I bought a flat! But you knew that already from this post. I moved in last week and am busy getting settled. I love my new place and I’m excited to make it my home once the boxes are unpacked. A number of you have asked me to write about the process so I thought I would dedicate a blog post to showing you how to buy a flat in London.
How to Buy a Flat in London
Or at least to showing you how I bought a flat in London. Individual circumstances play a big role in each person’s flat purchase process, so there’s no one-size-fits-all model.
In fact, my case was more singular than most, but I’ll get to that in a minute. Even if you’re a more standard buyer, the London property market can be daunting at the best of times and maddening at the worst.
If there’s any advice I can give on the subject it’s that making a purchase takes a good deal of patience and a great sense of humor.
How I Found a Flat in London
The latter of those was the most important for me when I started looking at flats in London.
Back in spring I found myself in need of a new place to live, and fast. I had just gone through a break-up with a boyfriend, and I was living in his flat. Awkward.
I thought about my options and assumed I would have to rent. It had never occurred to me that I could buy a flat in London.
First, I didn’t think anyone would give a mortgage to a self-employed travel blogger.
Second, all my friends that have bought in London have been high-earning bankers and lawyers, and even they’ve had trouble affording a place.
But the more I researched, the more I realized that the combination of my personal savings, a history of gainful self-employment, my British citizenship, historically low interest rates, and a weak housing market provided the ideal conditions for me to buy a flat in London.
I called my bank, fully expecting them to laugh out loud when I asked for a mortgage. But not only did they take me seriously, they also pre-approved me.
It helped that I could demonstrate self-employment earnings for 8 years (apparently it could have been much harder if I had recently become self-employed) and that I got British citizenship several years ago (it can be difficult for Americans without British citizenship to get mortgages in London).
It was also reassuring that the woman I spoke to thought I had her dream job (yay!).
Mortgage approval in hand, I started looking at properties. And when I did I realized it didn’t cost as much to buy a flat in London as I feared.
I had never looked at prices before since I had always assumed I couldn’t afford to. If my banker friends struggled, how could I even think about it?
But prices have come down in the last four years and many of the properties I looked at had been reduced in price since going on the market.
I was also looking for smaller properties than my friends bought, which made another difference.
Encouraged, I spent two-and-a-half weeks running all over London looking at flats.
From Hampstead to Peckham, Fulham to Islington I viewed properties pretty much everywhere in the city. I wasn’t set on a particular neighborhood, but more interested in finding a flat I loved.
And in the end I found just that. My flat ticks all the boxes I want it to tick, from lots of natural light to outdoor space.
It’s in a great area in south London, which opens up a whole new part of the city for me to explore (it’s hard to believe how infrequently I’ve been to this part of the city). And best of all, it has a view.
How I Bought a Flat in London
Once I put an offer on, I needed my first piece of advice more than my second (that’s patience if you don’t remember).
The process that takes place between having an offer accepted and actually getting the keys to a flat in London is not only long but also very different from how it works back home in California.
Without getting into the painful details, it basically involves getting a solicitor (lawyer) to make sure the property is what it’s advertised to be (it’s all “buyer beware” here) and hammer out the details with the seller’s solicitor.
While that might sound straightforward, it rarely is.
Also, both parties are allowed to back out until almost the last minute without a penalty, so it’s a bit nerve-wracking.
In the end, it took 10 weeks for me to complete my flat purchase. That may seem long (and it certainly felt that way to me), but it can take far longer.
It involved things like paying for research to be done to make sure my flat didn’t come with the responsibility of covering costs for repairs to the local church’s chancel (seriously) and hiring a surveyor to make sure the building wasn’t going to fall down (it wasn’t).
On the last day, I got a phone call from my solicitor to say the flat was officially mine and a call from the estate agent saying I could pick up the keys.
I went straight to the flat, excited to be a homeowner for the first time. I had never felt like such an adult.
The moment I opened the door and walked into my new home was one of the most meaningful of my life. I couldn’t stop smiling, and I felt so grateful to have a place of my own.
Naturally, this called for champagne. I celebrated with a few friends that evening and the following week. In fact, there’s been a lot of champagne in my life since I got the keys.
And while I’m now in the less exciting up-to-my-eyeballs-in-boxes phase, I’m still over the moon about my place. I can’t wait to get settled in and start sharing more about this part of London with you.
I hope this little guide has helped you get a feel for how to buy a flat in London (or at least how I did). If it’s a dream of yours, I wish you the best of luck in making it a reality.
In the meantime, here’s to many more years in the city. Because no matter how, where, or what amount of time you’re here, it’s an amazing place to be.
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48 Comments on Lady’s Personal Guide to Buying a Flat in London
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Congratulations – what an exciting purchase. Hope you enjoy settling in over the next few weeks and don’t spend too much on candles like I did ?
Thanks, Jayne! I’m trying to keep my candle budget in check, but it’s difficult!
Julie,
Elly and I favorite fans of you and your blogs. We are truly pleased for you and wish you the very best in your new home, and we know that it will meet all of your needs and give you many years of joy and happiness. Our very best to you.
Elly and Elliott Meyer your Portola Valley next door neighbors when you were growing up.
Take care and know we are thinking of you.
Thank you so much! It’s great to hear from you, and I’m so glad you enjoy the blog.
