Okay, so you are releasing funds or remortgaging your property for a better rate? That should be simple, right?
Always remember that your property is a huge asset. To fully get your money back when selling, all of your documentation must be in order and more crucially, actually physically be there. It is not unheard of in some cases for your loan to be repaid, your lender to close your account and for all to appear fine, but behind the scenes the mortgage has not removed from the Land Register’s records. This can be a huge issue when you sell as your lender has closed your account and has difficulty discharging your last loan. You may also have an issue with locating all your documents for your property.
So far we have highlighted a few issues, but what if you are remortgaging using a fees-free product? The legal firm will be restricted as to what work the lender (your new bank) will pay for and cover. In many cases they might receive around £50 to complete your remortgage for your bank. Although they are required to say that all will be done in a very professional manner, commercial pressures may have an effect on the final service and outcomes – especially the transportation of your documents which are so vital when selling your property. We have found that the insurance, secure delivery and storage of these deeds can exceed £50 alone.
Our advice is simple. Always obtain a copy of ALL the important documents prior to any fees-free remortgage and check that the discharge of your old loan is undertaken as part of the service. Failing this, pay that little bit more and stay in control. You may even find that by avoiding a fees-free product you may obtain a better rate and lower bank arrangement fee (always check with your financial adviser).
Remember the Small Print In Your Mortgage…. If In Doubt Ask Us.
Organise your survey and mortgage; Contact Conveyancing Lawyers for your solicitor; Organise your removal specialists; Calculate your deposit and have it ready; Arrange buildings insurance for your new home; Check out the utility suppliers; Work out the stamp duty if applicable; Enroll the kids at school if moving far afield; Arrange your new doctor and dentist; and Have a takeaway number ready for your first meal while unpacking!
LOOKING FOR A PROPERTY? - It may seem obvious, but there is a lot to consider: the area you want to buy in; the space you’ll need to live in; the price of property that you can afford; the condition of properties you are happy with – the list goes on. So, where to start? Many people look at online estate agency portals these days. The days of print are diminishing and there are many free to use online brands who offer a wide variety of property options when it comes to buying property. You can refine your search parameters to only include properties that might be of interest to you. You can also sign up to mailing lists where you will receive emails about properties that are new to the market that suit your needs.
WHAT'S IT WORTH - The magic question. The value of any property is what someone will pay for it. That may sound fluffy, so here are some suggestions as to help you figure out what it’s worth to you. Make sure you obtain a copy of the Home Report for any property you like the look of. This will be available through the marketing estate agent. The Home Report will give you a ballpark valuation and indication of what the property is worth taking account of location, size and condition. View the property. Always do this as it will help you make up your own mind as to how you feel about it. You may only live in the property for a short while or maybe for the rest of your life, but the value is at least partly pegged to your own expectations. Consider whether the property is in a locale that would enable you to sell at least at market price, should you wish to at some point in the future. Be level headed. Just because you think you love it, it doesn’t mean everyone else will. You’re spending a lot of money so you’ll at least want to know that you’ll get it back if you sell.
TYPES OF OFFER - he type of offer you make for a property will often depend on the way it is marketed. The most common methods are ‘offers over’, ‘fixed price’ and ‘offers around’. By knowing what the seller hopes to achieve, you can better fine tune your offer strategy. ‘Offers over’ usually is the first pitch at a newly listed property and indicates that the seller and their agent are confident of an offer in excess of the price. Whether they achieve this or not is another matter. The remaining two tend to reflect a more agreeable and negotiable position. They are often where the seller is looking for a quick sale or has been struggling to generate enough interest.
MORTGAGES - Mortgage lending is a competitive business. There are many deals out there and you should shop around. You can either go directly to the lenders or go through an intermediary called a mortgage broker. The advantage of an mortgage broker is that they should be able to offer you an enhanced choice of lenders. Beware of excessive fees. If using a mortgage broker, make sure that they are fully regulated by the Financial Conduct Authority (FCA) and ask what they charge for their service. Some mortgage brokers will not charge a fee for their services as they will receive payment from the mortgage lender for selling the product. Also be aware that often mortgage brokers may have associations with legal firms and may recommend their services. This is rarely a free of charge service and may result in you paying higher costs than if you went direct.
Q - Can We Try The Legal Service For Free?
A - Yes, our unique ‘No Obligation Service Opportunity’ allows you the opportunity to experience our highly valued service without any commitment or payment on your part, so go ahead and compare the Conveyancing Fees.
From when you decide to Sell, Purchase, Tranfer or Re Finance your property, we are here to help. We have a proven track record for over 10 Years in Scottish property (Residential and Commercial) of helping save thousands of pounds. From help to appoint an Estate Agent, Negotiation Tips, Legal Guides and practical advice. Just drop us an email or phone or if easier read through our extensive Online Guides.
Challenging Online Comparison Websites, Why Pay Referral Costs?
Call Or Look Through Our Online Guides, Being Prepared Saves You Money.
It's Beter To Save £1000's When Negotiating Your House Price.
Knowing & Asking Is Always Better Than Assuming What Is Happening.
Assumptions create 70% of all conveyancing stress and issues. We make assumptions every minute of every day. Something happens and we instantly assign meaning to it. That is an assumption. Yet conveyancing and the residential legal system in Scotland is constantly changing and so does what your solicitor is reqired by law to do and what is required of you. We start imagining and reasoning what is going on, we look at social media and ask friends, what they think, what they experienced. We rationalise an entire assumed story based on assumptions and we believe it. One assumption leads to another assumption; we jump to conclusions and we take it personally. Almost all conflicts and desisions we take are based on assumptions. Assumptions are nothing more than false stories that we are telling ourselves. They create a big drama for no reason because they aren’t based on fact. If you really want to avoid the stress of moving, ensure that your experience is a possitive one and you are informed, why not just ask your property solicitor?