Is a mortgage broker and solicitor the same thing?

Is a mortgage broker a solicitor?

A mortgage broker or solicitor: Which one is right for you? When you’re taking the leap and buying your very first home, you will need to recruit a conveyancing solicitor in order to handle the legal side of buying a home. A mortgage broker, however, is not compulsory.

Can solicitors advise on mortgage?

Your solicitor’s role in organising the mortgage is to receive the documents from the lender and review them. If there are any special conditions which should cause you concern, they will alert you and advise you on the consequences of signing an agreement with the lender.

What is a mortgage solicitor?

A solicitor or conveyancer will handle all the legal aspects of buying or selling a property for you. A good one will keep you updated regularly, and can support you by answering questions about the process of buying a property.

Should I use my mortgage advisors solicitor?

In short the answer to your question is NO. You DO NOT have to use the solicitor recommended by your estate agent. Quite often not just estate agents, but lenders, brokers, advisors and even developers will try to pressure you into using their recommended solicitor.

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Do I get a solicitor or mortgage first?

A It is quite normal to appoint a solicitor as soon as you have put in an offer on a property and before you have finalised the mortgage for it.

Does it matter where your mortgage broker need to be local?

A mortgage broker nowadays can do most of what they need to do either on the telephone or online so it is completely irrelevant where the mortgage broker is based and they don’t need to based near the properties that you are buying, simple as.

How much will solicitors fees be when buying a house?

You’ll normally need a solicitor or licensed conveyancer to carry out all the legal work when buying and selling your home. Legal fees are typically £850-£1,500 including VAT at 20%. They will also do local searches, which will cost you £250-£300, to check whether there are any local plans or problems.

Is it better to use a local solicitor for conveyancing?

No. You do not need to use a local conveyancer. In fact, all conveyancing solicitors individually act for clients throughout England & Wales, as the process of conveyancing and land ownership is uniform wherever you are.

Do I need a solicitor before making an offer?

Choose your conveyancing firm

Some house hunters do this before they put in an offer, but it’s not essential. However, if you’ve already found a solicitor you want to use, it can speed up the process.

Do I need a solicitor for a mortgage?

When purchasing a property with a mortgage, your lender will require you to instruct a conveyancing solicitor. As buying a house is one of the most expensive purchases you’ll make, it’s risky to buy a property without instructing an expert.

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What do solicitors ask for when buying a house?

Your solicitor will request: Proof of Funds and Mortgage Offer – Before contracts can be exchanged, you will be required to provide a copy of your mortgage offer (if required) and evidence of any other funds that will be used to purchase the property.

What do solicitors do after mortgage?

Signing and exchanging of the contracts

After you accept your mortgage offer, your solicitor will start the property buying process by exchanging contracts with the seller. This starts with drafting your contract until it’s ready for you to sign.

Can estate agents lie about viewings?

Estate agent lying about viewings – One of the common estate agent tricks is an estate agent lying about viewings. They may tell you a property you’re interested in has more viewings than it does, to create the illusion it’s in high demand and if you want to offer, you will have to place a ‘good’ offer and fast.

Is it a good idea to use the same solicitor as the seller?

For obvious reasons, the process of buying or selling a home can be complex and bureaucratic. By using the same solicitor to act for buyer and seller, you reduce the number of parties involved. The same systems, processes and timetables will be applied on both sides, likely saving time along the way.

Is the Mortgage Advice Bureau free?

No mortgage advice is ‘free’, but a broker can give you value for your money. Mortgage brokers earn money on the commission paid by all lenders. … Many mortgage brokers may also charge a fee.

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