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Conveyancing

When you move house, you will reach a point where the conveyancing will take place. Conveyancing can be confusing in what it is and how it works if you do not know much about it. Usually this won’t matter too much as your solicitor will take care of this side of things, however it doesn’t hurt to be aware of what is going on.

In basic terms, conveyancing is the transfer of the legal title of a house from one person to another. This will consist of the exchange of contracts and the completion. The process is carried out using a number of steps, which must be adhered to. They are as follows:

Draft contract and paperwork – this will take place once your offer has been accepted. The solicitor of the seller will draft the contract, which will outline the conditions of the sale and the terms.

Introductory enquiries – the buyer’s solicitor will have, by this point, checked the initial paperwork and contract. It will then be their job to make checks regarding the property.

Mortgage Arrears

‘Arrears’ is a term used in financial and legal situations, referring to the status of owed payments – and their corresponding due dates. It is used to describe something that has not received its payment by its set due date, so in simpler terms, ‘Arrears’ are overdue payments. If a payment is missed (one or more) the account will be in arrears – for example; a phone bill, or a mortgage.

If you miss your payments on your mortgage, and go into mortgage arrears, you will need to act quickly. Speak to your lender as soon as possible. Once your lender is aware that you are unable to make your repayments in time, they can help you get back on track.

In order to avoid mortgage arrears in the first place, have a look at these steps you can take.

Do a budget. Budgeting can be an incredibly important aid, even if you are not struggling with your money! A budget will organise your money and allow you to see anything extra you could possibly put away to tide you over if things get tight. It allows you to manage your outgoings efficiently, hopefully therefore preventing you from falling behind with repayments.

Mortgage Broker Pros and Cons

There is always the question of whether to go with a mortgage broker, or directly through the bank, when you are applying for a mortgage. There are of course pros and cons for both, but ultimately it is the individual’s decision. Read on to find out more about your options.

Mortgage Brokers

Starting with the basics, mortgage brokers are there to guide you through your mortgage application, acting as a middle man between yourself and the bank you are/want to lend from. They will help to put together your application, get your documents in order and so on. Banks do this too, however mortgage brokers are not bound to one bank. They can shop around to find the best deal for you and your situation. Especially if you are someone with adverse credit, or who has been turned away by mainstream banks – a broker can help to find a lender who will accept your circumstances.

Pros of Mortgage Brokers:

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.  THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. View Finance Ltd is an Appointed Representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority under number 624517 in respect of mortgage, insurance and consumer credit mediation activities only. The Financial Conduct Authority does not regulate some form of mortgages and loans, including most types of Buy to let mortgages and also Limited Company lending. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Registered office address: 42 Friar Gate, Derby, DE1 1DA. Registered in England and Wales, company number 11265177.

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