First-time buyers face the biggest battle in almost 30 years to make it on to the property ladder as the credit crunch sees nervous lenders demand ever-larger deposits.

The average new buyer needs a 17 per cent deposit – the highest since 1980.
Even then they’ll be lucky to get a loan, with banks imposing a clampdown.

The data, from the Council of Mortgage Lenders, dispels hopes of an end to the housing slump any time soon.

First-time buyers accounted for 40 per cent of the 39,900 loans last month.

Although the figure was up 14 per cent, there is always an upturn at this time of the year. Lending was down more than 50 per cent on last November.

About 70,000 loans for remortgaging were agreed, up 12 per cent on October but almost a third less than last year.

The CML’s director general Michael Coogan condemned “conflicting and incoherent” Government policy, with lenders encouraged to pass on rate cuts while beefing up their balance sheets.

http://www.mirror.co.uk

Millions of Americans are losing, or close to losing, their homes. Foreclosures in the U.S. are hitting record numbers. If you’re having trouble paying your mortgage, learn about the steps you can take to avoid foreclosure or minimize your debt after it happens. Quick action is the key to success — it can save your home or help protect your credit rating.
Don’t give up and let the lender foreclose on your home without considering your options. A foreclosure will hurt your credit rating and make it difficult, if not impossible, to buy another home anytime soon. In addition, if the profits from selling your home don’t cover the unpaid portion of your loan, your lender might sue you for the rest.
Your best options if you’re having trouble making mortgage payments include:
• negotiating with your lender
• getting government help
• filing for bankruptcy
• selling your home yourself, or
• Giving your home deed to the lender.
Beware of scam artists. People facing foreclosure are often preyed upon by others claiming they’ll “help.” Some homeowners have unwittingly signed documents giving these scammers title to their property, turning the owners into renters. Don’t sign anything without getting a professional opinion first.
As soon as you realize you’ll have trouble paying your mortgage — ideally, before you’ve missed any payments – contact your lender. Now, more than ever, lenders are willing to negotiate with home loan borrowers, if only to reduce the number of foreclosures they’re dealing with.
Do it sooner rather than later. If you call soon, you may be able to work out a solution with your lender. But if you’ve already missed three or four payments, it may be too late, and the lender may insist on foreclosure.
Possible solutions- The lender may accept partial payments for a few months, accept a late payment, or agree to redo the terms of your loan.
What to say when you contact your lender. Here’s what you should ask for in lender-language.
Forbearance- You make a reduced payment, or no payment, for an agreed-upon period of time. Usually, the lender requires you to make up the difference at a later time. The lender is most likely to agree to this if you can demonstrate that you will soon receive a bonus, tax refund, or some other extra cash.
Loan reinstatement- You agree to make up your missed (or reduced) payments by a specific date.
Loan modification- Your lender agrees to alter the terms of the loan so that you can better afford the payments. For example, the lender may agree to add your missed payments to your loan balance, to stretch out your loan over a longer term (which will lower your payments but result in more interest over the life of the loan), or to convert an adjustable rate to a fixed rate mortgage.
The U.S. government is currently discussing ways to help homeowners facing foreclosure. In the first plan to be implemented, FHASecure, the Federal Housing Administration may grant FHA refinancing to borrowers who can show:
• a history of on-time mortgage payments before the borrower’s teaser rates expired and the loans reset
• interest rates that have reset between June 2005 and December 2008
• 3% cash or equity in the home
• a sustained history of employment, and
• Enough income to make the mortgage payment.
Of course, many people won’t be helped by FHASecure, particularly if they’ve lost their job or their house’s value has declined. Keep your eyes on the news for other programs or forms of relief.
Filing for bankruptcy may help you keep your home, or at least get you out from under your mortgage. When you file, the foreclosure process is legally stopped (called an “automatic stay”). It can’t be reopened until your bankruptcy case closes or the lender gets court permission to proceed (called “lifting the stay”).
If you simply can’t afford the house you own, the above options won’t help. You will probably lose your home. But don’t wait for your lender to make the first move. If your home has appreciated in value since you bought it, you may be able to sell it yourself. Again, contact your lender, who may let you stop making payments until the house is sold.
Ideally, the proceeds from the sale will cover your mortgage and selling costs. But if they won’t, ask your lender to consider what’s called a “short sale.” That means the lender accepts the sale proceeds even if they’re less than the amount you owe.
If no one is interested in buying your house, your lender may agree to take the deed and cancel your debt. This is called a deed in lieu of foreclosure. The idea is that the bank can then sell your house (as with an actual foreclosure) but won’t report it as a foreclosure to the credit rating agencies — in fact, you can negotiate with the bank about how it can help you preserve your credit rating.
Short sales and deeds in lieu of foreclosure will no longer leave you owing taxes. In the past, the IRS considered forgiven debt to be taxable income. However, this was erased for situations where the loan was for a primary residence, by the “Mortgage Forgiveness Debt Relief Act of 2007,” or H.R. 3648.

