Financial Advisor Farnborough             Blog

PLAN YOUR FUTURE TODAY FOR A BETTER TOMORROW

MONEY WAYS UK  KEEPS THINGS SIMPLE
NO JARGON,  NO FALSE PROMISES
JUST SIMPLE, PLAIN SPEAKING, QUALITY ADVICE AND GREAT SERVICE

NO OBLIGATION AND FREE INITIAL INTERVIEW

Location: 19, Camp Road, North Camp, Farnborough GU14 6EN

About Us

I established Money Ways UK in 2000, as a small firm of Independent Financial Advisors with the focus on providing the best advice to corporate and individual clients. Providing tailored advice in clear and concise language to ensure all aspects are properly covered and fully understood.

Our location allows us to conveniently serve North Camp, Farnborough, Cove, Aldershot, Ash, Wanborough, Fleet, Hartley Witney, Camberley, Farnham and other Surrey and Hampshire areas. Clients are invited to our offices or we offer home visits for additional flexibility.

We offer an initial meeting which is free and without any obligation.

Just give me a call on 01252-516517 to arrange an appointment, I can visit you in your home and help discuss your options.

Conveyancing

Find a competitive price to guide you through the process of buying or selling a house from start to finish. The quote facility offered here is designed to help you tailor your legal needs at the best price with helpful reviews from other customers. Please feel free to ask any questions to us.

The following is a guide explaining the conveyancing process when buying a home. Conveyancing involves legally transferring home ownership from the seller to the buyer. It starts when your offer on a house is accepted and finishes when you receive the keys. Understanding what it involves will help ensure there are fewer surprises along the way.

Who does the conveyancing?

A solicitor or conveyancer usually conducts the conveyancing process, but it is possible (although difficult) to do it yourself as long as you are not taking out a mortgage. For more advice, see Finding the right solicitor or conveyancer.           

First Stages

1. If like most people you are too worried or time poor to do the conveyancing yourself, the next step is to find a solicitor or conveyancer and “instruct them” to do it for you.

2. Your appointed conveyancer will then draw up a draft contract or terms of engagement with you, setting out  their charges and deposits required.

3. Your solicitor will write to your sellers solicitor to confirm they are instructed and request a copy of the draft contract  and any other details, such as the property’s title and the standard forms.

Legal Work

4. Your solicitor will examine the draft contract and supporting documents and   raise enquiries   with the seller’s solicitor. You will be expected to go through the forms the seller has completed and let the solicitor know if you have any queries or concerns. In particular you will want to double check the tenure of your new home:  If it’s leasehold, don’t rely on your solicitor to check for the length of the lease. Leases below 80 years are a problem, can be costly to extend and you need to have owned the property for 2 years before you are eligible to do so. Leases under 60 years are best avoided.

5.   Property searches . There are things you may not know about the property just from viewing it with estate agents or even getting a survey. The conveyancer will do a set of legal searches to ensure there are no other factors you should be aware of. Some searches will be recommended by the solicitor for all purchases and others will be required by the mortgage lender to protect them from any liabilities that the property may have:

  • Local authority searches: are there plans for a motorway in your new garden? How about radioactive gas? This costs between £70 and £400 depending on the Local Authority and usually takes 1-2 weeks, but can take up to 6 weeks
  • Checking the ‘title register’ and ‘title plan’ at the Land Registry– these are the legal documents proving the seller’s ownership. The title register check costs £3 and the title plan check costs £3. Both checks are legally required in order to sell
  • Checking flood risk – this can also done at the Land Registry. If you are already getting an environmental search (see below), you might not buy this one separately as the search will contain much more thorough flood information and maps
  • Water authority searches – find out how you get your water and if any public drains on the property might affect extensions or building works. The water authority search will cost between £50 and £75
  • Chancel repair search – to ensure there are no potential leftover medieval liabilities on the property to help pay for church repairs. This is a necessity and costs £18. However, you may decide to take out Chancel repair insurance instead for £20 or so. The laws around Chancel repair changed in October 2013 so now the onus is on the Church to establish and lodge liability with the Land Registry
  • Environmental Search – this report is used on the vast majority of transactions and is provided by either Landmark or Groundsure.  Depending which product your solicitor usually uses, the report will give information about contaminated land at or around the property, landfill sites, former and current industry, detailed flooding predictions, radon gas hazard, ground stability issues, and some other related information.  The cost should be around £50 to £60 including VAT
  • Optional and location specific searches – sometimes extra searches are required or recommended depending on the location or type of property or due to particular concerns raised by the buyer.  These could include:
    • Tin Mining searches in Cornwall
    • Mining searches in various parts of the UK and Cheshire Brine searches
    • Additional Local Authority Questions such as Public Paths, Pipelines, Noise Abatement Zones, Common Land, etc.

Your Mortgage

6. You will need to get your mortgage in place. This will include ensuring you have the financing available for a mortgage deposit. Your solicitor will receive a copy of the offer and go through the conditions.

7. You will need to get a mortgage valuation . This is carried out on behalf of the mortgage company so they know that the property provides sufficient security for the loan. You normally have to pay for it, but a mortgage company might throw it in for free to attract business.

8. You will want to have any other necessary surveys done. Whether you have a survey done and what sort of survey you choose will depend on your specific circumstances.

9. Before exchange of contracts can take place your lender will require you to get  Buildings Insurance for your new home. You are responsible for the property as soon as contracts have been exchanged so it is in your interests to do so.

