Author: convey_admin

95% mortgages sound too good to be true, but they are not! The truth is, they are the best type of mortgage for first-time buyers who cannot rely on a large deposit. Who can apply? What is the loan like? 

During the Spring Budget 2021, the government announced a new 95% mortgage guarantee scheme to enable homebuyers to get a mortgage with a 5% deposit, with the government underwriting 95% mortgage loans. It’s similar to the Help to Buy mortgage guarantee scheme. 

How It Works

This type of mortgage scheme allows individuals to purchase a property with only a 5% deposit. The scheme will run until December 2022 as part of the government’s efforts to maintain buoyancy in today’s housing market. 

Keep in mind that this isn’t always the cheapest option, although it may look like it at first. That’s why it’s essential to explore your options. 

You put down 5% of the value as a deposit, which can also be referred to as a 95% Loan-To-Value (LTV), which means the mortgage covers the property’s percentage price. 

Are You Eligible? 

One of the first things you need to sort out if you’re interested in getting this scheme is whether you’re eligible for it. Before anything else, lenders will look at your credit score, which will influence their decision whether they should grant you the mortgage. 

Is the Property Eligible for the 95% Mortgage? 

Not all properties are eligible for this type of mortgage scheme. Here are the criteria for eligibility: 

• You need to purchase a house in the UK. 

• The house should be under £600,000. 

How to Choose the Right 95% Mortgage

You need to consider two types of loans to choose the right 95% mortgage: a fixed-rate or variable-rate loan. A fixed-rate mortgage can last between two and five years, which means you don’t need to worry about your interest rates changing during that time. At the end of the mortgage term, you need to look for another deal; otherwise, it will be transferred onto the lender’s standard variable rate, which can cost you a lot of money. 

On the other hand, a variable-rate mortgage is something you should consider as well. Today, lenders offer Standard Variable-Rate (SVR) mortgages. You can also try a tracker mortgage in which the interest rate will be linked to an external benchmark. When the base rate moves, the tracker rate will as well. 

When you have chosen a loan type, make sure you compare mortgage quotes from different lenders. Doing so will show you the maximum LTV each lender can offer you and the type of mortgage available. It will also contain other fees you need to pay. 

Is a 95% Mortgage Right for You? 

When we buy a house, we do so in what is known as debt. The bank loans us money, and we pay it back over the term of the loan, typically 25 years. When we pay off our mortgage, this means we have cleared our debt and own our home outright. This works perfectly well for most people, but others may need to tap into their equity. This is where a 95% mortgage could provide a solution.

Get help from a reliable conveyancer in Manchester today. Conveyancing Expert will ensure your property transaction is completed by offering first-rate legal advice and service. Get a free quote today!

One misconception about the real estate industry is that if both parties find the buyer’s proposal amenable, the title transfer should be quick and easy. Ideally, that would be the case. However, many stumbling blocks can prevent smooth transactions, from potential issues revealed during residential conveyancing searches to either party being slow to respond to requests for information. Here are tips to ensure that your conveyancing proceeds without a hitch.

Know How Much You Can Borrow before Buying

Before you make an offer, you should already know how much you can borrow. Once you have an accepted offer, it will be easy to go through the following steps. Applying for a mortgage comes with complications of its own, so if you can get one in advance, it would make the conveyancing process faster. Having a mortgage secured before buying will also show sellers that you’re serious about coming to an agreement.

Hire an Estate Agent instead of Going Independent

It can be tempting to attempt to purchase your house alone, especially if you’re thinking about how much money you could save. However, good estate agents are worth what you pay—they are efficient and have industry knowledge that will see you through unforeseen situations.

Double-Check Everything You Fill Out

The residential conveyancing process will involve plenty of document exchanges, and the quicker you respond to requests for information, the sooner the solicitors will move to the next stages. However, you have to be sure what you’re writing down is accurate—submit complete forms and be careful to fill them out as accurately as possible. Correcting mistakes will use up time and make the conveyancing even longer.

Hire a Conveyancing Solicitor

Getting a conveyancer is one of the best ways you can ensure that the transaction goes well. If you’re a first-time buyer, having an expert to guide you will help remove the uncertainty of the process. A conveyancer can help you understand aspects about the sale which are unclear to you, and they can take the lead on unfamiliar things. Even if you do a lot of reading, nothing beats having first-hand knowledge of something, and a conveyancing expert would have plenty of experience in transferring properties.

