Second Part of the Help to Buy Scheme Revealed by George Osborne

Second Part of the Help to Buy Scheme Revealed by George Osborne

In a recent meeting with mortgage lenders and housebuilders, George Osborne explained the terms of the second part of the Help to Buy Scheme to be launched in January 2014 on property purchases up to the value of£600,000.

There are worries that the Help to Buy Scheme will inflate house prices and lead to a housing bubble. The Homeowners Alliance is also sceptical that it may cause people to take on huge mortgages.

George Osborne has laid out strict terms for the scheme hoping to avoid these negative issues. Purchasers applying for the scheme will undergo strict income checks and will be made to sign a declaration to declare that they are not using the loan guarantee to secure a second home. These checks will determine whether the buyers can afford the mortgage.

The aim of the scheme is to allow more people to be able to afford a home loan without having to save for a large deposit. Ministers claim that the second part of the scheme could enable up to 190,000 new mortgages each year over the 3 years of the scheme.

Lenders will have to pay a fee, the amount which has not been concluded yet, for each mortgage guarantee. The lowest interest rates are usually on mortgage with a LTV of up to 60%. This makes borrowing a lot more expensive for potential buyers with small deposits. The second part of the scheme aims to enable lenders who offer mortgages with a high LTV a chance to buy a ‘guarantee’ on the portion of the mortgage between 80% and 95%.

Potential borrowers have to go through ‘stress testing’ and income verification to ensure they can afford the mortgage. Anyone with a bad credit history will not qualify for the scheme.

For more information visit our dedicated Help To Buy website www.helptobuy.me.uk

Online Conveyancing Advice and Information

Online Conveyancing Advice & Information

What is Conveyancing?

A common question asked is “What is conveyancing, what do the conveyancers actually do?” It is a difficult question to summarise briefly as each case is different and will require different work. When you come to buying, selling, or remortgaging your home there are many legal processes and work which is legally required to be carried out. The process contains many different aspects depending on each particular case. If you are purchasing a property your conveyancer will ensure you are buying what you think you are. Searches will be carried out against the property which may reveal things about the property that the buyer needs to be aware of. Also the Title of the property needs to be changed to the new owner or lender and this requires to be registered with the Land Registry.

 

The conveyancer will write up a legal contract which details all the information required about the property; fixtures and fittings, boundaries, sale price, drainage, gas, legal restrictions, planning restrictions and other relative details. Throughout the process your conveyancer will liaise with the other party’s solicitors to answer any questions and negotiate the legal contract. The conveyancer will also arrange and carry out the exchange of contracts and completion of the transaction.

Online Conveyancing

We specialise in Online Conveyancing. We do not require for you to come into the office (although you are more than welcome if your local) all the work is carried out efficiently over phone and email. At the beginning of the process you will receive details for your online ‘Case Tracking’ system. Here you can monitor the progress of your case 24/7 and see what stage your case is at.

We also provide text and email updates when each stage of your case is completed. As a client you will receive a dedicated conveyancer and an assistant from the beginning to the end, you won’t be passed around to numerous people.  

As mentioned in a previous blog we were 3^rd place for ‘Best Conveyancing Service’ at the 2013 Mortgage Strategy Awards. We pride ourselves in giving an excellent service at a competitive price.

If you want any more information about our services please visit our website and get in contact.

www.iconvey.co.uk

Our new blog!

Hello, we are launching a brand new exciting blog for iconvey. If you are interested in anything property or conveyancing then our blog is for you. We will write regular interesting posts about conveyancing and the latest property news. From working in the property industry it has become apparent to me how many property addicts there are out there, so hopefully you will find our blog an addictive read.

We are one of the UK’s top conveyancing firms, as recently highlighted in the prestigious 2013 Mortgage Strategy Awards where we won 3^rd place for ‘Best Conveyancing Service’. We are also proud to say we are accredited under the Law Society’s ‘Quality Conveyancing Scheme’ hopefully this proves to you we are dedicated and experts when it comes to conveyancing.

At iconvey we specialise in nationwide online conveyancing and are very passionate about what we do. As online conveyancing solicitors we strive to give you reassurance and that personal touch but with a competitive price. We cover all types of conveyancing from Buying, Selling, Remortgage, Commercial and Equity Release.

If you are thinking about moving home soon then why not see for yourself how competitive our quotes are. You can get easily get an online quote from our website www.iconvey.co.uk

Myself and my colleague (Martin Lake) will be writing a range of engaging and informative posts to keep you up-to-date and in the know with all things property and conveyancing. Follow, bookmark and share any of our posts you find interesting. We welcome all your comments and feedback. Why not let us know what you want to see discussed on our blog?


Watch this space for our first informative conveyancing post!...