The financial squeeze that’s left millions of Americans falling behind on their mortgage payments doesn’t seem to be letting up. For some, that presents a stark choice: is it better to lose your house to foreclosure or file for bankruptcy protection?

Neither option is going to be easy. Generally, a foreclosure will remain on your credit report for 7 years, while a bankruptcy remains for 10 years. But that doesn’t mean foreclosure is necessarily the better option, according to Ray Hooper, Education and Housing Director for the Consumer Credit Counseling Service of Greater Dallas, a non-profit agency that tries to help people facing foreclosure keep their homes.

“A foreclosure is very serious to mortgage lenders,” said Hooper. “They’re going look at a foreclosure more seriously than they will a bankruptcy that doesn’t include the house.”

Before you accept that foreclosure is a foregone conclusion, consider trying to avoid it. If you’re having trouble making payments, or even behind by a month or two, contact your lender before the process goes any further. Even if you’ve gotten an official “notice of default,” saying you’re several months behind, you still have time before the formal foreclosure process begins.

The first question you need to decide is whether you want to keep your house or give it up. If you want to keep it, you need to try to work out a plan to get back on track. This involves either making up for the missed payments – which you can do all at once or try to spread out – or coming up with a new plan. One option is to have the loan modified – at a lower interest rate, for example. Or you can ask for “forbearance,” which basically means the lender suspends payments until you can get back on your feet. If you’re in over your head and bought too much house, though, these options probably aren’t going to help.

So you may have to consider moving. Even if you do lose your house, you don’t want a foreclosure on your record when you go looking for a smaller house or a place to rent. One option is to ask the lender to hold off on foreclosing until you sell. If your mortgage is bigger than your house is worth, you’re looking at what’s called a “short sale” and you’ll owe money to the lender even after the house is sold. In some cases, lenders will let you off the hook for that amount rather than go through the expense of foreclosing. (But you may not be completely off the hook: you may owe taxes on that amount.)

You can also try something called a “deed in lieu of foreclosure” – which basically means you turn over your house to the lender and walk away without owing anything. But you’ll need to work this out with the lender: you can’t just leave the keys in the mailbox.
While it’s possible to work out one of these solutions with your lender on your own, you may have better luck with the help of someone who specializes in the process. A good attorney who knows real estate law can help, but you may not be able to afford that. A credit counselor is another option. Lenders are more likely to go along if a competent third party is there to help smooth the process.

If all else fails, you may have to consider allowing foreclosure to proceed – or filing for bankruptcy. But like most aspect of personal finance, there’s no “one-size-fits-all” guidelines for which is the least bad alternative. There are different ways to file for bankruptcy, and not all of your debts have to be included, so even if faced with bankruptcy, you’ll need advice from someone – either a good credit counselor or a bankruptcy attorney – who can walk you through the choices you’ll face.

While it’s not an easy option, bankruptcy is becoming more common. Some 391,000 individuals turned to the bankruptcy courts for help getting out from under debt during the first half of this year, according to the American Bankruptcy Institute. That’s up nearly 50 percent from the first half of 2006. While that’s down from levels seen before changes in the law in 2005 made it harder to file, the ABI said the number of filings is expected to continue to increase.

“Continued pressure on housing markets, combined with high consumer debt burdens, will lead more households to consider bankruptcy as an option to their financial problems,” the group said in a recent press release.

While the bankruptcy process in the U.S. is governed by federal laws and handled by a system of federal bankruptcy courts, state laws regarding consumer debts and the disposition of property also come into play. There are also different types of bankruptcy filings. No matter which course you take, the filing stays on your credit record for 10 years. That makes it very difficult to get any type of loan during that period; the loan will be more expensive if you can get one.

