Monthly Archives: February 2016

Steps in Remortgage Conveyancing

remortgage conveyancingRemortgaging is a process by which you can change your lender. The lender is the person or firm which is lending or has lent you money to buy a property. Until you repay the loan taken from the lender, the lender will hold your property’s title deed. A title deed is a legal document proving that you are the owner of the property. Without the title deed, it is impossible to sell your property.

A conveyancing solicitor, who is a specialist in remortgage conveyancing, can help you out in this regard. The process is complicated and very time consuming.

Steps in remortgage conveyancing

Applying for title deeds and redemption statement

Your conveyancer, that is, your solicitor will ask for your mortgage account number and approach your present lender with the same to apply for your title deeds. Once obtained he/she will check the title deed for any restrictions or special clause so that he/she may convey it to your new lender.

The solicitor will also apply for a redemption statement from the present lender simultaneously to relieve your mortgage and transfer it to the new lenders. The new mortgage must cover the present mortgage.

Searches

A local authority search will be done to check the title deed and clear it. This is essential before the new lender can commit to lending you. The results of the searches can affect the value of the property. The searches are:

  • Local search
  • Water search
  • Bankruptcy search
  • Land registry search
  • Planning and modifications

The solicitor will send you certain forms in which you need to fill up details regarding your property afresh. You will have to affirm the modifications that might have been doe after the property was bought. If yes, then building regulations and permissions have to be attached along as proofs. If the property is leasehold, it has to be mentioned. Else, the property will be assumed to be a freehold house.

Mortgage offer form the new lender

All these legal documents will be presented to the new lenders and they will make a new mortgage offer. The solicitor has to mediate these proceedings. Any new terms and conditions in the new lender’s contract must be adhered to. Building insurance must be applied for. Make sure you have enough at hand to cover the VAT, solicitor’s fee and land tax expenses.

Mortgage deed and getting the monies

After the new lender approves of your identification papers, the lender will forward you a mortgage deed which you need to sign in presence of a witness, usually a solicitor. Once the deed is signed, your solicitor can ask for your mortgage monies from the new lender.

On a completion date, your old mortgage will be paid and the new mortgage will be released. Any balance money owed by you must be paid by an agreed date. Remortgaging is a complex process and hiring a remortgaging conveyancer is a good idea.

For more information on conveyancing solicitors, check out the info available online; these will help you learn to find the conveyancing solicitors!

First Time Buyers Guide – House Buying Solicitor Cambridge

house buying solicitor cambridgeBuying a house can be quite a confusing process especially if you haven’t done so before. To help make it easier to understand the process of buying a property we have created a helpful list.

Take a good hard look at your lifestyle and decide which type of property is the most suitable for the way you live. Do you need a house with a garden or an apartment which is not on the ground floor? Where do you want to live? How many bedrooms do you need? Do you need a garage or parking space?

For most people, the cost of their home depends on how much they earn and therefore how big a mortgage they can secure. As a rough guide, most lenders will allow you up to two and a half times your salary, some more than this. Based on this calculation you should be able to find out how much you have to spend. It may be that at this point your dreams of a country mansion transform into a two bedroom city flat. Be realistic about the amount of money you have to spend. Save up as much deposit as you can – aim for at least 10% of the property value if possible.

Arrange a mortgage in principle with a lender – this will help you when you start viewing properties as you will take more seriously by the estate agents and vendors.

Make contact with a solicitor who will be able to take charge of all the legal aspects of buying a property. A good starting point is to ask friends and family if they know of any good solicitors who they can recommend to you. You can speak to several and ask for an estimate of what their services will cost you before choosing which one to stick with.

Now that you have decided on the type of property you would like to buy, have your finances agreed in principle and have found a suitable solicitor you can contact/register with estate agents and start viewing suitable property.

Once you have found a property that you like you can make an offer via the estate agent. If you feel that the property is correctly priced and do not want to miss out on your ideal home you may wish to offer the full or near asking price.

If your offer is accepted it is a good idea to ask for the property to be taken off the market which will help deter other offers on the property.

At this point your solicitor should be asked to start work on the legal process of buying a house.

A survey will need to be undertaken on the property. You may like to conduct a full survey to be sure that the property is in good condition and that you will not have any nasty/costly surprises in the future.

