As a first-time buyer, it is important to shop around for the best mortgage to suit you. Once found, and following your application, your lender will issue a formal offer. As lenders requirements can be numerous and complex we are happy to advise you on the main terms if required.
On acceptance of your offer, the lender will instruct a surveyor to value the property. You will receive a copy, but the surveyor is acting for the lender, not you, so you should not necessarily rely on it. You may therefore decide to have your own survey carried out – although this is not a legal obligation it might highlight defects in the property which might delay your application if you are unhappy with the results or require our advice on how best to proceed.
As an existing homeowner you may wish to save money by switching your mortgage from your current lender to a new one. Our residential property legal team can guide you through this often complicated and time-consuming process.
To comply with your new lenders requirements and ensure there are no issues which could affect the value of the property, we will examine your property deeds and any other documentation relating to title, carry our detailed searches, issue a redemption statement, deal with the Land Registry and agree a completion date. Throughout each stage, our expertise will ensure that any deadlines will be met and costs taken into consideration.
As an alternative to a house sale or re-mortgage, we can advise on equity release schemes for older individuals who wish to free up some money but remain in their home. Different equity release schemes use different financing mechanisms and present different risks, it is therefore important that a solicitor check the details of any agreement before you agree to any form of equity release.
The most common scheme is obtaining an equity release mortgage, which releases a capital sum to the individual. Instead of paying interest monthly as with a standard mortgage, instead interest occurs and is added to the sum owing. Normally the individual can live at the property as their main residence for as long as their health permits.
With good legal advice and an awareness of the possible risks, equity release schemes can be a way of releasing much needed cash. Our residential property lawyers frequently advise clients on such schemes.
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