Step 1

Raise finance. This may be cash or mortgage or a combination thro’ local or London based banks. LPZ can advise on various options further for a given client circumstances.

Step 2

Decide on London location (eg South Kensington, SW7) and type of property (eg 2 bed, 2 bath flat) for a given budget (ref: step 1)

Step 3

Appoint a buyer’s agent to work with you. LPZ will be delighted to act on your behalf. LPZ will NOT charge a fee based on the purchase price, but a £1,000 admin fee will be charged to cover all admin costs in sorting and arranging viewings inc. airport collections and hotel booking where necessary. 

Step 4

Provide a specific requirement for your agent to search and send you a selection of properties to browse thro’ and narrow your requirements further. Repeat this process until a small number of well suited properties are found

Step 5

Request your agent to arrange inspection / viewing trips to London. Also visit the chosen area to get a ‘feel’ for the area. Arrange to meet a local solicitor (step 6) ahead of instructing them to act on your behalf for the property purchase’s legal transaction.

Step 6

Make offer(s) for the properties chosen and instruct your solicitor liaising with your agent

Purchase cost summary:-

Solicitor cost : Approx. £750 -£1,000 depend on the property type and purchase price

Stamp Duty: 1% - 5% of the full purchase price depend on the purchase price

(ref: http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm)

Step 7

Follow up and chase up on the progress of  your purchase with your agent and your solicitor.

Step 8

At the property completion, arrange to collect keys or instruct your agent to do so.

Step 9

Decide and arrange any renovation / refurbishment work to carry our prior to renting the property discussing pros and cons with your agent?

Step 10

Instruct your agent to market and rent and manage your investment property. Agent will do the marketing, vetting tenants and drafting all legal contracts etc. They will also liaising with external inventory clerk, cleaners, furniture companies as necessary. Agent will discuss any maintenance / breakdowns during tenancy period and discuss the best way forward.

Rental cost summary:-

Agency fees : Approx. 11% of the annual rent achieved payable monthly or bi-annually or annual

This fee is negotiable depend on the number of properties instructed.

Up-to-date rates are online at http://www.londonpropertyzone.com/webpage.php?page=24

Step 11

At the end of any tenancies, agent will discuss renewal / re-let options.