The two most common forms of personal bankruptcy are called Chapter 7 and Chapter 11. (About 60 percent of those who file for bankruptcy use Chapter 7, most of the rest use Chapter 13.) Under a Chapter 7 filling, you get to keep certain property (this is where state laws vary), but the rest is turned over to a court-appointed trustee who sells your stuff or gives it to lenders to satisfy your debts. Under a Chapter 13 filing, you pay back your debts under a plan worked out by the court. The trustee collects payments, pays off your debts and makes sure you stick to the plan.

If you own a business, you may want to consider a Chapter 11 filing. This let’s you stay in business, as long as the court and the people you owe money to approve of the plan to pay off your debts. If the court decides a trustee needs to be appointed, the trustee takes control of your business and its assets.

Not all debts can be wiped clean – even if you ask for a “discharge.” The list includes alimony and child support, taxes, court fines and most student loans. New debts, taken on after the discharge, aren’t included. And if the judge finds out you’ve lied or committed fraud, your discharge can be denied.

You can also choose which debts you want to have discharged while you keep paying off others. You might want to work out a payment plan so you can keep your car, for example. To do this, you have to sign a “reaffirmation agreement,” which says that you promise to pay off that debt. If you don’t pay it back, the creditor can send it to a collection agency like any other debt.

If you’ve filed a Chapter 7 bankruptcy and gotten a discharge, you’ve got to wait 8 years before you can do it again. There are different limits on filing for Chapter 13, depending on whether you’re trying to get debts discharged.

Whatever you decide to do, you’ll probably want some help. Start with a good credit counselor or bankruptcy attorney. Get references, ask lots of questions, and don’t sign anything until you’re sure you understand fully what it says.

Conveyancing solicitors essentially handle all the legal implications that are involved with buying and selling a property. “Conveyancer” is the generic term given to either a conveyancing solicitor or licenced conveyancer. All solicitors practising law in England and Wales must also be registered with the Law Society.

While purchasing or selling the property the conventional way, you might be required to spend a lot of time to get things in place. If this is the first time that you are purchasing or selling your property, you might find it difficult to locate a good solicitor or might be misled into paying a huge legal fee. It might also be a hindrance to your professional life since you might have to take time off your busy schedule in order to keep the process going.

The technological advancement has provided a solution to all the problems. Thanks to the conveyancing services! Now, it has become so easy to get the best deals out of buying or selling your property even if you do not have any experience in the field.

In UK conveyancing firms are classified as high street firms and volume firms:

High Street firms- Your local solicitor with one or two offices. They offer 1 on 1 advice, and generally do a thorough job. Unfortunately, to make ends meet a lot of high street firms have to multi discipline i.e. your solicitor may be drafting someone else’s will or representing someone in court so may not always be available to speak to. High Street firms also tend to be more costly. Finding the right high street firm is best done by word of mouth.

Volume firms – the big multi office firms. A lot of people refer to these as “conveyancing factories” as they churn out hundreds of transactions a month. They have teams of people doing nothing but conveyancing transactions. These are big firms that invest heavily in hi-tech systems to make your transaction faster. As they spend less time on the case it takes up less of their time and they can charge less than a high street conveyancer. However you may not speak to the same person every time you ring and you probably won’t have the option of seeing them face to face.

To save money while conveyancing will depend largely on the conveyancing firm you choose. For a simple straight forward remortgage, a simple purchase of a freehold property. It would be a good idea to deal with a volume firm. They have a wide range of hi- tech systems that can handle a simple case in no time.

It is best not listening to the recommendation of a real estate agent. Most of them take a commission from the conveyancing firms. It is advisable to contact a high street firm when you are buying a complex new build or leasehold. This way you can sit down with your conveyancer face to face and discuss all the complexities of the property with him.

Many people often wonder, what is property conveyance? The concept is quite simple. Conveyancing is the process of legally transferring property from one person to another. The real conveyancing process takes place after the sale of the property. At first glace the entire process appears very simple but this is not always the case. There are strict legal and procedural requirements for property transfer. The degree of complexity of the process can depend on whether the property is free from any interest or there are taxation or liability considerations involved. During the conveyancing process, once properly carried out by conveyance solicitors, ensures that the purchaser actually owns all the property, land and rights that have been paid for.