The conveyancer is also crucial in helping speed up the process. They will be aware of red flags and alert you about these—they can even suggest possible ways forward. A good conveyancer will put your needs above everything and keep you updated throughout the conveyancing process. Many of them make it a point to ensure that first-time buyers have a painless, hassle-free experience, so if you have plenty of other commitments or responsibilities, getting a solicitor for the transfer will be a great help.

Conclusion

Whether you’re buying or selling property, you’d need to instruct a conveyancing solicitor to carry out relevant legal processes. Transferring home or land ownership is no walk in the park, even for people who quickly reached an agreement about the sale. Having a solicitor enables you to speed up the process and handle all transactions with confidence and ease.

Trust Conveyancing Expert with your home purchase. We are conveyancing solicitors in Manchester, providing dedicated support on property sales, purchases, remortgages, and more. Get a free, no-obligation quote or contact us for enquiries!

If you are moving houses, chances are you will be thinking of using a conveyancing solicitor to help you with the legal side of things. Most people give little thought as to what the term ‘conveyancing’ actually means. 

In a nutshell, conveyancing means the act of moving an interest in property for value to another person. It is the law surrounding this method. There is not much to it, but many technicalities can change how simple or complex it can be.

So what is conveyancing, and how does it work exactly? 

In the UK, when you either buy or sell a property, you need to have real estate experts by your side to ensure you go through the process as efficiently as possible. The conveyancing procedure can get quite stressful, which is why you need to have the right property solicitor working for you. 

Conveyancing: What is It? 

Conveyancing is the process of preparing and transferring legal documents into either a sale or lease. When buying or selling a house in the UK, you need a licensed conveyancer to handle the land registry and other legal processes on your behalf. 

What is the Conveyancing Process When Buying a House? 

If you want the home buying process to succeed, you will need the help of a conveyancer. However, you must first know how the process works.

When you’re ready to buy a house, you need to instruct a conveyancer to handle all the necessary legal paperwork and local authority searches. You will then receive a draft of the property information, along with the charges and other sender documents. 

Afterwards, you must make an offer on the property. This is the part when you need to verify the ownership of the house; you can do this by looking at the forms to double-check the information. 

Next, your conveyancer will do local authority searches to determine the property details. You can also take advantage of this stage to have a survey done on the property. 

When you’re happy with the contract details and you go through the exchange, the next step becomes legally binding. That means you need to continue with the process as agreed upon to make it official. 

Your solicitor must go through the terms and conditions of the contract. Following the contract exchange, you will need to sign the formal transfer deed once the conveyancer has finalised the land registry. Then, you will receive an approved mortgage from your lender. 

The Importance of an Excellent Conveyancer

As you can see, the process can get complex. It would help if you hire a conveyancing solicitor who can navigate the process with you smoothly. Whether buying or selling a house, it can be stressful if you don’t know what you’re doing. So, you need all the professional help you can get! 

By knowing how the conveyancing process works, you can make a more informed decision, especially when choosing a solicitor to work with during this significant time in your life. 

Find your Conveyancer Today

Conveyancing is one of the most helpful legal processes to assist with transferring the deed from one owner to another. It reduces the time you and your buyer have to wait while a third party performs a task.

Find the best conveyancing solicitors in Manchester at Conveyancing Expert. Get a free quote with us today, so you know what to expect when buying a home in the future.

Most people don’t know this, but if you are purchasing or selling a property, there will be problems with the conveyancing. This is about the most expensive mistake that can happen in buying or selling property, so it’s worth taking time to learn how to avoid them. Here are some of the common conveyancing problems and how you can fix them: 

1.Failure to Instruct Your Conveyancer When an Offer Has Been Accepted

One of the crucial steps in the conveyancing process is to instruct your solicitor when an offer has been made. This is the solicitor’s cue to work on the legal process for the transfer of the property, and we all know this is going to take some time. Failure to do so can cause delays and setbacks. 

Therefore, it’s recommended to get conveyancing quotes in advance so when the time comes, you already have a solicitor who can get the ball rolling the minute you get or accept an offer. Compare their fees carefully to give you more time to decide on the best option for you. 

