This week is National Conveyancing Week, a week long campaign designed to help people better understand the conveyancing process. Today, with the help of Chris Tudor of Tudor Financial Solutions Ltd we look at the best way for you to sell or buy a property.
Once you have decided to get on the property ladder or make a move from your current home, it is really important to get organised at the outset. There is a lot of work that goes on in the background with Estate Agents, Financial Advisors and Solicitors, so the key is to gear up with everything you need at the start, so you are good to go!
You Should Speak with a Financial Advisor First
Before you make an offer on a property, or if you need to sell and buy a property with the aid of a mortgage, you should consult with a Financial Advisor. Chris Tudor of Tudor Financial Solutions Ltd recommends getting a decision in principle. This is an illustration, after a review of your circumstances, of what ‘in principle’ you may be able to borrow from a mortgage provider.
Having a decision in principle at the outset will help you understand the budget you may have available to you and therefore which properties will be affordable. A decision in principle will also be used as proof of funding to illustrate to the estate agent how much you can borrow. You should also have a full financial assessment to consider not only your mortgage needs but also a review of any life, illness, or income protection policies together with a review of your savings and investments.
Ensure that you source all of your paperwork, including bank statements, pay slips/P60, accounts etc so that a full review can take place. Chris Tudor also recommends at this stage to review your credit file so your Financial Advisor can determine how much lenders will lend to you based on your credit rating and circumstances.
At This Early Stage You Should Also Find a Solicitor
At this early stage it is also important you find a Solicitor to oversee this process from the start. Don’t leave it until your offer has been accepted to start shopping around for a Solicitor or you may only add to the delays of the conveyancing process getting up and running. Here at Thornton Jones Solicitors, when you are thinking of selling your property, or buying a new home, we can advise on how the legal process works, what will be required of you, the timeframes involved, and the likely costs you will incur.
Make sure you do your research, use a Solicitor that has been recommended to you or you can see has had lots of good feedback and reviews. Cost should not be the sole deciding factor here as often the cheapest can end up being the most expensive with all of the hidden add-ons or time delays.
Ensure you have a Solicitor that meets your needs to allow your conveyancing transaction to progress as smoothly as possible. Here at Thornton Jones Solicitors we offer our clients various platforms to cater for their needs – you can visit our offices, contact us by phone or email, or use our online portals to complete paperwork and review progress of your transaction via our app. Using a trusted Solicitor that is accessible to you will help you navigate the process and save more time in the long run.
Be Sure You Have Proof of Funds if You Are Paying a Deposit on Your Property Purchase
If you are putting a deposit down on a purchase, Estate Agents, Financial Advisors, and Solicitors will all want to see proof of these funds to check your viability to proceed. Be ready to provide at least 6 months’ worth of bank statements to show the originating source of your deposit and how it has accrued. There may be other questions raised so be ready to explain your funding arrangements.
If you are selling your property, ensure that you have all the necessary paperwork such as Guarantees or Certificates for any work that has been done to your home. If you have any deeds or papers from when you bought your property you should let your Solicitor have these. They may contain key legal documents for matters that may need to be looked at again when you sell your property.
What Should You Do When You Accept an Offer on Your Property?
Once your offer is accepted on a new property, ensure you let your Solicitor know so they can request the contract papers from the seller’s legal representative. It is also important to let your Financial Advisor know you have secured a purchase. Chris Tudor advises that a Financial Advisor needs to check that the product and rate you had considered previously are still available or reassess other options that are now available on the marketplace that may be more preferential to you before submitting a formal mortgage application.
Mortgage applications can take around two to three weeks to process with a mortgage lender. Once approved, a valuation of the property for the mortgage lender takes place. This valuation determines the value of the property and whether the property is suitable for a mortgage. Only once these steps have been concluded and approved by a mortgage lender is a mortgage offer formally issued by a Lender, enabling you to proceed with confirmed funding in place for your purchase.
Make sure you keep your Solicitor, Financial Advisor and Estate Agent aware of any changes. If you need any guidance on what to do, we are always available to help or can often provide you with recommendations of who to use for your needs rather than just Googling!
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
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☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