It is always best to use the skills and knowledge provided by good and reliable conveyancing firms as opposed to venturing into selling or buying your house on your own. This is mainly to avoid any complications that might arise during the conveyancing process. Professional help is always useful. There are many solicitors available through the Internet, agencies and through insurers referrals.
The role of a Property Conveyance Solicitor is to obtain property deeds, completing a property information form and a list of the fixtures, fittings and contents within the house, sending a draft contract providing full details of the property and its services, agreeing upon a date when the purchase will be complete, exchanging contracts and overseeing any other pertinent matters.

A conveyance solicitor usually sets a fixed fee, which is usually competitive, due to the high level soliciting taking place in the UK at present. Your case is tracked and all legalities are taken cared of. For the sake of security, please ensure that your conveyance solicitor is Regulated by the Solicitors Regulation Authority – so you can be confident that your conveyancing transaction is in safe hands. You should also be aware of The Council for Licensed Conveyancers (CLC), which is the regulatory body for licensed conveyancers. Their duties include dealing with complaints against licensed conveyancers. Sometimes a licensed conveyancer’s service falls below the standard you expect and you may wish to complain. This organization would be the one to contact in such a case.

Even though the cost of property in the UK is fairly costly, the cost of buying property abroad is likely to be higher than it is in the UK, according to a new study published by the European Commission, the report, which could be of interest to those taking out mortgages, found that the deregulated legal systems used in England and are better for consumers in terms of cost and the choice of conveyance services.

Choosing a conveyancing firm
While choosing a conveyancing solicitor here are a few things that you should keep in mind:
The service- Always avoid a solicitor who is either too overworked or inexperienced. You will lose out on attention and experience.
Recommendation- It is a good idea to survey the market and find out what experiences other buyers or sellers have of a particular conveyancing firm.
Online conveyancing- Some property solicitors offer the opportunity for clients to track the progress of their property transaction online. This means that you can access your particular case online 24 hours a day to see how it’s progressing. In some cases, you can also receive updates via e-mail and text message and all the documentation dealt with through the post, cutting out visits to the solicitor’s offices.

Introduction

Some people choose to handle the conveyancing process themselves in order to save money, but this can be a high risk strategy. It is always a good idea to hire a professional conveyancing solicitor when buying, selling or remortgaging property, but this can be a rather tricky task. I have given below a few tips that might be able to help you choose the right conveyancing firm.

Choosing a conveyancing firm

Here are few things that you should keep in mind when choosing a conveyancing firm:

The service- Always avoid a solicitor who is either too overworked or inexperienced. You will lose out on attention and experience. Try and find a firm that you can trust and feel comfortable with. Make sure the solicitor explains the either conveyancing process to you in detail using lays mans terms. If you have any doubts about the conveyancing process make sure you are able to ask him to clarify.

Price considerations- It is not always a good idea to choose the cheapest conveyancing firm. Some firms charge a low fee as they handle a high volume of transactions at a time. This will in turn result in poor service. Solicitors charge their clients in a variety of ways. Some may charge a fixed fee, while others will charge you a percentage based on the value of the house or flat in question. In addition, there may be extra fees to cover the cost of paperwork, any complex issues that require additional work, or if the process requires more time and attention than anticipated.

Recommendation- It is a good idea to survey the market and find out what experiences other buyers or sellers have of a particular conveyancing firm.

Online conveyancing- Some property solicitors offer the opportunity for clients to track the progress of their property transaction online. This means that you can access your particular case online 24 hours a day to see how it’s progressing. In some cases, you can also receive updates via e-mail and text message and all the documentation dealt with through the post, cutting out visits to the solicitor’s offices.

Convex Conveyancing

Convex is a conveyancing firm that makes the conveyancing process very easy. Convex has highly qualified and experienced conveyancing solicitors. The conveyancing solicitors at Convex handle the entire conveyancing process online; this allows the conveyancing process to proceed quickly without any hitches and hang-ups. Convex makes sure that the entire conveyancing process proceeds in a professional manner. The proof of their professionalism lies with the large number of satisfied customers. You can view the case studies on the Convex site. The conveyancing solicitors at Convex were very professional and they explain the entire conveyancing process in great detail, giving good advice. Convex charges a fixed amount for their services and does all the background property checks for you. The entire conveyancing process is handled online this makes the transaction faster.

What is remortgaging?

