Alternative Business Structures (ABS)
Published on: 26/01/2012
Alternative business structures or ABS relates to changes in the legal services in the UK.
Traditional ownership restrictions have now changed to allow non-lawyers to invest and become owners of their own legal business.
This means we could see banks supermarkets and other such companies being able to provide a lawyer along with their regular services.
On January 3 this year the SRA (solicitors regulation authority) began accepting applications from such businesses, they announced that ABS providing reserved legal activities will be regulated in the same rigorous professional standards as traditional Law firms.
This can only be good news for consumers, many critics felt that loosening ownership restrictions could result in a drop in standards of legal services.
These changes will no doubt effect existing law firms and conveyancers, no one knows for sure but it may well result in lower fees including conveyancing fees.
The Amount of applications have been significant but changes won't happen overnight, it can take up to 9 months to have an application processed.
It would be wise for law firms who carry out legal services including conveyancing to prepare themselves for these changes.
Equity Release Schemes From Online Conveyancing Quote
Published on: 24/01/2012
While most of us hope the pensions and life savings will pay our way in our retirement 1 in 3 plan to part fund using their home.
Equity release schemes unlock value in your home but they are complex and many people seek advice to see if they are right for them.
Conveyancing fees and remortgage fees can obviously form a part of this process.
There are basically three main equity release schemes lifetime mortgages,drawdown or flexible lifetime mortgage or home reversions.
The lifetime mortgage will let you borrow a lump sum against the value of your property whilst allowing you to stay in your home.
Unlike the typical mortgage, you don't make regular payments. Instead, the interest charge is compounded and added to your loan. The loan and interest is repaid when the house is sold as a result of death or if you leave for medical reasons typically when entering a care home,
Some of the schemes will also allow you to pay off the interest each month, but also remember conveyancing fees will form part of this process.
Draw down or flexible lifetime mortgages the dominant form of equity release and the leading growth area making up 61% of the market identical to a lifetime mortgage scheme except that rather than just having access to an initial lump sum the lender also offers a draw down reserve.
Arranged at the outset this allows you to withdraw small amounts at short notice you only pay interest on what you borrow not the full reserve. Home reversion schemes which are typically only offered to those over the age of 65, lets you sell a percentage of your home to the provider for a lump sum, the difference between this and a lifetime mortgage is that you are effectively selling a portion of your house rather than borrowing money this means that you have certainty over the percentage of your property you will be left owning when you die.
With a lifetime mortgage interest can keep rolling up until you owe the entire value of your property
With a reversion plan you know that if you sell 50% of the property you're estate will always be left with the remaining 50%, but remember conveyancing fees will also form part of this process and other fees must also be taken into consideration.
Considerations When Selecting Conveyancing Fees
Published on: 29/06/2011
The financial climate has somewhat dictated how we as consumers view our personal wealth. We are more loathe than ever before to spend it, as there is fresh and reasonable doubt in our minds about the security of this wealth, given that our continued employment is, in many cases, no longer assured. The main hurdle we have to overcome is that we have to keep spending, this spending will reignite the economy, but we need to see that we are getting value for money before we would be willing to part with our hard earned cash. As such retailers and those who provide services have had to rethink the way they sell to their customers. This is a new and healthy approach and one that if it continues, will ensure financial stability is maintained. Plus it will bring those with less money closer to those with money, and this smaller divide can only benefit society.
One instance in which someone would be looking for value for money is during the sale of their home; this is not an ideal time to be doing this, but sometimes necessity drives a hard bargain and so we must plough on and make the best of this situation. Part of the many processes involved in the sale or purchase of a home includes the involvement of legal experts, otherwise known as property solicitors or conveyancers. This is an essential service that must be acquired early on in the sale of the property to ensure that the deal goes through without a hitch and that both sides are happy with the outcome. As it is a service, there is a cost attached to it and this is known as the conveyancing fee. These fees can vary from provider to provider and it all depends upon the type of property and the level of service that the property solicitors are willing to offer you, the client.