2.Gazumping

Gazumping is when a seller accepts a higher offer, which can be frustrating. However, it’s not the end when this happens—until contracts are exchanged, property transactions are not legally binding for either party. 

With this, you can match the new buyer’s offer, try to negotiate the price somewhere in between, or drop the sale altogether. 

3.Buyer and Seller Can’t Agree

Let’s say an offer has been accepted on a property; with this, the conveyancers of each party will start the legal process by exchanging a series of letters and terms. This is when it can get tricky because sometimes, one or more of the terms and conditions can’t be agreed on. When this happens, the solicitor will negotiate with you and you need to be prepared to compromise. 

4.Issues with Paperwork

During the conveyancing process, missing or incomplete paperwork can cause delays. There are several documents that need to be signed by both buyers and sellers. Avoid holding up the conveyancing process by making sure you have time to sign contracts and return them as soon as possible. 

5.Property Issues

Problems with the property can cause conveyancing delays. This is because if an issue is found, the problem should be examined, and decisions have to be made. Your conveyancer will advise you on the results of the survey and its implications. Take note that it might be necessary to renegotiate the price of the other property. 

6.Delays in Funding

Mortgage approval delays happen, and when it does, it’s going to impact the conveyancing process. That’s why when you make a decision to purchase a property, it’s best to get the ball rolling, including the funding, to avoid delays in the future. 

Have a Smooth Conveyancing Process

Conveyancing is the formal process of transferring the title of a property from one party to another. It is a complex and detailed process, and there are plenty of things that could go wrong with it. These common mistakes will guide you to make the whole process go as smoothly as possible. 

Are you looking for a reliable conveyancer in Manchester? Conveyancing Expert is here to make the whole process a lot easier for you. Get a free quote today!

Residential conveyancing can be complicated, and first-time buyers might find it incredibly challenging. Buying your first home should be exciting for the right reasons—you don’t need stress at this time. Here are frequently-asked questions to note when buying a property.

What are the Steps in the Conveyancing Process?

There are several steps in conveyancing, but the process kicks off when the buyer makes an offer on the property. Here are things you can expect during conveyancing:

1. When the seller accepts the buyer’s offer, the latter’s conveyancer will arrange for a survey and apply for a mortgage, if necessary. Then, they will confirm instructions and set out the terms—they must also contact the seller’s conveyancer and request the contract pack from them.

2. After receiving the pack, they will make pre-contract enquiries, carry out searches, and get a copy of the mortgage offer. The two parties will exchange responses, enquiries, and reports until the buyer is happy to proceed.

3. The buyer’s residential conveyancer makes arrangements to pay the deposit and prepare the exchange of contracts. The two parties agree on a formal completion date, which means a legal commitment to the transaction.

4. When both parties reach an agreement, the buyer’s solicitor drafts a transfer deed and a completion form, which they send to the seller and their conveyancer. Afterwards, the buyer’s conveyancer prepares a completion statement. They also carry out a pre-completion search and apply for a mortgage loan. 

5. Upon completion, the seller vacates the property or makes arrangements to vacate it by the agreed upon date. Then the buyer’s conveyancer sends sale proceeds to the seller’s solicitor. This person releases the keys to the estate agent, sends the title and transfer deeds to the buyer, and ensures that the latter receives and signs the undertaking promising that they will pay the remaining balance in full.

6. Finally, the buyer’s conveyancer sends the stamp duty to HMRC and receives all pertinent documents. At the Land Registry, they must register the property in the buyer’s name. The buyer’s solicitor is also responsible for coordinating and sending documents to the mortgage lender.

What Else Should Buyers and Sellers Supply?

A person interested in a property must provide the seller with an ID, proof of their address, and a bank statement dated within the last three months. Buyers must show that they have the financial capacity to pay for the mortgage. 

If the property in question is unregistered, the seller must provide their solicitor with authority to obtain the title deeds or other relevant documentation. The seller needs to have title absolute, outright ownership of the property, or a legally recognised certification that they have the right to sell it as the landlord.

Conclusion

Conveyancing can take anywhere from a few days to a few months, depending on the complexity of the property’s ownership situation. If you’re buying a home for the first time, hire the services of a residential conveyancing expert. An experienced professional can guide you through the process and ensure that it goes as smooth as possible.