Sarf London? Oh no! I thought we’d convinced you to stay up here in Norf London with us!
Haha, I know. I’ve defected!
Congratulations! We bought two years ago and couldn’t be happier. We were also surprised at how easily we got a mortgage – I had recently accepted a fixed term contract but because I had no break in employment, we weren’t penalised. I guess the answer is to speak to your bank, whatever your doubts!!
Thanks! I agree. I wish I hadn’t been so afraid for so long.
Congratulations! I still recall vividly my first few days in my newly-bought flat near Kingston on Thames. I moved in with what I considered the bare essentials: a fridge and a mattress. Loved that little place and was a little bit heartbroken to sell it when we moved to California. Wonderful news that you got a foot on the property ladder and I wish you many happy hours nesting. I realise you value your privacy but I’m sure many hear would love to learn which neighbourhood you went for.
Thanks, Pauline! It’s been a really exciting time.
Congratulations! That’s a big step and a great feeling.
I’m looking forward to learning about South London. We stayed in northern Walworth last summer while we explored. Didn’t know much about the area so explored the rest of London. Looking forward to possibly hearing about some hidden gems!
Thanks, John! I’m glad you had a good time when you visited.
I’m a little surprised that you didn’t mention the lovely (not!) practice of “gazumping.” Maybe it’s illegal now, but it was a shockingly-accepted practice when I lived in London in the 1980’s. I still don’t understand how the country that came up with the Magna Carta could allow it. Congratulations on your homeowner-ship! So exciting!
I mentioned that both parties can back out, but like I said I didn’t want to get into the details too much. Gazumping is still widely practiced in the UK.
Thankfully up here in Scotland gazumping is a lot less common, as once an offer has been accepted, you’re not legally allowed to accept another offer, which makes it a lot less likely to happen.
Congratulations on the house!
Thanks, Laurence!
Congratulations! That walking into your first home moment is fantastic. My first was in South London too, looking forward to your explorations
Thanks, Catherine! It’s been a really exciting time.
Congratulations on your new home! Looking forward to hearing about South London! We are heading to London in a few months and have decided to stay in the Waterloo area for something different than previous trips.
Thanks, Angela! I hope you have a great time when you visit.
Thanks for the great info. We’re thinking about buying next year and have been wondering about a lot of these things.
You’re welcome! I hope you find a place you love.
Congratulations!
Do you have a picture of your flat from outside?
Anine, Denmark
Thanks! For security reasons, I won’t put photos of my home online.
Congrats! I’m American but lived in England for a while and was so confused when friends were explaining their buying process to me (all the weird historical rules like the church one you mentioned) and how long it took vs about 30-45 days in the U.S.
Did your flat come with or without a chain? I was always confused about what that meant or how it works.
Thanks! It’s amazing how different it is here. My flat didn’t have a chain thankfully.
Congratulations on being a new homeowner. Will revisit when I’m ready to purchase mine. Thanks for your guide.
Thanks! I hope you find it helpful when you’re ready to buy.
Congrats! It’s a great feeling, isn’t it? I am a single gal who’s not a banker and not on a giant wage but I managed to buy a flat in South London three years ago. I was armed with a good credit history, 10% deposit that I saved from sharing for 4 years and minimising my expenses and a record of constant employment. I only had the choice of one mortgage but am just waiting until 5 years is up so my interest rate will go down!
Buying in London can be tough but not impossible. You just have to pick the right place and not get hung up on postcodes. Enjoy your new place!
Thanks, Deb! I’m glad you were able to buy a place.
Great tips! I think that ability to pull out at any time is one of the worst aspects of the UK housing market. People can just change their mind on the price or whether they want to sell at all.
Yeah, it makes things pretty scary!
Congratulations on your purchase! Will we get to see photos?
I miss London everyday. I have to live vicariously through you! Thank you for allowing us to share in your experience.
Thanks! I hope you get a chance to come back to London sometime.
Congratulations! The escrow process sounds daunting. So glad to hear the good news though!
Thanks, Laura! It’s been really exciting.
Hoping to end up in Richmond one day…this post makes me excited and hopeful! Congratulations! Independence is wonderful!
Thanks! I hope it works out for you to end up in Richmond. It’s a lovely area.
Congratulations on your big purchase! And all best wishes for your new life change.Thank you for all the information you give us. It is such a delight to those of us who follow you. We all love London! Many blessings to you as you continue your adventures in London!
Thanks, Lee-Anne! I really appreciate it.
Very interesting and personal post 🙂 Congrats with a purchase. Looking forward to new posts on the South London.
Thanks, Gary!
Great news! I loved reading about your property purchase experience in London, especially, since I am hoping to move outside of Canada one day for work and travel. Have fun in the new house and neighbourhood. Love reading your blog posts and staring at your pictures about London and the UK.
Thanks so much! Good luck with your move.
Super jealous, but also super happy for you after reading this. Having a place of my own in London is definitely a dream of mine 🙂
I hope you can make it a reality someday!
I definitely will use your advice and tips next time I visit my son who lives in London. I love going there. What a city!
Thank you for sharing your experience. I’ll pass it to my son. He is thinking on buying a property for himself.
Good luck in your new home.
You’re welcome! Best of luck to him, too.