Prospective homebuyers dubious about purchasing a new property can stay well informed about the state of the UK housing market with advice from conveyancing experts.
With the Bank of England announcing a further increase in mortgage rates this quarter many potential homebuyers may be feeling uneasy about stepping forward with purchases, leaving them more inclined to stay put and save.
From mortgage deal recommendations to conveyancing insights and key figures for first time buyers, the conveyancing team at JMP Solicitors shares advice for those looking to buy their first or next home in the current housing market.
Sharon Galley, conveyancing manager at JMP Solicitors, said: “Despite increasing mortgage rates, we’re still seeing a very buoyant and fast-moving market with unaffected rates, good deals and more enquiries on the ground.
“Mortgage deals are currently locked in for six months, which is plenty of time for the moving process to progress and if you pick a trusted solicitor, you will have the support you need to move forward and the transparency to make the right decisions.
“We’ve compiled our top suggestions for those feeling uncertain but wanting to push ahead with property purchases.”
Here are the five things conveyancing experts want you to know:
There are plenty of decent mortgage deals at present, so it’s always best to make sure you research thoroughly and have meetings with mortgage providers to ensure the deals are right for you. Once chosen, these are often locked in for six months and unless a chain falls through, they aren’t likely to change, which puts you in a good position. Investing in thorough research will always be worthwhile.
Mortgage increases and updates to housing market legislation are happening all the time, and this is a cause for discussion in which facts can often get lost in translation. It’s important to research and fact check these updates and find out more about what the implications are for your situation specifically. This way, instead of assumptions, you’ll be making informed decisions.
Select a trusted conveyancer
It’s important to find an experienced conveyancer who will provide a thorough service when you’re buying a home. The earlier you instruct, the better prepared you will be. Your conveyancer will be able to give legal advice, handle contracts, undertake important searches, deal with the Land Registry, and the transfer of funds. Many estate agents will recommend a conveyancer, but it’s important to undertake your own research to make sure you find the right one for your purchase. Ensure that they are certified by either the Solicitors Regulatory Authority or Council for Licensed Conveyancers or the Law Society.
While you may be itching to get into your new property, it is vital that all aspects of the process are dealt with thoroughly. Sometimes the conveyancing process may involve a lot of paperwork and additional enquiries, but it is important to understand that all the legal aspects are being done in your best interests as a first-time home buyer. Aside from conveyancing, the mortgage arrangements, estate agent negotiations and the actual moving in process will also take some time.
Ensure you are fully satisfied with your final arrangements and negotiations
For first time home buyers, you may go into a contract not fully understanding what is in your best interests. Your conveyancer will be able to provide you with the best possible advice to ensure you get the best deal for the short and long term. If at any time you are not satisfied with your agreements, it is vital you speak with your conveyancer, and they will endeavour to resolve any issues before it is too late.