Mortgages: 3) Help from the professionals

It is very obvious that applying for a mortgage is not a simple task. It is the biggest investment that most of us will make throughout our lives, and one that makes us very vulnerable and nervous.

This is why we need the help of professionals along the way, but also why we need to spend more money on fees to get us there. For many of us, our mortgage will be a commitment, which will be with us for a large part of our lives, and it is important to be well-advised, both financially and legally, in respect of this.

One of the key players in relation to the purchase of you property and the drawdown of your mortgage cheque will be your solicitor. He/she will be contacting vendors' solicitors in relation to contracts for closing the sale, and he/she will also be involved in chasing up your lender to ensure that your cheque is issued promptly in order to close the sale. He/she is also obliged to ensure that the title in relation to the property you are about to purchase is in order, and that all legal aspects regarding that title are above-board. Of course, this service does not come cheap. The Law Society's recommended fee is in the region of 1% of the purchase price of your property, excluding VAT. As with anything else, it is a good idea to shop around in relation to this service. Ensure that you get a written quote from your solicitor in relation to professional fees and outlay that he/she may charge.