It’s a terrible feeling to have a mortgage application denied. Most people are going to feel frustrated, but there are things that you can do to change your circumstances. Large numbers of applications are turned down, as the mortgage market continues to adjust after the Mortgage Market Review. After the property market meltdown in 2008 most lenders were understandably hesitant to provide loans for any but the most qualified borrowers. But you can make a difference to your chances.
We’re sure a lot of solicitors will breath a sigh of relief when they read about the common sense approach taken by His Honour Judge David Cooke in a recent negligence claim.
The case involved a situation where a buyer contracted to purchase a property, the deposit was held as agent (rather than stakeholder) by the seller’s solicitors, and the transaction failed to complete due to the seller’s bankruptcy after exchange.
Homeowners in the South East look set to benefit first from the ‘green shoots’ of economic recovery, according to recent studies of the housing market. The effect of Government-backed schemes to boost lending is already underpinning a steady increase in house prices, with the country’s most prosperous region once again leading the way.
One of the first questions you need to check with your conveyancing solicitor is ‘How much will my conveyancing cost?’
As lawyers, we’re fully aware of the reputation under which the profession labours, and some of it is deserved. That is why you can get an instant free quote on our website. This is a quote, not an estimate: i.e. provided the information you have given is correct and barring unforeseen complications, this figure is what you will pay. In a small minority of cases, there may be legal issues which mean there is an inevitable cost overrun. If this is the case, you will be told in advance, advised of the extra fees which will be payable, and asked if you wish to proceed.
If your solicitor or conveyancing company is not offering this kind of guarantee, walk away. Moving house is stressful enough without playing the Russian Roulette that is hourly billing.
Next instalment:Â Conveyancing:Â What You Need To Do
You may receive recommendations (from friends or from solicitors) but you still need to make sure the estate agent understands what you want. Remember that estate agents need you more than you need them!
Selling your home is a very important matter and you have a right to establish the credentials of the person selling it. Any agent worth their salt should welcome any questions, however searching. You will want to know:
When it comes to the type and length of agreement, again: you are in charge.
You may feel that joint agency or multi-agency agreement will give your property a wider exposure but as well as being more expensive, they can make you appear desperate. A sole agency agreement is most common and is adequate for most people.
However, there is no need to be tied down to too long an agreement. The average time to sell a property at the moment is a little over ten weeks, so a twelve-week agency agreement (ten weeks plus two weeks’’ notice) should be enough.