Conveyancing for properties is essential when buying properties in the UK. Whatever type of property may it be starting from residential to commercial to leasehold, conveyancing is mandatory and must be done when buying and selling the property. Moreover, properties in the UK have different demands based on different regions and, therefore, their prices also differ. Some areas have higher fees while other areas have lower. In the previous article, we discussed what mortgage solicitors do and how they help you buy a property in the UK against a mortgage. We also discussed the arrangement fee of mortgage conveyancing that must be paid to the mortgager. In the following article, we will be discussing more on mortgage solicitors and what other fees are there that must be paid to the mortgager. Also, we will discuss the solicitor costs.
Mortgage solicitors and booking fees
Let us again start with the basics of what a mortgage is. A mortgage is the process of buying a property against and conveying to the creditor as security on a loan. In case of buying a property against mortgage, the property itself stays the security. As previously mentioned, buying a property on mortgage is not risky but it can be if you are not sure of being able to pay the credit amount in due time. Therefore, before deciding to buy a property on mortgage it is best to be sure about it.
The UK property market is very competitive with property prices rising each year. More people are flooding the country each year and due to attract of tourists, football fans and more – more residences are needed to shelter these people. Therefore, many properties are available and these properties have huge demand. According to locations, the prices differs and so best property are not always available at good prices.
The job of the conveyancing solicitor is to make sure that you as their client can get the benefit of the doubt by getting the property transferred to your name in the least amount of time possible. And when you are buying a property on mortgage, the responsibility of your solicitor increases as he is bound to give you advice on what decision to take. Also, they help you to process the booking fees of the property that you are planning to buy on mortgage.
The arrangement fee decision and the booking fee
In the last article, we discussed about the arrangement fee. So what should you do about it? You should add the arrangement fee to the amount of loan of the mortgage that you are taking and pay it off immediately. This way, you will not have to pay extra interest rate money on it. Ask your mortgage solicitor to help you get the deal in this manner as soon as possible.
The other type of fee that you must pay when buying a property on mortgage is the booking fee. This booking fee is usually charged by the mortgager to ensure that there is a secured fixed-rate. Thus, it is also known as the application fee. This fee is very less and costs about one hundred to two hundred pounds only. This fee must be paid as soon as the application for the mortgage is filed. This fee is completely non-refundable and so you can never get the money back no matter what happens.
In this two part articles, we discussed the two types of fees related to mortgage solicitor who help you buy a property by taking a loan from a mortgager. The best conveyancing solicitor in the UK will always help you and guide you properly. Therefore, it is best to take service from an accomplished mortgaging solicitor like Nigel Broadhead Mynard Conveyancing Solicitors who do conveyancing for different types of properties in and around the UK.