Second part of Help to Buy brought forward!

Second part of Help to Buy brought forward!

The second phase of the Help to Buy government scheme has been brought forward from its previous launch date in January 2014 to 7^th of October 2013! David Cameron has expressed his understanding that the need for this is now.

The second part of the Help to Buy Scheme is a mortgage guarantee, the government will back up to 15% of the mortgage for borrowers with deposits as little as 5%. The aim is to make mortgages more readily available. However there is still a strict process borrowers will have to go through to obtain the mortgage such as rigorous affordability checks. The property being purchased will have to be the sole property and cannot be bought as a second home or buy to let.

There are already several lenders signed up to the scheme although it has not yet been revealed how much the government guarantee will cost the lender. The lender will have to pay a fee for the mortgage guarantee, in the case of a property getting repossessed and not being able to recover the loan from the sale the government will cover 15% of the loss. This is to deter lenders from allowing loans to anyone and everyone and ensuring the loans are affordable for the borrower.

First time buyers and existing property owners are eligible for the scheme and the second part is for new and existing properties. Some banks are welcoming the news of the scheme being brought forward, offering longer opening hours in busy periods, although mortgage brokers fear a flurry of new applicants.   

New interest rates on these new government backed mortgages are yet to be revealed as is the fee for the lender. Applicants can apply for the scheme as early as next week.

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

Mortgage Strategy Awards

Mortgage Strategy Awards 2013

Best Conveyancing Service – 3rd Place

We are very pleased to announce that at the recent prestigious Mortgage Strategy Awards 2013 we took home 3^rd place for ‘Best Conveyancing Service’.

We are very thankful to all of the Estate Agents, Mortgage Brokers and Financial Advisors who kindly nominated us! The awards are judged by top industry professionals so it is an honour to receive such highly recognised credibility.

Clive Dickman, Head of Business Development said “Winning this award is the culmination of a lot of hard work by all our staff and is the result of us continuing to strive to always improve our conveyancing standards”.

This award is a result of our continued commitment and passion to excellent customer service and conveyancing, along with working with fellow industry professionals to achieve the best outcome. The housing market is a continuing competitive and challenging industry so we are glad to receive this award in reflection of our hard work.

We are very proud to be recognised as a top market leader in this industry. Being acknowledged for providing a high level of reliable and efficient conveyancing service, locally and also nationally, is something we are very grateful for.

Visit our website for more information or a conveyancing quote