Conveyancing must be followed when buying or selling properties in the UK. It is mandatory legal process that has been set by law to be abided at all times when dealing for a property. A complex process, it is for every individual who are interest in property buying and property selling. It has certain costs of its own and the process takes about a month or more. The whole conveyancing is done by conveyancing solicitors who are lawyers by profession. Buying a property can be done in many ways, starting from buying it with loan or on mortgage. In the previous articles, we discussed the mortgage conveyancing fees and what are the different fees that are there when buying properties on mortgages. Similarly, in this article, we will be focusing on the survey fee or survey cost of mortgaging and mortgage solicitor.
Mortgage basic and survey basic
Mortgaging requires you to buy a property on loan and conveying that property as security against the loan. Mortgaging solicitor help you to buy the property quite simply and the only headache that you have is to make sure you can pay the loan back on time. As the process is important and legal, there are a few fees related to it. In the previous articles, we discussed the arrangement fee, booking fee and the valuation and in the following article – we will be discussing the surveying fee of mortgage conveyancing.
As we know that surveying a property is done to ensure that the property is in perfect condition. In case of mortgage conveyancing, surveying a property ensures and guarantees to your lender that the property actually exists and has this much value in itself, it will require this repair cost or the other and so on.
Also, as a seller for a property, surveying a property gives your property more credibility and allows you to sell the property off more quickly and increases the demand for it. We will not discuss surveying property in details here but in another article only for surveying of property.
Surveying fee for mortgage conveyancing
Valuation fee and surveying has a notable difference between the two. Therefore, there is no need to confuse oneself that both are the same. While valuation fee is for the benefit of the lender or mortgager, surveying fee is for your personal benefit – the buyer.
As already known, surveying is a thorough inspection of the property. Thus, it will help you understand and know what are the fixes that might be needed in the property. Surveying a property while buying it on mortgage can help you observe and find out any structural problems, issues related to plumbing and any other type of problems. Surveying for mortgage conveyancing is not mandatory but we suggest it because it will help you determine the condition of the house.
Suppose you buy the house on mortgage and do not do the surveying. Afterwards, there might be fixes that you have do to and this will cause you to spend extra money on top of the mortgage loan that you are already carrying on your head. Therefore, surveying helps you find these out and if there are fixes that needs to be done then your mortgage solicitor can vouch for you to the selling party to lower the price or do fixes. This in reality will help you get a better deal.
Also, the reason to why you need a survey is because if the property does require fix in the future and you do not get surveying done, then your lender’s valuation money will not offer any protection to you. Finding a surveyor to survey a property is no hassle and getting it conveyanced is also easy. However, it is in your best interest to find a surveyor as per suggestion from your lender. This will be cheaper for you and must be asked for in the application stage.
There are other ways by which you can skip surveying or survey the property at the last moment. However, it is important to mention again that surveying will always help to lower your cost in the long run. Therefore, even if it seems like that the cost will be higher in the short run it is actually not. So, think carefully before when to survey for a property in the UK. In the next article, we will be focusing on the broker fee of conveyancing when buying a property on mortgage via mortgage conveyancing. For best conveyancing solutions in UK and around – Nigel Broadhead Mynard Conveyancing Solicitors give competitive quotes online and offline.