⁽¹⁾ A remortgage is a process that replaces an existing mortgage loan with a new loan either from a different lender or from your existing lender. The lender repays the existing mortgage debt to the original loan provider. The borrower is then left with just one mortgage loan, repayable to the lender. Borrowers consider remortgaging for various reasons. Often, the purpose involves saving money. Securing a new mortgage, at a lower interest rate than is afforded by the existing mortgage firm, may reduce the borrower’s monthly repayments. Obtaining a lower rate may also reduce the total amount of money the borrower must repay over the full life of the loan.

The conveyancing process for remortgaging

• If you have chosen a conveyancing firm like Convex, you will have to instruct the firm to act on your behalf. Once your instructions are received, your conveyancer will request that you provide the details of your existing mortgage. That is the existing mortgage account number, so as to obtain the title deed and redemption figure as soon as possible. You will also need to provide the details of your new mortgage lender and the building company insurance policy, which will come into effect once the remortgage has been completed.
• A survey or valuation is normally undertaken on the property by your new mortgage lender. Once the valuation has been completed, and your new lender has agreed to your mortgage, they will post you and your conveyancer a formal mortgage offer letter. This will include any special instructions which must be carried out in order for the transaction to be completed.
• Conveyancing firms will undertake all the appropriate searches for you such as, local authority and land registry. Once the mortgage deed has been drawn up, it will be sent to you for your signature and return. If as a part of any deal you have struck with your new lender, you are sending some of your own money; your conveyancer will require these from you.
• ⁽²⁾ Once your Conveyancer has received the necessary redemption figures from your existing mortgage lender. They will be possible for them to provide you with a Statement of Account delineating the balance which is due to you or from you on completion of your remortgage transaction. This is done in order to ensure that there are sufficient funds to meet all liabilities and expenses in relation to your remortgage.
• ⁽³⁾A completion date will be agreed with you. Completion is the day when your new mortgage monies (which will have been sent to your conveyancer a few days in advance) are used (along with any additional funds you are providing yourself) to pay off your old mortgage (and any others debts which are being reduced/settled as part of the transaction)
• The final part of the process is for a new Land certificate to be produced by the Land registry. This shows that the new lender has a First Legal Charge over your property, and also confirms that the previous lenders details have been removed. The original of this document will be sent to your new lender, with a copy to you.

A few complications could arise while you remortgage your house; good conveyancing firms can handle these small obstacles easily. Hence it is important that you choose a conveyancing firm that is well experienced in the process of remortgaging.

Source: ⁽¹⁾http://www.wisegeek.com/what-is-a-remortgage.htm

⁽²⁾http://www.lsols.co.uk/remortgagingguide.php

⁽³⁾http://www.web-conveyancing.co.uk/remortgaging.asp

Introduction

Some people choose to handle the conveyancing process themselves in order to save money, but this can be a high risk strategy. It is always a good idea to hire a professional conveyancing solicitor when buying, selling or remortgaging property, but this can be a rather tricky task. I have given below a few tips that might be able to help you choose the right conveyancing firm.

Choosing a conveyancing firm

Here are few things that you should keep in mind when choosing a conveyancing firm:

The service- Always avoid a solicitor who is either too overworked or inexperienced. You will lose out on attention and experience. Try and find a firm that you can trust and feel comfortable with. Make sure the solicitor explains the either conveyancing process to you in detail using lays mans terms. If you have any doubts about the conveyancing process make sure you are able to ask him to clarify.

Price considerations- It is not always a good idea to choose the cheapest conveyancing firm. Some firms charge a low fee as they handle a high volume of transactions at a time. This will in turn result in poor service. Solicitors charge their clients in a variety of ways. Some may charge a fixed fee, while others will charge you a percentage based on the value of the house or flat in question. In addition, there may be extra fees to cover the cost of paperwork, any complex issues that require additional work, or if the process requires more time and attention than anticipated.

Recommendation- It is a good idea to survey the market and find out what experiences other buyers or sellers have of a particular conveyancing firm.

Online conveyancing- Some property solicitors offer the opportunity for clients to track the progress of their property transaction online. This means that you can access your particular case online 24 hours a day to see how it’s progressing. In some cases, you can also receive updates via e-mail and text message and all the documentation dealt with through the post, cutting out visits to the solicitor’s offices.

