Homeowners and First Time Buyers take advantage of the low mortgage Interest Rates
First Time Buyers are taking advantage of the low mortgage rates with transactions 10% up on last year (2015) for the first half of the year. According to Connells 20% of the September valuations were for First Time Buyers.
It is a Buyers market and Homeowners, First Time Buyers (FTB) need to get their Solicitors ready to move the transaction forward as soon as their offer is accepted. Few FTB realise that searching for a Property Solicitor once an offer has been accepted can slow the process down. First Time Buyers historically have been favoured by New Build Developers because they can move in fast as they aren’t in a chain.
Conveyancing Process
The process of instructing a Solicitor starts when The FTB contacts the Solicitor, asks for a quote and then if they are happy they then proceed. Getting a quote is not as an easy as it sounds as many Solicitors do not provide a fast service. The FTB thinks they are moving forward but in fact nothing starts until the terms of engagement has been sent out to them from the Solicitor which they then then sign and return back.
Only when the solicitor has received the signed terms does the conveyance start.
Homebuyer - Customer Focus
This Homebuyer website is managed by We Help You Too Ltd. Provides an instant quote service from the national Homebuyer panel. The software presents the complete conveyance costings . No personal details are required. The panel members want their customers to make an informed decision in their own time, on who to instruct.
Complex conveyance process made understandable
Conveyancing is a complex process and meaningful accurate quotes is key to helping all Buyers and Sellers manage their moving costs budget. The MD Duncan Pattinson of We Help You Too (WHYT) that manages the Homebuyer panel has experience in managing complex process. The quotations presented are as accurate as they can be with minimal questions asked to get to the summary screen.
Buyers, sellers and remortgage homeowners can take a quote away and book a call to discuss their conveyance. The conversion rates are high for Solicitors. It is important that key partners are introduced to help take the strain. Onesearch Direct powers the search ordering platform and have worked alongside WHYT to provide a search pack that is comprehensive and at the right price at just under £200 covering England and Wales. The price variation is simply the legal fees being different as the cost of living for Solicitors varies across the country.
Cheap, local conveyancing. The choice is yours.
Some FTB want a cheap price and others want to use a local Solicitor. The system does just that with the added bonus of being able to filter by Mortgage Lender. Some lenders do stipulate that Buyers use a Solicitor that is on their approved lender panel.
The Homebuyer panel is growing at a rate and inline with demand they are moving into areas where they can provide consistency of work to Solicitors.
They see a win win by providing transparent quotations to both Buyers and Sellers with the back office providing conveyancing insights to Estate Agents, Mortgage Advisers and Property Developers. Solicitors enjoy good quality work with minimal wasted calls and updates to key professionals are reduced. They can get on with their work.
The panel is independent and not tied in to any Mortgage company or Property Developer.
Conveyancing Changes, Looking after the interests of the Consumer.
Conveyancing is due a change and the focus has to be in on reducing the number of failed transactions and smoothing out the process. Having an independent impartial Solicitor is really important.
Just recently in the press Buyers have purchased a New Build and the Solicitors did not notice that the ground rents would increase after a set period. This has a knock on effect and either limits the sale of the property or if it was a buy to let it reduces the yield.
Finding a Solicitor after an Offer has been Accepted - Is that too late?
Conveyancing is only really understood and required once an offer has been accepted. Doing your homework and getting a Solicitor ready to move forward promptly is key. The Mortgage world introduced an affordability check and Homeowners that are moving should from the outset produce a moving house checklist, cost out each stage and use key conveyance professionals that provide a fixed fee service.
Being in control of costs will remove some of the stress. Exciting times making your move really happen.
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