Like any acquisition, value for money must come into the equation; how do you ensure that you are getting the very best service for the conveyancing fees that you are being quoted? One-way is to start a cross quoting process and ask a number of property solicitors to provide you with a quote for their services. This will help you to see if there are any marked differences between the companies and therefore an area to explore. It goes without saying that the cheapest isn’t always the best, and on the whole you do get what you pay for in many industries. So perhaps paying the higher conveyancing fees to the more prestigious company would be on this occasion a good choice. The conveyancing fees will be a sum that covers all of the legal aspects that are delivered by the property solicitors as part of the contract and so you will have full knowledge of how much of the conveyancing fees will need to be paid in advance and the payment plan as a result of this. In these special circumstances, value for money and peace of mind go hand in hand.
Be In The Know About Conveyancing Fees
Published on: 29/06/2011
When it finally comes around, moving home can be a very difficult time. Not only because of the logistical upheaval and all the elements that need to brought together to make the move a success, but also the emotional strain on you and your family. This has been your home for a number of years, perhaps this was your fist home together and this has been the place you have brought up your children? But now it is time to move on, this could be for many reasons, such as a new job, or the desire to be closer to one’s family, or even that you simply have run out of space, but are keen to extend the family and so need an extra room!
You pack up all of your belongings neatly into boxes and make ready for the removal vans to arrive. The home has been sold and you have bought a new one, and now is the time to make that leap. Of course, it all sounds very easy, but for those who have been through the process of buying and selling a home, they are all too aware that it can be an extremely fraught and trying experience; the sort of experience that one would prefer to do sparingly in the future. It’s not just the upheaval, it’s also the paperwork that needs to be dealt with accordingly - and there just isn’t enough time in the day to do all of this on your own. And why should you if you are already stressed and probably unfamiliar with the jargon? The right thing to do is to leave certain aspects to the experts. In the case of the legalities of the sale or purchase, a conveyancing firm with property solicitors is going to be the best solution. They will have a vast amount of experience in the buying and selling of a property and be able to guide you through all the legalities with the minimum of fuss. They will also be able to answer any of your questions and will always keep you up to date with any developments that concern you as the sale or purchase goes through.
Of course, there is a cost involved and rightly so, this is an area of expertise that requires training and experience. The general term that describes this cost is the conveyancing fees. Now, these will differ slightly from firm to firm, so it is worth having a look around before settling on one to go with. The conveyancing fees will cover all of the aspects of the sale or purchase of the home as agreed by you the client and the solicitors themselves. So it comes to light that you will need to know what you are paying the conveyancing fees for. This goes without saying and doing some background research is an important step in the right direction. Once you are armed with your new found knowledge it is worth approaching a few different property solicitors to assess their level of service in comparison to their conveyancing fees. Once you have all the quotes in you’ll be ready to sign up with the conveyancing firm and make the payment of the conveyancing fees as discussed.
Residential Conveyancing Professionals Can Cut Through The Jargon
Published on: 29/06/2011
Most people accept that there are a lot of legal terms which can be confusing if you do not know what they mean but in most cases, this is not a problem. However, when it comes to buying or selling a property, it is only natural that people will want to know exactly what is going on. After all, this is likely to be one of the key periods in a person’s life, particularly for first time buyers, so having an understanding of the situation is important. This is where a good residential conveyancing professional will cut through a lot of the legal terms and explain what is going on.
Some property buyers may be of the opinion that the less they know about the process the better, and only want to be contacted when they have to take action. It all depends on the personality of the individual, but with a lot of money at stake you would think that most people would be keen to know what they are spending their money on. Buying or selling a home can be very expensive and with so many costs ‘bumping’ up the bill, having an understanding of the additional fees can help people to keep control of their budget. This is where a residential conveyancing expert will be able to accurately detail the work they have been doing.