Trust Conveyancing Expert to deliver efficient fixed-fee services consistently. We are conveyancing solicitors in Manchester, and we assist homebuyers in everything from sale & purchase to remortgage, transfer of equity, and more. Get a free, no-obligation quote today!

Contrary to popular belief, it doesn’t involve expenses brought on by pricey staging involving new floors and even taking down a wall. That’s a misconception that plenty of DIY shows out there today have propagated. 

In truth, there are many affordable ways to help a home along before it’s sold. Staging a home doesn’t have to take a lot of time or cost an arm and a leg. Some ideas cost pretty much nothing and can be accomplished in a few hours or so.

Read on for some of the many tasks you should accomplish before your home is up for sale:

Before You Put Your Home up for Sale, Clean Doors and Windows!

Light in a space means a lot for potential buyers across multiple levels. So keeping both doors and windows clean is best for the space. Don’t miss out on the windowsills, either, since dust and dirt can collect. The back door often has a lot of high traffic; don’t miss out on those, too!

Before You Put Your Home up for Sale, Organise the Pantry!

Pantries are one of the most important spaces in a home. Having made a comeback in recent years pantries are now a desirable kitchen feature. Make sure similar items are grouped and organised nicely; canned sauces, for example. 

Check on the shelves and make sure they are clean as well as the floor. Pantries are prime areas for crumbs and spills.

Before You Put Your Home up for Sale, You Should Declutter!

Here’s why: People having too much stuff is probably a default setting for everyone at this point, one way or another. Aside from closets being stuffed to the brim, surfaces are typically cluttered, and even beds with space underneath have items stored there. Make sure you go through every single item you own. In order not to be fully overwhelmed, going by room is your best bet. 

If you have a walk-in closet, take it by section! Create three piles or have three boxes prepared: Donate/Give Away, Keep, Recycle/Bin. Make sure you keep an eye out for valuables, keepsakes, memorabilia and photos. This will assist in creating a spacious area. If you are struggling or you still have lots of items look into storage unit rental.

Conclusion

One of the most stressful events in a homeowner’s life is when the house needs to be put up for sale. Contrary to popular belief, it doesn’t actually require lots of time or large amounts of money. Before you put your home up for sale, declutter, clean doors and windows and get organised.

Looking to work with a conveyancer in Swinton? Reach out to Conveyancing Expert today! We’ve got you covered with our first-rate conveyancing services.

In this post, Conveyancing Expert – a trusted conveyancer in Manchester, shares some of the basic information you need to know about remortgaging, including why you should do it and how it works. If this is something you’re interested in, read on, and you’ll definitely find the answers to your remortgaging questions: 

“Why Should I Remortgage?”

When you first get your mortgage, it’s likely that what you’ve signed up for was a really good deal. The problem is, over time, the mortgage market goes through many changes. Newer and much better deals are now available. What that means is that it’s likely that there’s one that can benefit you better today and save you some money. 

Here are some of the reasons why you might want to remortgage: 

To Get a Better Interest Rate

When you take out a new mortgage, you’ll likely be given an introductory deal which will be a low fixed rate or a low tracker rate for several years. Such deals often last for two to five years, depending on the offer of the lender. When that introductory period ends, it’s a good idea to check the market to find out if switching will save you some money. 

To Get a More Flexible Deal

Remortgaging may offer a more flexible deal, like when you want to overpay. You can also do it to switch to a current account mortgage, where you can use your savings to minimize the amount of interest you need to pay. Some even allow you to draw your savings back should you need them. 

To Consolidate Debt

If you have a lot of debt, it might be tempting to borrow the extra money so you can pay off other debts. But even if mortgage interest rates are usually lower than that of a personal loan and significantly lower than credit cards, you might still end up having to pay more overall, especially because it’s going to be a long-term one. 

“Do I Need to Change My Lender?”

Not necessarily. To know for sure if there’s a need to change lenders, you should check with your current one if there’s any arrangement they can offer you. You can ask about the product fees they have on their new mortgages as well as any early repayment charges if you end your mortgage deal early. These expenses can add to the remortgaging cost, so you should really assess if it still makes sense to remortgage after you add these costs. 

“When Should I Consider Remortgaging?”

Well, it’s up to when you want to remortgage. However, if you are not yet at the end of your term, it’s likely you’ll have to pay an early repayment charge. Many choose to remortgage when they reach the end of their fixed-rate term because this is usually when their current mortgage stops being a great deal. 

