Getting a mortgage can be difficult, and the numerous terms surrounding the process of a mortgage can complicate matters further. It is generally recommended to seek advice from a mortgage advisor who can take a look at all your financial details. Based on the information you provide; they will find the best mortgages to suit you.
Even though a mortgage advisor can take a lot of the pressure off you, there’s still a lot to know about mortgages and the legal details. Here’s why you should also hire a conveyancing solicitor to help you approach this huge financial decision strategically.
In order to get the best result, make sure your Blacktown conveyancing solicitors understands all the relevant laws and requirements.
Mortgage Facts
One of the first things you’ll need for a mortgage is a deposit that goes towards a percentage of the property value. Currently deposits can go as low as 5% which can be helpful for getting onto the property ladder. However, the higher the deposit you are willing or able to pay the lower the monthly payments. So look at your finances with a mortgage advisor to see if you’ll be able to make the higher monthly payments if you go for a low deposit.
There are fixed rate mortgages that mean the interest you pay back on the loan will stay the same for the first few years, even if interest rates go up. There’s also a flexible rate, that allows you to pay as much or as little as you like monthly. Check out more terms here.
If money for a house is a bit of an issue, it’s worth investing in a mortgage advisor and a conveyancing solicitor to save you that money in the long run.
Our Recommendation
If you’re in the Essex area and in the process of getting a mortgage, we highly recommend searching solicitors chelmsford to find expert conveyancing solicitors from THB Legal. They also have offices in Benfleet, Braintree, Shoeburyness, plus they’re branching out to Suffolk and Norfolk with offices in Ipswich and Norwich.
What is Conveyancing?
Conveyancing is the legal process of transferring the title of a property from one person to another. Conveyancing is needed when getting a mortgage. There are two phases to conveyancing: the exchanging of contracts and the finalisation of the process.
What is a Conveyancer?
A conveyancer is a professional you can hire to deal with legal aspects of buying or selling your property and land.
How Can a Conveyancer Help?
Whilst you could in theory do your own conveyancing, it’s a complicated and time-consuming issue, so if you don’t understand the nuances of the process, it’s best to get a professional.
Most mortgage lenders will actually insist on employing a conveyancer as it will protect their interests, as well as yours. Without a conveyancing expert involved in the process there are many things that could go wrong. If even one mistake is made on the lengthy and complicated mortgage and conveyancing process, it can cost a lot of money and time to fix.
Different Types of Conveyancers
Solicitor
There are different types of conveyancing experts. You could hire a regular solicitor who will be legally trained in a variety of areas in general but can also deal with conveyancing, or you could hire a conveyancer who knows all the ins and outs of the legalities of conveyancing but has no other official legal training outside of this.
Conveyancer
Conveyancers tend to be cheaper than solicitors, and they are often employed by law firms, so you could find one at your local solicitors. However, if something goes wrong during the process, the conveyancer won’t be able to deal with the extra-curricular legal complications outside of conveyancing, so they will end up having to refer you to a solicitor, which will add more costs.
Conveyancing Solicitor
A conveyancing solicitor is an expert trained in many aspects of law but specialises in conveyancing, so if anything does go wrong during the process, you have the same person dealing with it all instead of having to be referred to someone else.
So What Kind of Conveyancer Should You Choose?
Perhaps the best way to do things is to kill two birds with one stone by investing in hiring a conveyancing solicitor. It will protect your interests throughout the process and keep things straightforward should anything go awry.
