Buying guide16 September 2026·12 min read

The Complete Buyer’s Guide to Property in London

Buying a property in London can feel complicated, particularly if you are a first-time buyer or purchasing from overseas. The process becomes much easier when you know what happens next, what each professional is responsible for and which checks should be completed before you become legally committed. This guide takes you from your first budget calculation through to collecting the keys.

Property law and taxes differ across the UK. This guide describes the process in England and is general information rather than financial or legal advice. Your mortgage adviser, surveyor and solicitor should advise you on your own circumstances.

1. Set a complete buying budget

Start with the monthly cost you can comfortably sustain, not simply the largest mortgage a lender may offer. Allow for possible interest-rate changes and the ongoing costs of ownership. In London, service charges can materially change the affordability of an apartment, while older houses may need a larger maintenance reserve.

Your deposit and expected mortgage amount.
Stamp Duty Land Tax, using the current rates and any relief that applies to you on GOV.UK.
Solicitor, survey, mortgage and valuation fees.
Service charge and ground rent for leasehold property.
Insurance, council tax, utilities, removals and immediate repairs.
A contingency fund for costs discovered during the survey or legal work.

2. Prepare your finances before viewing

If you need a mortgage, obtain an agreement in principle before arranging serious viewings. It is not a final mortgage offer, but it helps define your price range and shows sellers that you are prepared. Gather your identification, address history, income evidence, bank statements and proof of deposit early. Buyers using gifted deposits or overseas funds should expect additional source-of-funds checks.

3. Choose the right London area

London is a collection of distinct local markets. Two homes a short walk apart can differ significantly in value because of a station, school catchment, tenure, estate boundary or even the side of a particular road. Decide whether your priorities are commute, schools, space, nightlife, green space, rental demand or long-term value, then compare a small number of areas properly.

Test the real door-to-door commute at the time you would normally travel.
Visit on a weekday evening as well as during the weekend.
Check recent sold prices for genuinely comparable homes, not only current asking prices.
Review nearby planning applications, transport projects and flood information.
If schools matter, confirm admissions rules and recent distance data directly with the school or council.

4. View the property critically

Look beyond decoration and staging. Consider whether the layout, natural light, storage and room proportions suit the way you live. Ask why the owner is selling, how long the property has been marketed, whether offers have fallen through and what is included in the sale. A second viewing at a different time of day is sensible before making a significant commitment.

Look for damp, cracks, uneven floors, roof wear and ageing windows.
Test water pressure and ask about the boiler, electrics and major works.
Listen for road, rail, aircraft and neighbouring-property noise.
For flats, inspect communal areas and ask about service charges, reserve funds and planned works.
Confirm the tenure and, for leaseholds, the remaining lease length and any restrictions.

5. Decide what the property is worth

The asking price is a marketing figure. Base your view on recent completed sales of similar properties, adjusted for condition, floor area, outside space, tenure, floor level and exact location. PTT can prepare a micro-market report covering comparable sales, price per square foot, time on the market and local demand so that your offer is supported by evidence.

6. Make a clear, credible offer

Put your offer in writing and explain the points that make you a reliable buyer: your mortgage agreement in principle, deposit position, chain status, preferred timescale and solicitor details. State any conditions, such as the offer being subject to contract, survey and satisfactory legal checks. In England, an accepted offer is not legally binding until contracts are exchanged.

7. Instruct your solicitor and apply for the mortgage

Once your offer is accepted, formally instruct a solicitor or licensed conveyancer and submit the full mortgage application. Your legal representative reviews the title, contract, searches, property forms and replies to enquiries. Leasehold purchases usually involve additional documents from the freeholder or managing agent and may take longer.

8. Commission the right survey

A lender’s valuation protects the lender; it is not a detailed inspection for you. Consider a RICS Home Survey Level 2 for many conventional homes, or a Level 3 survey for older, altered, unusual or visibly defective buildings. Ask the surveyor to explain serious findings and obtain specialist quotations where necessary before exchange. The results may justify renegotiating the price, requesting repairs or withdrawing.

9. Complete legal and risk checks

Do not treat searches and enquiries as paperwork to rush through. Your solicitor should explain ownership restrictions, rights of way, planning and building-regulation matters, boundaries and anything affecting future use or resale. For a leasehold, understand the lease length, service-charge history, major works, building insurance, management arrangements and rules on letting, pets or alterations.

PTT’s pre-purchase risk assessment brings the practical, market and property risks together. Because our team includes an agent with a law degree, we can also provide a second review of the work completed by your chosen solicitor and flag questions you may wish to raise. This supports, but does not replace, independent legal advice.

10. Exchange contracts

Exchange should happen only when your mortgage offer, survey, searches, enquiries and funding are satisfactory. You sign the contract, agree the completion date and transfer the required deposit to your solicitor. Exchange makes the transaction legally binding, so arrange buildings insurance from the date your solicitor advises and do not make irreversible moving arrangements beforehand.

11. Complete and collect the keys

Before completion, your solicitor provides a completion statement showing the balance needed and carries out final checks. On completion day, the purchase money is transferred to the seller’s solicitor. Once receipt is confirmed, the agent releases the keys. Your solicitor then deals with the relevant tax return and registers your ownership with HM Land Registry.

Your buyer’s checklist

Set a realistic all-in budget and keep a contingency reserve.
Obtain a mortgage agreement in principle and prepare proof of funds.
Compare neighbourhoods using commute, lifestyle and sold-price evidence.
View twice and investigate the building, tenure and ongoing costs.
Make a written offer with your position and conditions clearly stated.
Instruct an experienced solicitor and an independent surveyor promptly.
Resolve every important survey, title and leasehold issue before exchange.
Confirm insurance, funds and practical arrangements before completion.

Buying from overseas

Overseas buyers should allow extra time for identity, source-of-funds, currency-transfer and lender requirements. Tax residence, ownership structure and future letting can have important consequences, so obtain independent UK legal and tax advice before committing. PTT can coordinate remote viewings, neighbourhood reports, property comparisons and local due diligence while keeping your solicitor and other advisers informed.

How PTT can help

We help buyers across London and the UK shortlist suitable homes, understand local value and identify risks before exchange. Contact PTT Real Estate for a tailored search, a micro-market report or an initial conversation about your plans.