Conclusion

Remortgaging can indeed be beneficial to many, but to be on the safe side, you should thoroughly check out the costs involved. There are lenders who will offer deals with zero fees to tempt you. However, many do not, and in such cases, you’ll have to pay for the legal, valuation, and administration fees which can be substantial, too. You shouldn’t jump at the first deal you are offered, mainly either. Compare offers and see which one is best for you. 

Conveyancing Expert offers quality conveyancing services in Manchester and nearby areas. Contact our team today to get a remortgage quote or to know more about our services!

A solicitor and a conveyancer will both guide you through the process of transferring property, whether you’re buying or selling real estate. You’ll need either one as soon as you’ve agreed to an offer, and they should oversee the transfer of legal ownership. However, how can you decide which of the two is right for your case?

Conveyancer vs Solicitor

Solicitors and conveyancers are fully regulated, insured and capable of transferring the legal ownership of a real estate you are buying or selling. Both operate to almost identical conveyancing practices and procedures when it comes to handling your property transactions. 

However, there are stark differences between the two, and you’ll likely see a difference in the cost of their services as well. As you choose between the two, here are some things to keep in mind:

• A conveyancer is a specialist property lawyer who focuses on residential property. That means they work on progressing transactions like your case every day.

• A solicitor is a qualified lawyer with extensive training in many aspects of the law. That means they can offer full legal services, including divorce proceedings. They’re more likely to offer you advice out of the usual scope of the process but remain relevant to your case. That, too, means they are pricier.

• Having a solicitor as opposed to a conveyancer to overtake your transfer of real estate ownership is going to cost more.

• Mortgage lenders usually only allow conveyancers or solicitors within their panel. They commonly pay the lender for the privilege of being the point people for such services.

• If you don’t use a conveyancer or solicitor on the lender’s panel, you’ll have to pay for the bank’s representation fees. That fee usually varies from bank to bank but averages at £200.

When to Use a Solicitor Instead of a Conveyancer

If you are dealing with complicated transactions, you’ll be better off with a qualified solicitor than a conveyancer. That is because they can perform more than just conveyancing. For instance, a solicitor can properly handle a boundary dispute or sellers getting divorced because they have knowledge beyond property conveyancing law. 

You can expect the matter to be addressed as best as possible. On the other hand, you can expect a conveyancer to handle your transaction of legal ownership transfer from beginning to end.

The Pros and Cons of Having a Solicitor 

As stated above, solicitors are more expensive than conveyancers, but they do bring something more to the table. Solicitors can handle more complex cases with urgent deadlines, but they sometimes work in small practices and have trouble providing continuity of service when they go on holiday.

Some solicitors may also insist on seeing you in person to confirm you are who you claim to be. That can be inconvenient, but it’s a safety measure they do. 

Conclusion

Choosing which to let overtake your legal transfer of ownership can depend on the complexity of your case. If it’s a straightforward transaction, you can make do with a conveyancer. However, if it involves complex matters, you may want to seek a solicitor instead. Most solicitors are highly specialised in their field, while others do conveyancing part-time. 

Conveyancing Expert provides excellent and efficient conveyancing service to guarantee that your property transaction is completed with expert legal advice and assistance. We are dedicated, honest and work to ensure that every client benefits from our expertise. We guarantee quality legal service to each one of our clients. If you need a conveyancer in Manchester, call us at 0161 794 7790 to inquire. 

To help you navigate the process and understand how ownership will pass to you, we created a guide that explains the basic steps of the conveyancing process:

1.Instruct a Conveyancing Solicitor

Once you’ve found your ideal property and have agreed on a purchase price with the seller, the next step is to look for a conveyancing solicitor to help you legally complete the process. The estate agent will exchange the details of the solicitors acting for the buyer and seller.

There are a lot of documents for the seller to complete and the buyer should order searches. All parties need to pass ID and anti money laundering checks. Your chosen conveyancer will organise these for you to complete. 

Documents will contain important information about the property, such as planning permission, guarantees, warranties, and boundary disputes. In The Fittings and Contents Form, you’ll find a list of items that will be included in the sale of the property, which may have carpets, blinds, and furniture. 

