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London Conveyancing Solicitor Guide For First Time Buyers in 2008! By Robert Johnson
Conveyancing in London and the United Kingdom has started to feel the housing market crunch but The First Time Buyers’ Initiative (FTBI) was introduced to make more affordable homes available to first-time buyers. It is available throughout England from 23 regional HomeBuy agents. So what does this mean for first time home buyers? Who can buy FTBI homes? 50% of the new homes available through the initiative will be for key workers (nurses, teachers, police officers). The other 50% will be available to first time buyers who fit the following criteria: The buyers must be first time buyers. They cannot be homeowners already nor can they be named on a mortgage. The buyers must be unable to afford to buy a home (within reasonable travelling distance of their workplace) which is suitable for their needs. The buyers must be able to show that they have sufficient funds to pay a deposit (up to 5% of the purchase price), legal fees, stamp duty land tax and the additional costs associated with moving house. The buyers must be on a long-term employment contract. If they are self-employed, accounts for the past three years will need to be produced and subsequently approved. The buyers must have a good credit history. The buyers must take out a first mortgage with one of the qualifying lenders. What contribution will be given and how is it repaid? The government will provide up to 50% of the purchase price. Therefore, the mortgage and the cash funds available to the buyer must be at least 50% of the purchase price. Not all buyers will qualify for
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50% assistance, the HomeBuy agent will determine the level of contribution available to each buyer. The government’s contribution will need to be repaid on the sale of the property. The repayment will be at the same percentage of the sale price as the contribution, so if the sale price is higher than the purchase price, the repayment to the government is higher (in terms of a monetary figure) than the input. After three years the buyer will need to pay a fee to the government on sale of the property: 1% of the contribution after three years, 2% after four years and 3% thereafter. What is the procedure? The prospective buyers need to register their interest with the HomeBuy agent and they need to complete a HomeBuy application. If eligible, the buyers will receive an “Approval of Eligibility Letter” from the HomeBuy agent and they will be provided with FTBI schemes in the buyer’s area. The buyers then chose a home and instruct their solicitors and their IFAs to progress a full mortgage application. Once the HomeBuy agent gives final authority to proceed, the buyer can agree to exchange contracts. The buyers’ solicitors then need to ensure that all conditions for buying a FTBI home are met (i.e. mortgage offer is in order, property price is agreed and funds are available) and proceed with the purchase of the property as usual. On completion, the buyers’ lender will provide the drawdown and the government will provide the balance funds. There will be a second charge put on the property for the benefit of the government. If the buyers want to sell the property later, this can be done on the open market. A list of FTBI HomeBuy agents is available from the English Partnerships website englishpartnerships.co.uk. Robert Johnson is part of Healys who specialise as http://www.healys.eu/services-for-you/conveyancing-solicitor-london.html London Coveyancing Solicitor and also aids the http://www.healys.eu/services-for-you/conveyancing-solicitor-brighton.html Brighton Conveyancing Solicitor office.
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Why You Should Collect Conveyancing Quotes By David S Judge
By collecting conveyancing quotes, you can more easily find a suitable solicitor who can help you through the buying or selling process. Going it alone is a foolhardy endeavour; getting quotes is easy to do, and can make a huge difference in the overall experience, allowing you to focus on what really matters and to take some of the stress away from the situation. What's In A Quote? As with many other industries, a conveyancing quote is essentially an estimate written up by a conveyancing solicitor which gives you a rough idea of what they charge for their services. Usually, you will provide the potential solicitor with information specific to what you are looking for and what you require their services for. For example, if you need someone to assist you with Brisbane conveyancing, it might require a different type of expertise than if you are going to be involved in Gold Coast conveyancing. In collecting conveyancing quotes, you are sure to see that the prices quoted can range considerably from solicitor to solicitor. The individual experience will be a major part of the variance; some is due to other extenuating circumstances. The point is, collecting as many quotes as possible is the best way to ensure that you get the kind of help you need - at a price that you can afford. Comparing Conveyancing Quotes Being organised is one of the most important things to do when compiling conveyancing quotes. If you are not a very organised person by nature, you might want to enlist the aid of a friend or a spouse in this venture. With each quote that you receive, you should create a separate file of all of the solicitor's pertinent information. In this folder, you can include the official quote, their business card and a brief outline of your basic impressions of the person. Once you have accrued a decent selection of conveyancing quotes, you can line them up side by side to compare and contrast them. When doing this, make sure you keep what is important to you. In many cases, you can immediately toss out quotes that are simply out of your price range. Otherwise, you might disqualify a solicitor who you didn't feel confident in upon meeting. The Quotes you have gathered will all come in handy when it comes time to choosing the best possible conveyancer especially as weed out the various candidates.
Gold Coast conveyancing, Brisbane conveyancing or conveyancing anywhere in Australia is facilitated by expert solicitors like Charter conveyancing (http://www.charterconveyancing.com). By collecting quotes from many prospects, you can make the entire process go much more smoothly.
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