When you apply for a contractor mortgage, you will need the involvement of a solicitor for various stages of the mortgage process. At The Contractor Mortgage Company, we can put you in touch with a top solicitor to deal with the legal side of things, so that you don’t have to trawl the phone book yourself.
The first stage where a solicitor will be required is for conveyancing. Conveyancing refers to all of the legal work involved with transferring ownership of a property or land from the seller to the buyer. The conveyancing takes place once an offer has been accepted by the seller and the two parties have exchanged solicitor details. The conveyancing will include local searches, and drawing up contracts and other legal documents. They will also deal with land registry for you.
The solicitor will also be required at exchange and completion stage. As the buyer, once you have received a formal contractor mortgage offer from your mortgage lender, your solicitor will agree a date to exchange contracts with the seller’s solicitor. Then on the completion date, the final paperwork can be completed and the house is yours!
We know it is not easy to find a solicitor that you can trust, and so we have done the leg work for you and have a highly professional solicitor who can deal with all of the legal requirements for your contractor mortgage. You will be in safe hands, with a solicitor who gets down to business right from the outset to ensure that your mortgage goes through as quickly as possible, resulting in a stress free process for you.
As you can see, the process is quite simple for you and the solicitor undertakes most of the work so that you don’t have to. The process usually takes anything from 4-10 weeks depending on whether there is a chain and what your position is.
Although it is possible to do conveyancing yourself, this is not advisable because unless you know all of the legal requirements inside out, you are at risk of not completing the process properly which could spring up pitfalls that could cause the purchase to fall through. Conveyancing yourself is time consuming, jargonistic, and very risk, so we would advise that for the sake of a few hundred pounds that you appoint a solicitor to do the work for you.
Struggling to get to grips with mortgage related terms? Use our quick-reference guide to help you.