Guide to Buying a Property in London
Every step of the buying process — from getting your finances in order to picking up the keys on completion day.
Get Your Finances in Order
Before you start viewing properties, you need to know what you can afford. If you’re taking out a mortgage, speak to a mortgage broker or lender to get a Mortgage in Principle (also called an Agreement in Principle or Decision in Principle). This confirms how much a lender is willing to offer you, based on your income, outgoings, and credit history.
A Mortgage in Principle isn’t a guarantee — it’s an indication. But it shows sellers and agents that you’re a serious buyer with funding in place.
If you’re a cash buyer, have proof of funds available — a bank statement or solicitor’s letter.
Work Out Your Full Budget
Your budget isn’t just the property price. Factor in stamp duty (use our Stamp Duty Calculator to check the exact amount), solicitor or conveyancer fees (typically £1,000?£2,500 including searches), survey costs (£300?£1,500 depending on the type), mortgage arrangement fees if applicable, moving costs, and any immediate repairs or renovation you’re planning.
Register With Estate Agents
Contact agents in the areas you’re interested in and register your requirements — budget, property type, number of bedrooms, preferred locations, and any deal-breakers. Whether you’re looking to buy a house in Stanmore, a flat in Harrow, or a family home in Edgware, registering directly with local agents gives you an advantage.
The best properties often go quickly. Registering with agents directly means you’ll hear about new listings as soon as they come on — sometimes before they appear on the portals.
Start Viewing Properties
Once you’ve registered, agents will send you properties matching your criteria. When you find something promising, book a viewing.
During viewings, look beyond the cosmetics. Check the condition of the windows, roof, and exterior walls. Ask about the boiler age, any recent works, and the lease terms if it’s a flat. Take notes — after several viewings, properties start to blur.
Make an Offer
When you’ve found the right property, make an offer through the estate agent. Your offer should reflect the property’s condition, comparable sales in the area, and your own position — chain-free buyers, those with mortgage approval, and those who can move quickly tend to have stronger offers even at the same price.
The agent presents your offer to the seller. They may accept, reject, or come back with a counter-offer.
Secure the Property
After your offer is accepted, there’s a risk period. The property often stays on the market, and the seller can accept a higher offer at any time. This is gazumping — and it happens more often than people think.
The Oyster Properties Deposit Agreement
At Oyster Properties, we offer a Deposit Agreement that removes this risk. You pay a deposit of £2,000?£5,000. The seller takes the property off the market, stops viewings, and cannot accept other offers. No more gazumping. You have exclusive commitment for up to 90 days.
Your deposit is returned in full when you exchange contracts. If you need to withdraw for a valid reason — survey defects costing more than 1.5% of the price, a mortgage down-valuation of more than 1.5%, or title issues — you get your deposit back.
You lose the deposit if you simply change your mind, if your mortgage is refused due to your personal circumstances, or if you misrepresent your financial position.
Deposits are held in Oyster Properties’ client account under our Client Money Protection scheme. Learn more about buying with Oyster Properties.
Instruct a Solicitor
Once your offer is accepted, instruct a solicitor or conveyancer to handle the legal work. They’ll carry out property searches, review the contract pack from the seller’s solicitor, and raise any enquiries.
If you don’t have a solicitor, your agent can recommend options — but the decision is yours.
Arrange a Survey
Your mortgage lender will carry out a basic valuation to confirm the property is worth what you’re paying. This is not a survey — it protects the lender, not you.
You should commission your own survey. The main options are a HomeBuyer Report (suitable for standard properties in reasonable condition) or a Building Survey, sometimes called a Full Structural Survey (recommended for older properties, unusual construction, or anything you plan to renovate significantly).
The survey may flag issues. Your solicitor can advise on whether to renegotiate the price, request repairs, or withdraw.
Mortgage Offer
Once the lender’s valuation is complete and your application is fully assessed, they’ll issue a formal mortgage offer. This confirms the loan amount, interest rate, term, and conditions.
Your solicitor receives a copy and checks the terms before proceeding.
The Conveyancing Process
Your solicitor reviews the contract pack, carries out local authority, environmental, and drainage searches, and raises enquiries with the seller’s solicitor. This process typically takes 8?12 weeks but can be longer if there are complications.
Your estate agent should be chasing progress throughout and keeping you informed.
Exchange of Contracts
Exchange is the moment the purchase becomes legally binding. You pay the contractual deposit (usually 10% of the purchase price) and a completion date is fixed.
After exchange, you’re committed. Pulling out would mean losing your deposit and potentially facing a claim for damages.
If you used Oyster Properties’ Deposit Agreement, your earlier deposit is returned separately — the exchange deposit is a standard part of the conveyancing process.
Completion
On completion day, your solicitor transfers the purchase funds to the seller’s solicitor. Once confirmed, the keys are released — usually through the estate agent.
You now own the property.
After Completion
Your solicitor pays stamp duty on your behalf (this must be done within 14 days of completion), registers the property in your name at the Land Registry, and sends you the title documents once registration is complete.
If you’re buying as an investment, you may want to explore how Oyster Properties manages over 1,000 rental properties — including our Oyster PLUS™ rent protection service.