They say that buying a house is one of the most stressful things that a person can do, but it doesn’t seem to put the Brits off. In Europe, it’s pretty common practice to rent rather than buy, but here people prefer to own their properties, seeing them as an investment, something to pass on to the kids when they die.
Young people are finding it harder and harder to get on the property ladder, with high prices, but if they can get the deposit together, there are several steps to go through. Probably the first is to find a good mortgage solicitor in London.
What a mortgage solicitor can do
Getting a good mortgage can affect someone’s life for the next decade or two, or more, so finding an effective mortgage solicitor in London, such as West End firm Saracens Solicitors can make all the difference.
Getting a mortgage requires either a cash deposit or funds from the sale of a previous house. Buyers also have to shell out for survey fees, solicitor’s fees, removals and, sometimes stamp duty as well.
The services of a mortgage solicitor in London come in after the offer has been accepted. The buyer instructs the solicitor to deal with the legal transfer of ownership, which involves quite a bit of documentation, including contracts, questionnaires about the property, and transferring the funds.
This is what takes the time. The seller’s solicitor sends over information about the property and the buyer’s solicitor reviews it, seeking clarification where necessary. Once everything is in order, the buyer receives their solicitor’s report, along with the contract and any other paperwork, all to be reviewed and signed. This is when the buyer transfers the deposit to the solicitor, along with the balance of the mortgage funds. After this, the keys can finally be exchanged.
It is vitally important to get a survey done. This may throw up problems with the property, such as subsidence, which may affect the terms of the mortgage. It may also highlight other issues, such as a leaking roof that may affect the price of the property, and the buyer may instruct the solicitor to seek a reduction in the price to cover the cost of repairs.