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Since the start of the global recession in 2007, the housing market has faced a long, slow road to recovery. One of the first industries to be affected by the credit crunch, new home starts dropped to their lowest levels since records began and banks tightened their grip on lending making it difficult for first-time buyers to secure a mortgage. During the past six years the housing market has shown some progress but growth has been sporadic. However, a number of positive signs have emerged recently suggesting that that the region’s housing market is returning to strength. Latest statistics from CML (Council of Mortgage Lenders) show that mortgage lending increased to £12.1bn in April 2013 – a 4% increase on March 2013 (£11.6bn)1 and the highest increase in four years. Whilst this figure might not hold much weight in isolation, particularly as lending levels are still half of what they were ten years ago, when viewed alongside figures from the ONS (Office for National Statistics) there could be room for cautious optimism. According to ONS, UK house prices increased by 2.7% in the 12 months to March 20132. Whilst closer to home Nationwide’s House Price Index for the first quarter of this year show that the average house price in Swindon increased to £182,830, 2% higher than the first quarter of 20123. Although growth is still tentative, the Government’s new Help to Buy scheme which is designed to help house buyers get a foot on, or move up the property ladder by paying as little as 5% deposit, will no doubt boost recovery further. With market conditions more favourable than they have been in years, if you are thinking about buying a home, now could be a good time to consider taking the first step. Choosing a Conveyancer - points to watch Buying a home is one of biggest financial commitments you can make and requires careful consideration. As well as finding the right mortgage deal it is important to choose a suitable conveyancer. Whether you prefer to obtain conveyancing and legal advice in Swindon or via an online conveyancing company, to help you find the right service for you we have compiled the following FAQs and tips: • What does a conveyancer do? Whether you are buying, selling or re-mortgaging, a solicitor or licensed conveyancer will guide you through the process to make sure that all the necessary legal obligations and requirements are met. In England and Wales, a solicitor or licensed conveyancer has several responsibilities. These include: examining the title deeds to the property to check for any problems - for example, if an extension has been added to the property that planning permission was granted - negotiating the terms of the contract with the seller’s solicitor to agree the terms on which you are buying and registering the change of title to the home and the mortgage deed with the Land Registry. If you are selling a home, a solicitor or licensed conveyancer will also give you a Sellers Property Information Form (SPIF) to complete which forms part of the contract. This is a declaration of whether there are any issues with the home, such as an ongoing dispute with neighbours and it is important to fill this out accurately. You can find more information about this here [link to http://lemon-co.co.uk/article_sellers-property-infoform.php]. • What is the difference between a licensed conveyancer and a solicitor? Licensed conveyancers specialise in conveyancing law, whilst a solicitor practises conveyancing alongside several other areas of law. • How long does the conveyancing process take? The process takes on average between 10 and 12 weeks but it can be longer if certain factors come into play, such as a delay in receiving a formal offer from your mortgage company or problems picked up in the home valuation survey. Finding the right conveyancing and legal advice in Swindon or online, quick checklist: • Fully insured – Always ensure that the solicitor or licensed conveyancer you choose is fully regulated and insured. • Accreditation – Look for additional endorsement, for example, membership of the Law Society’s Quality Conveyancing Scheme. • Transparent costs –Unless offering a fixed fee service, always ask for a breakdown of all costs you may incur at the beginning – and remember to read the small print before committing. • Telephone and online support – A good conveyancer will stay in close contact with you, even at weekends. We hope you found this helpful. If you are looking for expert legal advice in Swindon Lemon&Co solicitors is a leading full service law practice based in Swindon centre. We are one of the largest CQS accredited conveyancers in the area and our experienced lawyers offer legal advice across all aspects of residential and commercial property, from conveyancing to re-mortgaging and tenancy agreements. To discuss your needs drop in or call us on 0800 135 7917. You can also email us at enquiries@lemon-co.co.uk
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