Terms like a transfer deed may seem self-explanatory but knowing what to do with them and how to prepare and then process it can be a more challenging matter. This deed is extremely important in concluding any property deal and is central to the art of residential conveyancing. A number of consumers may have an air of cynicism when it comes to legal professionals, but in reality, many of the tasks that professionals conclude in minutes would take a considerable time if completed by a home-owner or buyer. Paying for the services of a professional brings peace of mind and it should make the process a lot simpler and straight-forward for all parties.
It is fair to say that the emergence of the internet and the ability to automate certain tasks has made life easier for some residential conveyancing professionals, but there is still a lot to their role in the conclusion of a deal. Some home buyers may think that they would be able to conclude the deal themselves, and theoretically they could, but it would likely take up a large amount of their time. This is time that could no doubt be used more wisely with other tasks.
Another major reason for employing a residential conveyancing expert is that they will deal with the other parties’ conveyancing professional. Most people have no problems in co-operating with their own lawyer but when it comes time to interact and engage with other professionals, people can feel a greater amount of pressure. This is why hiring a professional to carry out these tasks is an extremely sensible appointment and should make life easier for most people, at a difficult time in their life.
Residential Conveyancing And The Questions Customers Ask
Published on: 29/06/2011
The role of the conveyancer is crucial in residential conveyancing and many people pin their hopes on the professional concluding the deal as quickly, and usually as cheaply, as possible. Having a place to live is one of the most basic human needs and a lot of pressure is involved when people are buying or selling their homes. There is often a chance that external events may pan out in a way that affects other deals and it can be extremely nerve-racking for people when they are waiting on updates for things which are out of their control.
This is why most people will have a raft of questions that they will direct towards their residential conveyancing professional; however, most of the questions will carry the same answer. It is inevitable that people will ask about the time-scale for any deal to be concluded. The short and unfortunate answer is that there no guaranteed time-scale for any deal to be concluded and this is due to the number of variables involved in the process. A number of professionals will cite an average time of four to six weeks for the process to be completed but this is definitely not the case all the time. This can make the waiting time seem very long for some people but there is usually not a lot that can be done to speed up the process when relying on other people.
It is also likely that most people will question the residential conveyancing expert about a number of costs that appear on their bill. For instance, most people are aware of the term ‘stamp duty’ but they may not know what it is or what service and benefit it provides. A good professional would inform their client that this duty is a tax that is paid on the purchase of property that is above a certain price. This duty usually needs to be collected from the client before the completion of the deal to ensure that all stamp duty land tax formalities are concluded within the allotted time-scale.
The residential conveyancing professional should always keep their clients informed of what is going on with regards the deal but some clients prefer to know as little as possible. After all, if you are hiring a professional to take care of a project, it is sometimes better to let them carry on with their job. This is obviously something that will differ from client to client, but if anything of note or interest occurs, a conveyancer should always inform their client as quickly as possible.
The same goes with any documents requiring signed to progress the deal. Quite often it is the signing and collating of documents that can add time to the process, so being in quick and regular contact with the professional can often speed up the process at these parts. This will be a regular feature of the job for any residential conveyancing professional and they will be aware of the need to move the process along as required.
Conveyancing Quote Provides The Protection You Need
Published on: 29/06/2011
Is it possible to put a price on peace of mind and knowing that everything is taken care of? People are far more familiar with paying for products that provide benefits to them but the use of services can still cause some people problems when trying to work out if everything is required. There can often be a level of cynicism involved in the hiring of certain professionals and when it comes to professionals working in the legal industry, cynicism will grow to a high level. This is why most people will initially baulk at the cost of paying for a conveyancing quote.
Buying or selling a home can be a very costly time and being hit with another bill on top of the others can often be enough to set some people off. Given the current state of the economy, it is only right that people will want to cut back on their expenditure as much as they possibly can, but there are some levels of expenditure which are completely justified. This is definitely the case with a conveyancing quote because the perils and situations which can arise if you haven’t obtained this service can be ghastly.
The vast majority of people will accept that buying or selling a home is a difficult process, with a great deal of importance being placed on legal documents. Much of the language in these documents can be baffling to people who do not have an understanding of the jargon so it makes sense to pay for the conveyancing quote and have a professional take care of the all the duties. Moving house is likely to be one of the most stressful times in a person’s life, with so much to consider. So, placing much of the important work into the hands of professionals is a very sensible move.
