Recently, we conducted a survey of over forty conveyancers in the Leeds area. We used these results to appoint three local solicitors to our panel. All three were placed in the best eight for lowest fees. As well as offering good value for money, they are crucially very reliable, quick and effective. Please call us on 0113 393 0113 for details.
Residential
& buy-to-let mortgages
Have you considered the whole market?
Do you understand the alternatives?
Is your advisor truly independent?
We appreciate that a property purchase is probably the largest single transaction of your life. It is crucial to take true independent financial advice to ensure that all options are investigated. All your criteria are considered and included so that the most suitable product is recommended from the whole marketplace, rather than from the restricted alternatives provided by one lender or a small panel.
We can help you whatever your requirements and circumstances, whether you are a first time buyer or wishing to remortgage to a preferential rate. For advice on how we may best help you, please call us.
For the convenience of purchasers, whether buying through us or not, we have researched the market on your behalf, and appointed an excellent local financial advisor. As independent mortgage consultants, they are authorised and regulated by the Financial Services Authority. They can provide preferential financial products, from major names, which are not available through other channels such as retail, direct marketing or even the internet. They will fully manage the mortgage application with the lender through to the formal mortgage offer.
For buy to let investors, we can arrange lending up to 85% of valuation. Rental income projections are usually used to determine borrowing rather than personal income. Deposits can often be raised against your main residence, subject to criteria and affordability.
Poor credit history? We can arrange and advise you on the best adverse credit provider and choice of products suited to your personal circumstances. Credit repair schemes are also available to help work towards a clean credit record.
Mortgage advice
Home loan providers rely on inertia. Far too many devote a high proportion of their budgets to attracting new clients for mortgages, rather than retaining existing ones.
For those with a mortgage, the prospect of working thought the details of anew scheme, organising a time for a professional valuer to call and sort out the legal ramifications deter those with busy schedules.
Yet the process can be straightforward and takes little time for the multiple benefits of reducing interest payments, cutting other charges and obtaining more favourable terms.
Do not be put off by hearing that there are almost 6,500 different home loans available offered by 137 lenders. Instead by asking key questions, it should be possible to whittle down the selection or otherwise consult and independent financial adviser who specialises in this field. Start by considering the sum to be borrowed: will it be the current loan principal, reduced because cash has become available since it was taken out or higher to allow for an extension or major refurbishment?
If you own a second property and have not increased the sum borrowed on the first for many years- in some cases decades- better terms may be offered on the first.
Do not rely simply on the interest rate quoted as the associated terms could substantially alter the financial picture.
Single digit mortgage rates have been provided since 1992 when they fell from 11.51 per cent on average to 8.54 per cent according to money facts. Yet, those with long memories will recall rates of 15 per cent (1979 and 1981), 14.50 per cent (1990) and 14.48 per cent (1989).
Secondly, decide how and when the sum borrowed will be repaid. If opting for an interest-only at the end of the loan period. This may be out of tax-efficient schemes (like PEPs and ISAs, which can be cashed usually immediately, but other plans - like the Enterprise Investment scheme or a venture capital trust - are likely to be less flexible)
Apart from loan size, interest rate and repayment basis consider:
Application or arrangement fee
Charge if loan redeemed early
Flexible in overpaying occasionally, taking a loan holiday or transferring the loan to another property
Terms once any fixed period expires
Valuation charges
Legal costs
Other fees, such as not having buildings insurance with the loan provider
Redemption charges
The lure of a special low rate for perhaps two years should be seen in context. Lenders may say that after such an introductory period, the rate will move to the 'standard variable rate' but there is no industry standard. It is up to each provider to set their level and a comparative glance now may alert prospective clients.
To ensure that the overall package makes sense - beyond the advertised first few years at a low rate - look at the arithmetic of typical tie-in period which would follow.
Ask not only for the two rate but for a typical APR interest rate which should take any hidden costs into account and makes for better comparison.
One tip is to pay for any charges- from an arrangement fee to valuation - immediately. If they are added to the loan, they will attract interest, which can add the equivalent of one per cent to the interest rate.
Increasingly both valuation and legal fees will be paid by the loan provider.
Remember that the valuer is acting in the interests of the company or society and that if you require a full structural survey, an independent valuer should be appointed. Decide on the basis of your loan: fixed, discounted, tracker, capped, long term variable or offset. The loan to value (LTV), type of property, past history of mortgage repayment as well as your personal credit scoring will all be factors to be considered by the lender. A good broker can guide as to which are most suitable for your needs.
With a fixed rate mortgage, there is certainly for budgeting. For an extra £200, the process can be handled in speedy time.
With a capped loan, the rate cannot rise beyond the level stated but can fall.
