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GUIDE TO BUYING IN CENTRAL LONDON
FINANCIAL
SERVICES
At
Park Lane Estates we have built up a range of financial contacts
relating to different aspects of the property market in Central
London.
London offers a wealthy of different styles, types and prices of
properties. For this reason it is not as straight forward to get finance
as you may think. Banks often generalise their criteria and use out of
town valuers. We have seen many buyers go to their local branch of their
bank to be messed around and loose their property.
The best way to get your application looked after and to get direct feed
back on the progress of your mortgage we recommend using a mortgage
broker. Some charge fees but these can be justified if the service and
products offered to you are more advantageous than what would be
available to you through your branch. Better rates, terms and quicker
access to funds can be the key in making the deal work.
For an honest opinion you can ask us if we think there will be any
potential problems with the type of property you are purchasing. Key
negatives banks create problems with are:
-Buildings over 4 stories
- Flat roofs
- Concrete Construction
- Short Leases
- Ex-Local Authority
Please note these problems are only important to banks as they tend to
generalise the UK market as a whole. An ex-local flat in Milton Keynes
cannot be grouped with an ex-local flat in Mayfair or Pimlico but the
banks need to be told this, don't assume they know.
Whether you are looking to buy a short lease property, commercial
development, buy to let, foreign holiday home or even a straight-forward
main residence purchase it is always best to get a cross section of
advice and go with someone you feel you can trust and who understands
your requirements. For this reason we do not affiliate ourselves with
just one company but keep our contacts on their toes. Performance of
success is our priority.
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