of. Instruct your IFA to arrange for a survey and mortgage valuation.

In next editions of SA PROMO, we will discuss the phase of a conveyancing transaction leading up to exchange of contracts and completion of your purchase.
For further information, contact Mays Brown on 0207 264 0610 or nz@maysbrown.com