Convex Conveyancing

Convex is a conveyancing firm that makes the conveyancing process very easy. Convex has highly qualified and experienced conveyancing solicitors. The conveyancing solicitors at Convex handle the entire conveyancing process online; this allows the conveyancing process to proceed quickly without any hitches and hang-ups. Convex makes sure that the entire conveyancing process proceeds in a professional manner. The proof of their professionalism lies with the large number of satisfied customers. You can view the case studies on the Convex site. The conveyancing solicitors at Convex were very professional and they explain the entire conveyancing process in great detail, giving good advice. Convex charges a fixed amount for their services and does all the background property checks for you. The entire conveyancing process is handled online this makes the transaction faster.

Conveyancing is the process of legally transferring data from one person to another. The real conveyancing process takes place after verbal agreement for the sale of the property has been reached. At first glace the entire process appears very simple but this is not always the case. There are strict legal and procedural requirements for property transfer. The degree of complexity of the process can depend on whether the property is free from any interest or there are taxation or liability considerations involved. Completing the conveyancing process smoothly involves transferring the property without third party interest or claim. Banks and mortgage companies can hold legal claim to the title of the property. In the case of business transactions, property can be used as collateral to secure a loan. Doing the necessary background checks to make sure the property is free of any registered interests is an important part of the conveyancing process. There are several different options for the conveyancing process. Often, the real estate agents recommend services or legal personnel they are familiar with. Since the advent of the internet, online conveyancing companies are becoming a more popular choice for individuals who want to complete the process digitally. The modern conveyancing firms deal exclusively online and save both time and money.

The following is a general guide to the conveyancing procedure when buying a property. If you are in doubt about any specific issue you should consult your conveyancing solicitor.  

Initial Stages: Once you have told the solicitor that you wish to use their services you should receive a Letter of Engagement or confirmation of Terms of Business. You should sign and return this as soon as possible so that they can start work. Funds will be requested to cover initial expenditure such as the cost of the searches. Your solicitor will write to the seller’s solicitor to confirm that they are instructed and request the draft contract. This should arrive with a pack that includes information on the property title and the standard forms collected by the seller. If the property is leasehold a copy of the lease will also be included. Many people buy houses in joint names and, as such, need to be aware of an important decision to be made in relation to joint ownership. There are two ways that you can jointly own property.                                              Joint tenants: this is where both parties have equal interest in the property and if one dies the survivor automatically owns the property.                                                                                                             Tenants in common: each one owns a specific share of the property and can leave that by Will, in the event of your death.                                                                                                                                             Before you commit to buying the property your solicitor will ask you your wishes regarding shared ownership: You need to let your solicitor know from the outset if you are also selling a property and need the transactions to be tied together. Inform your estate agent which solicitor you plan to use so that they can send a “Memorandum of sale” to all the relevant parties together with a copy of the property particulars.  

Legal Work prior to Buying: The solicitor will examine the draft contract documents and if necessary raise enquiries with the seller’s solicitor. You will be required to go through the standard forms that the seller has completed and let the solicitor know if everything is as you expected. If the property that you are buying is leasehold your solicitor will send a standard Managing Agents Questionnaire to the seller’s solicitor which will in turn be sent on to the relevant Landlord/ Managing Agents/ Residents Association.

Mortgage and signing of contracts: If you are taking out a mortgage your solicitor will receive a copy of the offer and go through the conditions. He will normally undertake legal work on behalf of your lender as well. Once the answers to all the enquiries have been returned they will be examined by your solicitor. If they are satisfactory you will be invited in to sign the contract and any mortgage documents. You will need to make arrangements for the deposit to be transferred into your solicitor’s bank account so that it is cleared in time for an exchange.

Exchange of contracts: Before exchange of contracts can take place your lender will require you to have a Building Insurance policy. All the parties involved need to agree on a completion date. From the point at which contracts are exchanged you are legally bound to buy and the seller legally bound to sell. Should either party back out the other will be entitled to claim compensation for losses arising. At the point that contracts are exchanged your solicitor will send your deposit to the seller’s solicitor. This acts as security for the seller in case you change your mind or for some reason are unable to pay the balance and complete the purchase. If that happens, the seller can keep your deposit, and may take you to court if the deposit is not enough compensation for breaking the contract. In the same way, if the seller exchanges contracts and then refuses to complete the sale, you could apply to the court for an order to force the seller to complete, or else get your deposit back and sue the seller for compensation. It is rare for the sale not to complete once contracts have been exchanged.