Once the survey is completed and as long as there are no problems with the property the lender will agree to lend you the money.

The survey report will be sent to the solicitor to check. Your legal team will carry out a local search to make sure there are no plans for anything which will affect the value of your property. The contract is then finalised and they will then confirm with the lender the mortgage.

The deposit for the property should now be given to the solicitor who will hold it for you.

Contracts are exchanged between the solicitors of both parties concerned (the seller/vendor and you the buyer), deposit is given over to the seller and a date for completion is agreed.

Transfer deeds are prepared by the solicitor to be signed.

The mortgage money is transferred into the seller’s account via your solicitor. You will then receive the transfer deeds, land registry certificate and keys to your new home.

On completion you can now move in to your new home which you now legally own.

Your solicitor should pay stamp duty, have the deeds stamped and pass title deeds to the mortgage lender. You will only receive the title deeds once your mortgage is completely paid back.

You will have to pay your solicitor for the work he has carried out on your behalf.

This is meant as a general guide and should not be seen as legal advice.

Legal costs for buying house in Cambridge

legal costs for buying house in cambridgeCambridge is a great city; owning a home of your own in Cambridge is something that everyone appreciates. If there is an opportunity of buying a home in Cambridge, you should avail it, otherwise many people are looking for the same thing that you want the most. But the bigger trouble is the price of property in the Cambridge County, property price is rising at a fast pace in the County. Any opportunity of buying a house would be appreciated not just by people who want to live, but also for the real estate investors, they also wanted the same thing. In such circumstances, people should hire property attorneys. They will help you in buying a suitable and affordable home for your family in the county. Property lawyer will charge you legal costs for buying house in Cambridge County and that cost will increase your overall cost of buying homes in the county. In this article, you will learn how to cut the legal cost of home buying in the County of Cambridge.

The first stage of the home moving in the Cambridge, UK

To buy a home, you need to start with a search for any great affordable house in Cambridge City. At this stage, estate agents can help you find sellers or homes that come under your home buying budget. Once you find sellers who want to sell their homes to any potential buyer, you should hire a solicitor who will represent you to the seller or his/her solicitor.

Solicitor’s Legal costs for buying houses in Cambridge County

Solicitors or property attorneys are the lawyers who will represent buyers to the sellers of houses in the UK. For their services solicitors will charge you legal fees which you can categorize into two categories, i.e. disbursements and solicitor’s basic fees.

Solicitor’s Basic Fee

It is the fee that solicitor charges for their services they provide to sellers. In addition, people will also be paying tax for their value added services in home buying deals.

Disbursements

These are the costs that solicitor will pay on your behalf. Some disbursements include local searches, stamp duty land tax, registry fee, and survey costs.

How to find solicitors that charge cheap legal costs for buying house in Cambridge

There are two options available to people for hiring lawyers, i.e. they choose lawyers who charge an hourly based fee or those who charge fixed rates for conveyancing. Fixed rates are considered as affordable to buyers. Therefore, it could be one of the options to cut the legal cost down. There are a few other methods such as:

  1. Buying homes that cost less
    Buy houses that cost less than the others in the property market of Cambridge County. Flats, terrace houses, and semi-detached properties cost less as compared to standalone homes. Buying such properties cost less legal costs as compared to the others in the property market.
  2. Cost of Stamp Duty Land Tax
    The less the overall price of the house lesser will be the cost of stamp duty. To buy a low price property will help you take the stamp duty cost down. Stamp duty is the part of legal quote of solicitor, so it will cut the conveyancing quote down that solicitor charges you.
  3. Leasehold property vs Freehold property
    Leasehold properties cost less as compared to freehold properties. If people buy leasehold properties, solicitor fee will go down because less the property cost lesser will be the overall price of the property.
  4. Seek for legal aid
    If applicable legal aid will be very helpful. Benefits are given to those who are in need of the aid such as people who are in debt, anyone with discrimination issues, etc.
  5. Conditional Agreement
    People can hire solicitors based on conditions such as “no win no pay fees” or damage based agreements.

Summary

In this article, you have learn about the legal costs of buying house in Cambridge County. And you also have learn how to cut down the cost of hiring a lawyer in the County of Cambridge. For more information, people can visit our website.