If you're new to the property buying process, it can be difficult navigating your way through the seemingly endless list of tasks that must be done. Buying a property is certainly no walk in the park and most first-time buyers will have a list of queries and questions about the process. One question that often pops up for new buyers is "Can I instruct a solicitor before a mortgage offer?". Instructing a solicitor before your mortgage offer is complete is a great way to speed up the entire purchasing process, however, many first-time buyers do not realise that this is possible. This article will guide you through the process of instructing a solicitor before a mortgage offer and how doing so could significantly improve your buying experience.
Before getting down to the ins and outs of instructing a solicitor, it is helpful to understand their role in the house buying process. When purchasing a home, you will need to hire a conveyancing solicitor - this is a type of solicitor who is specifically trained to handle the tasks involved with purchasing a home.
Like other solicitors, conveyancing solicitors will be trained in Law and their role will mostly include handling legal tasks and ensuring that the house buying process is in line with the law. A conveyancing solicitor's main focus will be on the final transaction, however, their knowledge will be useful for handling other aspects of purchasing a home as well. Conveyancers will be tasked with the job of drafting a contract that will outline the sale conditions - this will then be sent to the buyer's own conveyancing solicitor. Once contracts have been exchanged, your solicitor will oversee the transfer of the deposit along with the transfer of any outstanding payments.
Many new homeowners make the false assumption that conveyancing solicitors can't be instructed until after the mortgage offer has been approved. The truth is that conveyancing solicitors can be instructed before any other aspect of the house buying process takes place. Hiring a solicitor before receiving a mortgage offer is a good way to complete many of the steps in advance in order to speed up the entire process. A solicitor's guidance and knowledge could help you to complete many of the initial steps that come before receiving a mortgage offer.
Your conveyancing solicitor can complete ID verification and other checks, such as money laundering, before you have received a mortgage offer. You can also use this time to sign the solicitor's terms and agree to their quote.
Having a solicitor readily at your side is a great way to prevent any legal delays that are sometimes involved with receiving a mortgage. Some solicitors can act for your lender and ensure that the property in which you're interested offers a certain level of security for the loan that you wish to take out. Not all solicitors will act for your lender, which can lead to delays. To avoid this, make sure that the solicitor that you hire can act for your lender.
When buying a property, you find yourself competing with a range of other buyers who all show interest in one property. Having a solicitor in place before making an offer on a property is a great way to show sellers that you're serious about proceeding with the purchase. This will help you to beat competing buyers to the post and secure your favourite property before anyone else has the chance to jump in with an offer.
The main reason that first-time buyers may choose to instruct a solicitor before they have received a mortgage offer is to speed up the purchasing process. Starting your search for a solicitor early will also give you more time to find the best solicitor for you, which will save you from running into any problems in the long run. There are plenty of tasks that can be completed before a mortgage offer is accepted and starting these early will give you a head start along with more time to address any problems or issues that may pop up along the way.
You can engage a solicitor at any point during the house buying process, however, it's recommended that you instruct a conveyancer as soon as possible because you can get a head start on all the formalities before your mortgage offer has been approved. Many people will start searching for a solicitor before they have even found a property that they are interested in.
Before choosing a solicitor, it's important to do your research and look for a professional who can meet all your needs for a fair price. You don't have to settle for the first solicitor that you inquire about; take your time to find the best person for you.
Once you have found the right person for the job, you should request a quote that includes the full breakdown of costs with written confirmation of this. You can then go about organising meetings with your solicitor and get the process started.
At Mortgage Mentor, we offer free initial advice and zero fees for first-time buyers who are looking for mortgage advice. Our team of professionals are here to hold your hand through the entire process, making getting a mortgage easier than ever before. If you would like to know more about how we can help you, get in touch with us today.
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