Between Exchange and Completion: Your solicitor will draw up the transfer deed so that the property can be registered as soon as possible after completion. Your solicitor will also carry out some further searches of a technical nature. During this period you should receive a statement from your solicitor showing all expenses and giving you a final figure, you should clear this amount before completion. If you are taking out a mortgage your solicitor will draw down the loan amount in time for completion.

On Completion: Completion is normally set for around lunchtime on the specified day although in practical terms completion takes place when the seller’s solicitor confirms that they have received all the money that is due. Once this has happened the seller should drop the keys off to the estate agent ready to collect. Your solicitor will arrange for the title deeds to be registered in your name and if the property is leasehold ensure that your name is entered on to the lease. They will also get the transfer stamped to officially approve the sale. Finally, if you have taken out a mortgage, the deeds are sent to your lender for safe keeping until you either sell the property or pay off the loan.     

Conveyancing solicitors are a more costly option but can provide legal recourse if negligence or fidelity issues become a concern during the transfer process. If you have more complex issues such as taxation or will entitlements to deal with, the additional funds invested in a professional service can save you headaches and valuable time. Before you choose a conveyancing service, it is important that you consider all the issues that apply to your circumstance and engage a service that is most appropriate for you.  

Source- http://www.mypropertyguide.co.uk                                                                                                          

Introduction to remortgaging

People today prefer to remortgage their homes every few years as remortgaging allows them to take advantage of the new rates on offer. Remortgaging simply means switching your current mortgage to a new deal arranged either with your existing lender, or with a new lender. The few people who choose to remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant amount in some cases. Remortgaging allows you to release some of the equity that you hold in your home and consolidate other debts. Car loans and credit cards attract higher rates of interest than that of your mortgage.

⁽¹⁾Here are a few benefits of remortgaging:

·                     If you took a loan when the interest rates were high or a deal you had has now come to an end, the chances are that you can save money by switching/ remortgaging.

·                      If you are paying your lender’s Standard Variable Rate (SVR), it’s highly likely that your existing lender will offer a better rate and greater flexibility on other available products. This could allow you to save money on your monthly repayments, or to repay your mortgage sooner. And if your current lender doesn’t offer better rates or greater flexibility on its other products, you may want to consider switching your mortgage to another lender, even if doing so would trigger early repayment charges payable to your existing lender, as this could mean a net saving to you.

·                     Many banks will offer new customers temptingly low deals in order to win their business, while leaving existing customers paying older higher rates. By switching to a new lender, you can take advantage of these deals to get yourself lower monthly repayments.

·                     The interest rates are low at the moment but experts predict that they will rise in the next 12 months. By remortgaging with a fixed rate deal, you could ‘lock in’ a low interest rate for your mortgage that will stay low for the next few years regardless of what happens to the base rate.

·                     Higher income or a rise in your property’s value means you could increase your mortgage to help pay for major outgoings such as weddings or your child’s university costs, rather than borrowing separately and in some cases more expensively, for the outgoing itself.

·                     With property prices having risen so quickly over the last decade, many home owners have a large amount of equity in their homes. Taking out a remortgage that is higher than your mortgage balance will release some of this equity for you to spend, usually at a lower rate than a secured loan.

·                     It can be cheaper and more convenient to adapt or add an extension to your existing home, paid for by remortgaging or a further advance, than to move home.

·                     Offset mortgages are a completely different kind of mortgage to the traditional type that most people have, and this can offer significant benefits to many. Offsetting might not have been available when your current mortgage was taken or you were not aware of its benefits. A remortgage will allow you to move over to this kind of package.

Convex and remortgaging

Convex is a conveyancing firm that offers easy remortgaging. The conveyancing solicitors at Convex handle the entire conveyancing process online; this allows the conveyancing process to proceed quickly without any hitches and hang-ups. Convex makes sure that the entire conveyancing process proceeds in a professional manner. If you have decided to remortgage you house you might want to consider using Convex conveyancing.

⁽¹⁾Source:

http://www.charcol.co.uk/knowledge-resources/guides/remortgaging/why-remortgage/

http://www.fast-remortgages.co.uk/why-remortgage.html

http://money.uk.msn.com/Mortgages/remortgaging/article.aspx?cp-documentid=4760909