Meanwhile, the contract pack contains the title deeds indicating the type of ownership of the property. If you’re purchasing a property with a mortgage, your conveyancing solicitor will also receive a copy of the accepted mortgage offer.

2.Organise a Property Survey

A property survey isn’t a mandatory step, but we encourage conducting an independent property survey to check for any major faults with the property you’ll buy. A property survey may also recommend further investigations and inform you of potentially costly repairs, allowing you to renegotiate the price. There are different types of survey available, often dependent on the age and type of property. 

Depending on the property survey results, you may choose whether to go ahead with the property purchase or pull out if you think the money and work you’ll have to invest is worth more than you’re willing to pay.

3.Conduct Property Searches

During this stage, your conveyancing solicitor will carry out searches to find any vital information on the property and associated risks before exchanging contracts with the seller. By reviewing all of the search and survey results, your conveyancer ensures that you won’t encounter any hidden surprises when you move in.

The type of searches you need depends on where the property is located, but all properties require these searches:

• Planning searches
• Chancel repair liability
• Local Authority
• Water and drainage
• Flood risk
• Mining searches

4.Exchange the Contract

Before signing the contract, your conveyancer must first identify and resolve any issues with the property and conduct a final check with the Land Register to ensure that no changes have been made since the initial searches.

Once you’ve received all the paperwork from the seller’s conveyancer and have analysed the result of the property searches, it’s time to exchange contracts and be legally bound to complete the purchase.

After agreeing and signing the final completion statement, transfer deed, and mortgage deed, you’ll be legally obliged to purchase the property.

5.Complete the Purchase

Finally, the sale is finalised, and the property has been legally transferred to you! On completion day, your conveyancing solicitor will pay the balance of the sale price to the seller and obtain the signed Transfer Deed, title deeds, and evidence of outstanding mortgages.

Conclusion

Buying a property is a long and arduous possession that involves many complexities. Given the weight of the purchase, you must understand each stage of the conveyancing process and work with a skilled and experienced solicitor to have a successful purchase!

If you’re planning on buying a house, let our team of experts at Conveyancing Expert guide you through the process! With a combined 60 years of expert conveyancing, Conveyancing Expert offers high standard yet low-cost conveyancing for all clients. Get a free conveyancing quote today!

It’s not possible to eliminate all issues that might arise but there are things you can do to help and speed up the conveyancing process.

Take Control of the Conveyancing Process: Tips For Sellers

In truth, there is no way to predict the exact timeframe for the conveyancing process. The entire process, from start to finish, may take anywhere from 12 weeks to more than 20 weeks. Some things cannot be sped up but some certainly can.

1 – Start the Legal Process Right Away

The very beginning of the conveyancing process involves solicitors collating information and

documents and completing various formalities. Concentrating on ticking these tasks off the to-do list will help prevent delays in the process, especially when you find the right buyer. 

2 – Fill Out and Return All Property Information ASAP

As a seller you will be expected to complete a lot of forms about the property you are selling so make sure you get started on these as a priority. These forms may include the Property Information Form (TA6), Fittings and Contents Form (TA10), and the Leasehold Information Form (TA7). It is a must that you complete all these forms as soon as you can. It is a good practice to consult your solicitor before filling out these forms should you have any questions.

3 – Collect All Pertinent Documents

Some documents will be required to satisfy your buyer’s conveyancer in relation to the information you have provided. For example if you have made any improvements planning permission may have been needed. You will need to supply to relevant documentation along with building certificates for example. You can start to collate these documents before you even accept an offer on your property. No matter who buys it you will need to supply this information and documentation. 

4 – Brace Yourself for Negotiations

One reason that sales fall through is because sellers are not ready for negotiations. It is not uncommon for buyers to want to change their offer and try to get a lower deal for the property, especially if something is highlighted on a survey. The key is to be ready for this, should it ever happen. Going into the situation with a level head and an open mind will help negotiations go smoothly to reach a fair deal. 

Conclusion

Following these tips will help give the deal more chances for the deal to stick. On top of this, working with an experienced conveyance solicitor will go a long way when it comes to speeding up the process as far as it can go. 

Should you ever need conveyancing services to sell your home, come to Conveyancing Expert! We are your expert in delivering excellent and efficient service to ensure your property transaction is completed with top-notch legal advice and services. Work with a skilled house sale solicitor today!