November 7, 2019

What Is A Mortgage Solicitor?

A mortgage solicitor or a conveyancer is an individual that deals with all legal aspects of the property buying process. Buying a house at any age can be one of the largest financial transactions individuals or couples can make. Mortgage solicitors are a way to reduce the stress some individuals may feel during the property buying process, allowing them to take a back seat in terms of legal aspects, whilst still maintaining control.

An individual or a couple thinking of buying a house may invest in a mortgage solicitor or look at using a conveyancer.  Conveyancing is a legal term to describe the transferring process of a property. A conveyancer is an individual who handles the contracts, whilst giving legal advice, transferring the funds to pay for the property and dealing with the land registry, and council funds. Solicitors may be more pricey than conveyancers, however an individual or couple may opt for a solicitor if they wish for a legal perspective, a welcome addition to the process. Solicitors aim to treat all clients equally, and should deal with young couples buying their first home in the same way as a couple investing in a larger property.

How do I find a mortgage solicitor?
Individuals or couples may find a mortgage solicitor through recommendations from friends or families, or they may receive recommendations or references from estate agents who may have partnerships or connections with local mortgage solicitors. Online conveyancing is increasing in popularity, and is also an option, it is cheaper financially, however it is not as personal. Individuals may steer away from an online form of conveyancing as it means there is a lack of consistency with the individuals you may be speaking to, there is also a limit to their legal knowledge. Conveyancers and mortgage solicitors must belong to licensed institutes; such as the law society and council for licenced conveyors.

How much will a mortgage solicitor or a conveyancing solicitor cost me?
The way in which mortgage solicitors or conveyancers charge can vary, they may offer a fixed or hourly fee, or maybe even ask for a percentage of the price of the property. It is recommended that individuals or couples looking for a solicitor compare the quotes of three solicitors, they should display all aspects of their price including tax, land registry fees and any additional work that may be required.

Communication within the process
Hiring a mortgage solicitor can be pricey, so it is important to get value for your money, ensuring a mortgage solicitor has good communication is key within the house buying process. There are several complications and hiccups that can arise within a mortgage transaction such as a buyer pulling out, or money disagreements. Solicitors can also be uncommunicative which can be a huge problem and cause a great deal of stress. The vendor could pull out, and someone else could offer to pay more than agreed, which can also complicate things. Complaints can be made to the law society and other organisations if you experience problems with your solicitor.

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