A mortgage is something that an individual, a couple, or a group may undertake if they are looking to invest in a property. Many individuals are unable to pay for a property up front, and will often look at a mortgage as a way to ease the large sum of an investment within a house or a flat.
A mortgage is a loan from a bank or a building society that will include taxes, and usually interest. A mortgage involves a monthly payment, starting initially with paying off the interest. Some loans may be tax and interest free, which may be initially attractive to buyers, although the tax and interest will have to be paid separately.
In today’s modern society house prices are rising, so it is a frequent occurrence for individuals to opt for a mortgage, there is also further financial help, such as help to buy schemes for young couples who may find it challenging financially to invest in a property.
What is a mortgage solicitor and why may I need one?
Investing in a property at any age can be one of the largest investments an individual can make within their lifetime, and is a huge financial decision. People may invest in a property for a variety of reasons, they may be a new couple buying their first house or apartment (in which case a help to buy scheme would be more appropriate) or maybe even investing in one of many properties, as a property developer with their business partner.
Whatever the reason for investing in a new space, a mortgage solicitor may be a wise and helpful addition to the buying process. A solicitor is an individual who can help legally with a variety of different things, a mortgage solicitor is therefore an individual who may advise you legally on all stages of the house buying process.
A mortgage solicitor is an additional element to the property investing process that can help ease the stress of buying your first property. A mortgage solicitors role is to take over all legal aspects of the process, they will deal with legal documents and any issues the buyer or seller may have.
Throughout the house selling or buying process there can be many mishaps within the process, such as a buyer pulling out or changing the price of the property.
What is a conveyancer?
A conveyancer is similar to a mortgage solicitor however they do not hold the extensive legal knowledge that mortgage solicitors do, hence why some individuals or couples may opt for a solicitor to help guide them through the process.
A modern conveyancer may opt for an online conveyancer service, which may include phone calls by appointment or skype calls on a regular basis, although this may mean that the person you are speaking to will not be consistent, and you will not have a face to face consultation.
Online conveyancing has risen in popularity recently, although some investors may still opt for a personal solicitor.