Signing Contracts

10.   Signing the contract.  Since receiving the draft contract from the sellers solicitor, your solicitor will have have been in correspondence with you about what is covered. Before signing the contract your solicitor will need to ensure:

  • That all enquiries have been returned and are satisfactory
  • That fixtures and fittings included in the purchase are what you expected
  • A   completion date  has been agreed between the two parties, which is usually 1-4 weeks after exchange of contracts, though this can vary widely
  • That you have made arrangements to   transfer the deposit into your solicitors account  so that it is cleared in time for an exchange. You may want to negotiate on the size of the deposit, which is normally 10% of the value of the property. However even if you agree to pay less than 10% you are still liable for 10% of the value of the property if you later pull out of the agreement. Therefore if you pay a 5% deposit and pull out of buying the property you will not only lose your deposit but also legally owe an additional 5% of the value of the property

11. Go to the property with the estate agent and the fixtures and fittings inventory list to ensure that everything you paid for is still there and the house has not been damaged in any way

Exchanging Contracts

12. You and the seller will agree on a date and time to exchange contracts at any time on any given day

13. Your solicitor will exchange contracts for you. This is usually done by both solicitors/conveyancers reading out the contracts over the phone (which is recorded) to make sure the contracts are identical, and then immediately sending them to one another in the post.  

14. If you are in a chain your solicitor/conveyancer will do the same thing, but will only release it if the other people in the chain are all happy to go ahead. This means if one person pulls out or delays, then everyone in the chain gets held up.

15. Once you have exchanged contracts you will be in a  legally binding contract to buy the property with a fixed date for moving. This means that:

  • If you do not complete the purchase, you will lose your deposit and owe the seller more if the deposit was less than 10%
  • the seller has to sell or you can sue them
  • the seller can no longer accept another offer (you no longer need to worry about being gazumped)

Between Exchange And Completion

16. Your solicitor will lodge an interest in the property which will mean that the deeds to the property are frozen for 30 working days to allow you to pay the seller and lodge your application to the Land Registry to transfer the deeds into your name.

17. The seller will move out (although they may leave this to the day of completion)

18. You should get organized for your moving day.  

19. The solicitor will send you a statement showing the final figure to pay, which will need to be cleared into your solicitors bank account at least one day before completion.

On Completion Day

20. Completion is normally set around midday on the specified date although in practice takes place when the seller’s solicitor confirms that they have received all the money that is ue. Once this happens the seller should drop the keys at the estate agents for your collection. You can then move in.

21. Your solicitor will tie up some loose ends:

  • Pay Stamp Duty Land Tax on your behalf.
  • You will receive your legal documents about 20 days after completion after your solicitor has sent them to the Land Registry
  • Send a copy of the title deeds to your mortgage lender, who will hold them until you pay your loan off
  • Notify the freeholder if the property is leasehold
  • Give you a bill for their payment
22. You will want to collect together all your paperwork from the purchase of your new home, including the estate agent’s brochure, to file away and keep safe for when you move again. 

Do You Want More Information Or Free Initial Consultation?

Please contact us for more information.

WHAT MY CLIENTS ​​​​​HAVE TO SAY

Amanda

"A very professional and personal service. Mike was reassuring and knowledgeable when it came to advice on our finances and found the best solution that suited us. We'll certainly be recommending him to our friends!!"

Alfie

 "I went to Mike Daniels on a recommendation of a close friend. My situation is very complicated and distressing. Mike was amazing with not only his kind and caring nature but in his experience and willingness to try and resolve the issues at hand. He is full of ideas and solutions, very professional, knowledgeable and trustworthy. I will definitely continue to seek his advice and recommend his services with confidence."

Rachel

"Would highly recommend Michael to anyone! He is very efficient & keeps you up to date with what is going on. Smooth process from start to finish. Thank you!"

Richard

"I went in to Money Ways to enquire about my pension options on the off chance. Mike greeted me with an air of confidence and welcoming and began to clearly explain pension types, risk levels and the choice of the whole market! It was the first time that I could say I understood the pension system, most surprising was the consultation was for free and yet I did not feel pressured to commit or hurried to move on. Very relaxed friendly approach to finance, I will never ask at my bank branch for financial advice again!!"

Daniel

"Fantastic service. I've returned to Mike for all my financial professional services requirements. He's extremely prompt, really jovial and offers an excellent advisory service as well. You can call him anytime for advice and if you take up his services you'll get a fantastic service from him."

Abi

"We went to Mike for advice on Equity Release and knew from his wealth of knowledge and experience that we were in safe hands. He delivered a great service and sorted us out with everything we needed. The whole process was made much more comfortable and reassuring with Mike involved."

Neil

"Would like to thank Michael for all his help with our equity release, he has been very efficient, professional and knowledgeable. He is reliable and kept in touch every step of the way."

Christopher

"Gave me some quick invaluable advice over the phone. Much appreciated. He is on my list of go to advisors."

Stuart

"Michael offers a very professional service and provided a very detailed analysis for my requirements,. I cannot recommend Money Ways highly enough

Yvonne

"Highly recommended Following a recommendation I went to Mike for advice on a re-mortgage (which wasn’t a straight forward case). However I found Mike to be very professional and knowledgeable; within a week we had made an application and had it accepted. I then returned to Mike for Pension advice, again he knew his stuff and got me a great deal and dealt with all the paperwork. During both processes Mike kept me updated. I will use Mike again without hesitation if I need any further financial advice. Thank you."

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