Discounts take various routes. They may show reduction from SVR, or be initially below base rate.
It is likely that offsetting will grow in importance over the next decade. This is where the charge for loans is offset against saving.
Funds deposits reduce the principal, which cuts the interest because if they were in a deposit account, they would attract tax.
Prepare ahead several months before any deal is coming to any end as often loan providers take time with credit scoring instructing valuers and solicitors.
Finally, before switching provider, it is worth asking your current loan source to see if they can improve on their competitors. There may just be some flexibility available.
Remember, your home may be repossessed if you do not keep up repaymentson your mortgage.
Valuations
Our fee is only £85 plus VAT. This compares very favourably with other agents and surveyors. Valuations can be conducted at very short notice, and posted, emailed, faxed or hand delivered the same day. Some of the valuation work we conduct is shown below:
Probate
Matrimonial
Tax
planning
Relocation
Lease
renewals / rent review Compulsory
purchase matters / Compensation claims
Disparity valuations Housing Act 'Right to Buy' valuations
Inheritance / Family transfers Leasehold Reform Act Lending security
Rating Proceeds of crime
Private
independent valuation
An
open market valuation taking into account any obvious visible defects that might
affect the selling/purchase price and overall saleability of the property. It is
not as comprehensive as a building survey or home buyer’s survey and is
usually provided in letter format.
Matrimonial
valuation
An open market valuation of the property for use by a party involved in matrimonial proceedings through the court. A survey is not carried out, but any visible obvious defects (such as rotten windows, poor roof surfaces, poor quality internal fittings, decorations) would be mentioned.
Probate
valuation
An
open market valuation of the property at a specific date to enable solicitors to
obtain a grant of probate in a deceased's estate. Any visible obvious defects
(such as rotten windows, poor roof surfaces, poor quality internal fittings,
decorations) would be mentioned. We are able to act on your behalf, if necessary
with any subsequent negotiations with the district valuer.
Tax
planning valuation
Capital
Gains Tax - Usually occurs upon a sale or transfer of property. A main residence
which is in your occupation is often exempt.
Inheritance
Tax - Necessary for the future tax planning including inheritance taxation,
insurance schemes and properties being put into Trust. We can also act on behalf
of clients to agree capital gains & inheritance tax property valuations with
the district valuer.
Development
funding / viability valuations
We
value on behalf of funding companies, potential development schemes for lending
purposes. Similar reports are available for builders and developers to advise on
the likely realisation value of a proposed development, and on the current value
of any land or buildings to be acquired as part of the development scheme.
Compulsory
purchase / compensation claims
We
can act for an owner who is forced to sell all or part of his property. The
acquiring authority will normally pay a substantial contribution towards our
fee. The Land Compensation Act allows an owner who can demonstrate loss of value
of his house, through for example a new road scheme, potential entitlement to
compensation for that loss.
Leasehold
Reform Act
Owners
of flats may qualify to enfranchise (collectively purchase the freehold
interest) or extend their leases. Tenants of flats also have other rights to
information regarding the management of the property. Tenants' rights are set
out under the Landlord & Tenant Act 1987, and the Leasehold Reform Housing
And Urban Development Act 1993.
Common problems regarding flats include excessive service charges, problems with insurance, inadequate length of term, poor management, and freeholds being sold "over your heads" to unscrupulous landlords. The solution is to seek good advice from an experienced and knowledgeable valuer and solicitor. The legislation and qualifying conditions are relatively complex, and valuations to purchase the freehold are a specialised area. If you are seeking to extend your lease or enfranchise, or are having problems with your landlord, you will also need to consult a solicitor experienced in this area of work.
All
property details are intended to give only a general indication of the property
and floor layouts. The vendors reserve the right to alter any part of the
property, specification or floor layout at any time. All floorplan drawings are
for indicative purposes only. The contents within shall not form part of any
contract or be a representation inducing any such contract. All properties are
offered subject to availability. The dimensions are structural and do not allow
for internal finishes. Applicants are advised to contact Morfitt Shaw Ltd on
0113 393 0113 to establish the availability of any particular property type.
Morfitt Shaw Ltd for themselves and for the vendors of this property
for whom they act, give notice that:
i)
these
particulars are a outline only, for the guidance of prospective purchasers, and
do NOT constitute the whole or any part of any offer or contract;
ii) Morfitt Shaw Ltd cannot guarantee the accuracy of any description, dimensions, or permissions for use or occupation, and other details contained within, and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;
iii) Morfitt Shaw Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars;
iv) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to it’s state or condition or that it is capable of fulfilling its intended function. Prospective purchasers should satisfy themselves as to the fitness of such items for their own requirements;
v) no employee of Morfitt Shaw Ltd has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property.
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