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‘Conveyancing’ refers to the legal process of transferring a property or piece of land from one owner to another. There are normally two steps to the process: exchange of contracts, when the contract details are agreed upon; and completion, when the legal titles are passed over. It can be done either by a general solicitor or a conveyancer – a solicitor who has chosen to specialize in property law or the legal work surrounding conveyancing.
Before applying for a mortgage or any other financial product, it’s important to check that your credit status and financial history are correct and up to date. This information is recorded online by Callcredit and Equifax. The details they hold are almost always the same as those reported by Experian, and you can access them using a quick and simple service called Check My File. With Check My File, you only need to look in one place to find out if the information that’s held about you is accurate. You’ll be presented with a user-friendly line by line comparison of the details held about you by the different agencies – so you can see straightaway if anything’s wrong.
You'll have to have a survey done on the property you’re looking to buy before that becomes a formal mortgage offer, however. This is because the lender needs to know that the property you want to buy is worth what you are willing to pay.
A survey is also important for your own peace of mind, as you need to know that there aren’t any nasty surprises about the structural state of the building.
There are three types of survey. The most basic is a valuation survey. This is fine if you're remortgaging or buying a new build. It only provides an indication of the property's value however, and doesn't look at whether the building is structurally sound and won't highlight any potential problems. In most instances, it is worth paying for a more in-depth survey.
The most popular type of survey is a homebuyer's report. This will look at the general state of repair of the building, the roof and the windows, and note any problems such as evidence of subsidence. Some problems can still go undetected as the surveyor won’t do any deep-digging, such as lifting the floor boards.
If you’re buying an old property or a renovation project, it is worth having a full structural survey done. Whilst this will cost you more than a homebuyer’s report, it is far more comprehensive. This will give you the most detail about the state of the property you’re looking to purchase.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Company details
Registered Office:
Regent House Business Centre,
13-15 George St, Aylesbury, HP20 2HU
Registered in England and Wales under
number 11085103.
Regulatory Details
Goocho Mortgage is a trading style of Mainly Mortgages Ltd who are authorised and regulated by the Financial Conduct Authority under number 923399 in respect of mortgages, insurances and consumer credit mediation activities only.
Fees
Subject to circumstances, a fee may be payable. An admin fee may be payable on application and a fee upon receiving mortgage offer.
If your circumstances or history involves any adverse credit, complex situations or a commercial element then this may increase. Your adviser will, in all cases, confirm all costs in writing prior to any application being made.
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