Lexingtons recognises the fact that the purchase of your home is the most important and expensive transaction you are likely to undergo.
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Lexingtons is centrally located and strategically positioned between Hampstead, Belsize Park and Swiss Cottage all within a short walk. This is an area known as Belsize Village. This location gives Lexingtons a large catchment area that also includes West Hampstead, South Hampstead, St. Johns Wood, Primrose Hill, Chalk Farm, Camden, Regents Park, Golders Green, Kentish Town, Highgate and Gospel Oak.
Established in 1992 Lexingtons has been renting, selling and managing properties in these areas for a varied clientele base who are both from the surrounding area and internationally.
Lexingtons has advised many prospective Buyers and Landlords about buying the right property that meets their needs be it for investment or for owner occupation.
Likewise Lexingtons has acted for numerous Landlords in finding suitable tenants as well as advising them on how to get the maximum return from their property. Lexingtons works in partnership with its clients to reach a mutual goal that is collectively rewarding to both parties.
With a balanced and committed approach Lexingtons has a team of highly trained, enthusiastic and motivated personnel that is committed to caring for your property needs.
With the fluctuations and recent changes in the property market, not only in price, but also statutorily, Lexingtons is prepared to meet the future challenges by keeping abreast of market trends and legislation.
Lexingtons is also geared up to meet the technology drive that has permanently changed the property market place and is constantly evolving. With Lexingtons internet presence as well as on our office touch-screen display where prospective buyers and sellers, landlords and tenants can collectively search for their ideal property as well as register their property and contact details. Lexingtons has managed to have a competitive edge on other property professionals.
Statistically, Lexingtons is the licensed Hometrack agent to cover the geographical immediate and surrounding Postcode Areas of NW3, NW6 and NW8. Working in partnership with Hometrack allows Lexingtons to provide a specific and unique eight page report for all residential sales valuations that show the client the prevailing property trends in the area as well as comparable evidence of other similar properties that have sold in the immediate and surrounding vicinity.
Registration: First of all you need to register your details and property specifications which can be done in a number of ways i.e. by email, phone, in person or by completing our registration form. This will give us an insight into your personal requirements, thereby enabling us to send you the property particulars that match your requirements.
Viewings: Our friendly team is available to arrange those all important viewings of your selected properties. Our offices are open 6 days a week from 9.30 a.m. – 6.30 p.m. and 9.30 a.m. to 3 p.m. on Saturdays. We are also available for late evening viewings beyond our normal opening hours upon request. Please contact us to arrange a mutually convenient time to view on 0207 435 7775.
Mortgage: In order to speed up your house buying process, it is advisable wherever possible; to get a mortgage agreed in principle before any final decision on your new property is made. This has the advantage of providing you with a clear indication of what is affordable and the fact that you have a mortgage agreed in principle is also attractive to sellers. For independent advice an appointment can be made with a mortgage specialist.
Making Your Offer: Once you have found your ideal property any offer that you make will be submitted by us, to the vendor for their consideration. This is done both verbally and in writing.
Please note that all offers are “subject to contract” and therefore neither party is legally bound until the contract is actually signed.
Accepted Offer/Instructing Solicitors: As soon as your offer has been accepted by the vendor, you should instruct a solicitor to act on your behalf. Your solicitor will handle all legal requirements of your purchase (property conveyancing).
At this point, you also need to formally proceed with your mortgage application and instruct your mortgage consultant/broker accordingly.
Survey: The next step is to obtain the Mortgage Valuation, if required. This will be conducted by Chartered Surveyor acting for you or your Lender. The report is to provide a Valuation i.e. determine whether the amount to be loaned is secure and also deals with the basic condition of the property. Since you as the buyer are also provided with a copy, it allows both parties to evaluate the findings prior to entering into a commitment to purchase.
However, we would not recommend that a buyer relies solely on the Mortgage Valuation survey as the inspection is limited. Although it may cost a little more to obtain, a more detailed report, this could save you from making a costly mistake in the long run.
There are two other types of surveys available instead of a Mortgage Valuation:
1. Homebuyer Survey/Valuation – this is the mid-range option as it is more expensive than the Mortgage Valuation but less than the Building Survey (see below). This type of survey is more appropriate to properties in apparently good condition and conventionally constructed. The survey’s purpose is to highlight any pressing or significant defects and problems which are likely to have an overall impact on the value of the property.
The objective of the Homebuyer Survey is to provide a more in-depth report which will assist the buyer in making an informed decision whether to proceed with the purchase and also whether the agreed price reflects the surveyor’s suggested valuation of the property. Moreover, the professional opinion of the surveyor as contained in his report will also set out particular features of the property which may possibly have an affect on the present value and potential future marketability.
2. Full Structural Survey – Unlike the Homebuyer Survey, this is suitable for all types of property whether conventional or unconventional. The term “unconventional” encompasses properties that have an unusual construction, are historic or Listed Buildings, have been extensively altered or where major work is planned.
The Full Structural Survey is comprehensive and lists full technical details of the construction, materials and condition. It highlights the full spectrum of defects from the more serious down to the insignificant and the terms of the survey are therefore tailored to fit the client’s specific needs.
Searches: These are conducted by the buyer’s solicitor who submits a local authority search to the local Borough Council. Its purpose is to ascertain if there is any planning consented previously granted on the property or if there are any other local issues which may have an impact on the purchase. In some instances, the search may also include an Environmental and Drainage search.
Draft Contracts: The draft contract is drawn up by the seller’s solicitor and is forwarded to the buyer’s solicitor for consideration. Any additional queries or questions will be asked and answered and the contract amended accordingly, subject to final approval.
Mortgage Offer: The Lender is now in possession of the Mortgage Valuation survey and subject to the findings of the survey, the lender will send you and your solicitor a formal ‘mortgage offer letter’. This letter states the terms of your mortgage and needs to be agreed and signed by the purchaser prior to exchange of contracts.
Exchange of Contracts: Once the contract has been signed by both parties, a deposit (normally ten percent of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
Completion: Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!