Another great reason for choosing a professional to deliver a conveyancing quote comes with the fact that it can be a money saver in the long run. Saving a few pounds at the start of the process may sound appealing but if something goes wrong in the legal process of buying or selling the property, there could be heavy financial penalties to bear. It is important to remember that you may be a small part of chain of property deals and if it breaks down because of your actions, a lot of people could be affected. This is why hiring a professional to look after matters is a very sensible choice.
Another reason why taking out a professional conveyancing quote is a sensible choice is because many mortgage providers will not deal with a client that is not using the services of a professional. This means that if you are looking for a mortgage, which the vast majority of house buyers will be, there may be no alternative but to seek the advice and services of a professional. In the long run, this is definitely the best option to choose, regardless of your level of cynicism.
Why Pay More Than You Have To When Buying A Property?
Published on: 29/06/2011
It is nowhere near as easy as it used to be to purchase a property, especially if you are a first time buyer. For a start, houses aren’t nearly as affordable as they used to be. Mortgage agreements aren’t nearly as easy to obtain as they used to be and the legal fees and conveyancing quotes aren’t nearly as cheap as they used to be.
But is this actually the case? It’s certainly the popular opinion of the general public and the tabloids that it is now more difficult and more expensive than ever to buy a house. For most first time buyers, the general consensus of the conversations preceding a house purchase is deposit. Can a mortgage be afforded? Will a mortgage be offered? What percentage mortgage rates can be obtained? What deposit will be required? Can the monthly mortgage rates be afforded at the rate offered?
With many first time buyers there are plenty of considerations to make relating to the mortgage as addressed above. But many of the inexperienced first time buyers can often be caught unawares with the unforeseen costs of the legal aspects of the transactions they need to make when purchasing a property. As a part of the purchasing process, the requirement for contracts and swapping of legal documentation is needed to complete the transaction of a house sale or purchase completely. Conveyancing quotes should be looked at early on in the potential purchase of a house to ensure that the budget extends that far.
Essentially, a lot of time is spent on getting the right house at the right price and then finding the right mortgage lender with the right mortgage rates. Why then do so many people pay more than they necessarily have to for a conveyancer? Probably the best place to look for a good conveyancing quote is online. There are many providers which offer very competitive rates for the same top level quality solicitors providing the same legal service, offering the security and the reliability of a fully legally covered transaction, whether you are a first time buyer, or you are making a sale and another purchase.
By looking online, you will be able to search for organisations and businesses and research offers and conveyancing quotes from businesses. The internet can make it very very quick and easy to find many a different conveyancing quote. A conveyancing firm will often work with a known number of solicitors that have the skills, the experience and the expertise to complete property transactions at the best prices available. When looking online, it is wise to try and find firms that don’t charge the solicitors they work with referral fees. A lot of conveyancing quote websites do charge referral fees which can then raise the price you pay for the conveyancing service.
Regardless of whether you need to transfer the ownership of buildings or land, and regardless of whether you are a buyer or seller, it is recommended to find the instruction and assistance of a property solicitor or licensed conveyancer. By looking online you can find a service and obtain a conveyancing quote which could end up saving you vital money. When everything relating to property purchases is as expensive as it ever was, why pay more than you need to for your conveyancing?
What Should You Get For Your Conveyancing Quote?
Published on: 29/06/2011
If you are in the process of buying, selling or even re-mortgaging a home, you will understand the importance of having a conveyancing professional involved with the process. Quite simply, the entire process is too complicated and riddled with potential errors to attempt to do it all by yourself. Even though there is no legal barrier to carrying out this work yourself, due to the costs and potential financial penalties involved with something going wrong, it is easy to see why many people turn to the experts. This means obtaining a conveyancing quote. It is natural to be curious about what should be involved in the calculation of this quote.
