Role of Professionals
Their very important role
The role of a Solicitor is to protect the person buying a property.
The purchase of property involves a number of complex processes and various parties. A solicitor is there to protect your interests. It is recommended that when choosing a solicitor to represent you during the purchase of your new home, you select one that specialises in property transactions.
For example, the new home that you will be purchasing will involve the transfer of title, or ownership of the property. What this means is that legally binding contracts will be exchanged whereby you (the buyer) agree to sell you the property (for an agreed sum) and the current owner (the seller) agrees to sell you the property. One area that the solicitor will check on behalf is to verify that the person selling you the home actually owns it and is legally entitled to sell it to you. Among other issues, your solicitor will, for example, also verify that there are no immediate planning issues that may adversely affect transfer of ownership of the home.
Another aspect adding to the complexities of the purchase and sale of property is the mortgage. Again, your solicitor is there to protect your interested and make sure the terms and conditions contained within your mortgage contract are as you have agreed an understand them.
There are a growing number of solicitor firms who are willing to offer competitive quotes on legal fees, so it is advisable to shop around for best value.
What are they?
A broker is someone that arranges a service between two parties. In the case of a mortgage broker, the broker arranges a mortgage on behalf of a customer and with a bank that the broker has deemed to offer best value to the client.
Mortgage brokers are required to meet certain standards and adhere to specific practices that are designed to protect consumers.
The benefits of dealing with a mortgage broker include:
- FULL AND COMPLETE SERVICE
A mortgage broker will not only help you negotiate the best mortgage deal from the banks available to them. They also provide a full mortgage service. This includes advising on all necessary paperwork required to complete each mortgage application.
Brokers are generally not tied to any one bank and can offer impartial advice on products available on the market where they hold agencies.
- COMPREHENSIVE CHOICE
Mortgage brokers will deal with all the banks available to them which means that consumers don’t have to visit or call the banks individually to avail of the best value on their mortgage.
The role of the Structural Surveyor is to protect the person buying a property.
A structural survey is a full inspection of the property to ensure that it is structurally sound. While this survey is optional, it provides the greatest protection for the buyer and is strongly recommended if you are purchasing a second-hand property, as any faults will be identified and you can budget for any necessary renovations. The structural surveyor will recommend any structural building works or repairs that need to be carried out on the property.
If you are buying a new home, you will need to ‘snag’ the property before you close the sale. This involves identifying any outstanding work that needs to be done by the builder on the property e.g. plastering, painting, fixtures and fittings. You can snag the property yourself or, alternatively, pay a professional (usually a surveyor) to do it for you.
The role of the Valuer is to protect the person buying the property.
A valuer will assess the value of the property you wish to buy and ensure it is worth at least the asking price for the purpose of a mortgage.