How does a Mortgage Solicitor in London help First-time Buyers?

a man and a women hand holding a money bag and a model homeFor first-time buyers, there is so much unfamiliar ground to cover. There are mortgage brokers, banks and estate agents to talk to. There’s new build, old build and fixer-up properties to look at. There’s the question of whether to buy at auction or enter into a shared ownership agreement, or whether to go for a house or flat. And is that a freehold or a leasehold?

It’s no wonder that professional help is needed to navigate this maze. That’s where a mortgage solicitor in London, such as Saracens Solicitors, comes in. Well, actually, the services of a mortgage solicitor are engaged once the buyer has made an offer and it’s been accepted by the seller. So, while they can’t help with anything before this point, they will be right there with all that comes next.

A key job of the mortgage solicitor in London is to carry out searches on the property, to make sure there are no hidden problems that could affect the house further down the line. They will apply to local and water authorities for reports on the land the property stands on and the surrounding areas.

The mortgage solicitor in London can also advise on the legal aspects of getting a mortgage from the bank. This is particularly relevant for the first-time buyer who will have no experience of going through this process before. While a mortgage is a loan from the bank like any other, it has particular ramifications, especially if the homeowner isn’t able to make their monthly payments. The solicitor can talk the buyer through this and make them aware of their responsibilities to the bank.

The mortgage solicitor in London also communicates with the seller’s solicitor and draws up the contracts. They will send the deposit to the seller’s solicitor and arrange for the buyer to pick up the keys to their new place.

Although it is a strange new world for the first-time buyer, they have an advantage over other buyers: they aren’t part of a chain, and so can move quickly. With an experienced mortgage solicitor in London alongside them, it can be a great adventure.