A conveyancing quote can differ from firm to firm and from professional to professional and this can confuse many people. It is easy to think that every aspect of conveyancing is the same so therefore every quote should be the same but this is not how thing operate in the business world. It stands to reason that some professionals will be able to charge a higher fee for conveyancing work due to the length of experience that have in this field. A lot of people place a great deal of importance on experience and this can often carry a premium price for the customer.
An aspect that may impact on the conveyancing quote and the length of time taken to conclude the process would be any streamlining that a conveyancer is able to provide. It is fair to say that the increasing use of online facilities has enabled many professionals to improve the service they are able to offer to customers. This can come from utilising economies of scale with regards to certain processes or by merely improving the speed with which certain tasks are concluded.
The conveyancing quote may include all the individual charges for searching and local council or authority checks and it is important to know exactly what is covered within the quote. Again, this can be something that differs from conveyancer to conveyancer, so what on the surface looks a great deal may in fact leave customers shelling out more to have the process properly completed. Given the high costs involved with buying or selling property, it is easy to see why so many people are looking to find cheap solutions to their conveyancing needs, but the cheapest deal does not always lead to the best value for money.
Due to the importance of conveyancing work, it is likely that the customer will rely on their professional to keep them fully informed with what is going on. Buying or selling a home can be a fraught time for all parties but being kept abreast of any developments can help to reduce the anxiety levels suffered at this time. It is therefore reasonable to expect an element of the conveyancing quote will go towards keeping the customer fully informed at every step of the process. This may cost more money but the peace of mind that will come from it is often worth every penny.
Things To Consider When Making Your First Ever Property Purchase
Published on: 29/06/2011
If you are a first time buyer, you will face a massive undertaking when trying to get into the position of completing your first ever property purchase. Unless you are very wealthy or have inherited a large sum of money, you will have to go through the arduous task of saving up for a mortgage deposit.
This saving process can take a lot of time, and depending on your personal circumstances, it can prove to be very difficult. Nowadays, the minimum required deposit for a mortgage is usually 10%. For most buyers, a first time property purchase probably wouldn’t exceed £150, 000 so at a 10% rate, that’s a massive required deposit of £15, 000. If you are renting during this period of saving, this can prove to be even more difficult. A normal person paying rent on a property can expect to be accustomed to the usual rates normally faced on a mortgage repayment. But if you are paying these rates on rent alone, the process of saving simultaneously, especially for a deposit as large as £15,000 can prove very time consuming, very difficult and very stressful.
Unfortunately, once the deposit is saved, there is then a further saving required of another £3,000 on average for fees and expenditure during the transaction process of the property. Conveyancing fees are varied depending on the solicitors or licensed conveyncer that offers the service. But, in order to provide legal cover and assistance on a property purchase, saving for and paying for those conveyancing fees are definitely required. The money spending unfortunately doesn’t stop there either! Unless you are going through a private household sale, the estate agents fees will be added on top of the conveyancing fees and on top of the £15,000 you’ve worked really hard to save.
A lot of first time buyers are obviously very inexperienced, but this also means that they are liable to make mistakes with their money in the process of buying their first property. It is unfortunate as first time buyers have to work the hardest and face the biggest mortgage rates, the biggest required deposits and the most pressure when trying to meet the requirements of estate agent fees and conveyancing fees.
The main key recommendation for any first time buyer is to be fully prepared when making your first ever house or property or land purchase. Why work so hard saving all of that deposit money to then put the entire transaction in jeopardy by not having the sufficient funds put by for conveyancing fees and estate agent fees?
The best course of action is to look for houses that you would wish to move into in an area of your choice. Enquire with a local mortgage advisor for information on the likely type of mortgage available to you given your current position, for example job type, earnings, life insurance etc. Once you have an idea on how much you wish to spend, how much you can obtain through a mortgage, you’ll be better prepared to start saving for your deposit. But, don’t forget those additional costs that should not be forgotten. Estate agent fees and conveyancing fees can prove to be expensive. Save additional money to ensure that you will be able to meet these fees and have the essential services required in your first house purchase.