Possible Savings on Stamp Duty

If you are purchasing in excess of £250,000 you may be able to save money on stamp duty. At MJP we can put you in touch with Tax Planners who may be able to save you money. If you wish to take advantage of this service please speak with your case handler when instructing us. Remember our conveyancing fees start at £250 plus VAT. For further information please call Shelley on 01603877001 or e-mail shelleygrint@m-j-p.co.uk

Q&A: Moving your mortgage

Can re-mortgaging really save money?

More often than not more people pay more for their mortgage than they should.  Interest rates charged by some lenders are often high to compensate for the cost of advertising attractive headline interest rates.  On top of this lenders are charging high arrangement fees and levying heavy early redemption penalties. For these reasons you need to check very carefully before committing to any change.

Is there any help around to assist me?

There are professionals around that specialise in this area.  Some work for the lender and can only advise on the lender’s range of products. There are others who are totally independent and who are free to give advice on products from the whole of the market. Be careful however as some charge a fee for their advice whilst others charge both a fee and take a commission from the lender with which the mortgage is placed. It is best to shop around and to always check the rates quoted by the advisor.

At MJP we can put you in touch with an Independent Financial Advisor and if you decide to place instructions with the Advisor and we are paid a referral fee we will be happy to share this with you.

Can I do it myself?

Yes but with care!

Here is a check list:

• Check the terms and conditions of your existing mortgage to see if there is penalty for switching mortgage. If there is, you must decide if it is worth switching to a different rate or stay put until the penalties have expired.
• Explore with your current lender if they can offer a more favourable deal
• Shop around in any event and look towards a different lender to get a better deal.

Could I re-mortgage instead?

Yes.

As well as reducing your monthly payments, you can also use re-mortgaging as a way of releasing some equity that has built-up in your property's value.

Borrowing through your mortgage may be much cheaper than taking out a personal loan, but the debt is secured meaning that if you cannot keep up with additional payments, you could risk losing your home.

Which deal is best for me?

There is a wide choice of  products and here are a few of the more popular ones:

• Fixed-rate mortgages are ideal for people who want certainty and must be able to regulate how much they will be spending each month.
• Discounted loans offer a reduction off the standard variable rate for a set period. If rates fall further, the rate that you will pay will also go down. However, when rates rise, so will your mortgage payments.
• A capped-rate loan will set a limit on the rate you will pay. If rates rise, your payments will not go above that level. However, if rates fall below the cap so will your repayments.
• Flexible mortgages allow you to overpay and underpay when you choose and without penalty. This is ideal for people who have fluctuating incomes or who want to clear their mortgage early.

What do I need to look out for?

Avoid deals with extended redemption penalties.

Extended redemption penalties are often hidden in the small print of a mortgage contract and are sometimes called early repayment penalties or charges.

Before you agree to a mortgage you should be presented with a key facts document. This should outline all the mortgage charges and small print in plain English.

Always read the key facts document thoroughly and if you are unsure of any clauses take advice. At MJP we can help you and provide advice on any queries you may have.

How do I apply?

Obtain a 'redemption statement' from your existing lender.

This will tell you how much you owe.

You must then complete an application form from your new lender.

Your new lender will value your home. This will cost between £200 and £300.

Most lenders will also charge an arrangement fee.

Some lenders offer dedicated re-mortgaging services with free legal work and valuations but others will charge for this service. At MJP we can offer a legal service for re-mortgaging at prices starting at £250 Plus VAT

How long does it take?

It should take about a month to complete the process, if not sooner

You will get a mortgage offer of advance, if the lender's surveyor is satisfied with the value and condition of your home.

Your new lender will liaise with your existing company.

Once you have received a completion statement from your solicitor or new lender, the process has finished.

For further details on how MJP solicitors can help you please call 01603877004 and ask for David Pett or email david.pett@m-j-p.co.uk

Morgan Jones and Pett Conveyancing Service - 01603877004

Loans available to help with divorce costs

It seems that with the probable demise of public funding in family related cases that more and more people will be looking for funding options.  In last week’s FT.com it was reported that the Co-operative Bank has begun offering loans to divorcees to help pay spiralling legal bills.

The article (http://bit.ly/dO6ZHI)  read:

‘The bank, which has its headquarters in Manchester, has entered an agreement with DWF whereby the law firm will introduce well-heeled clients to the bank so they can be considered for a loan.

It has proved a popular arrangement with those who depend on incomes from their estranged spouses, ensuring they can get access to lawyers.

Some private banks already offer so-called matrimonial dispute loans, but lawyers say many have pulled back in recent months and have tightened their lending policies.

David Pickering, head of family law at DWF, said: “The loans are still out there but private banks are increasingly demanding collateral and security. This is often difficult for an ex-wife when the family home, for example, is in joint names of both parties.”

The Co-op loan is unsecured and will be cleared once the divorce settlement is made. As a law firm, DWF is not licensed to provide loans and the scheme is purely a referral one.

Stephen Buckland, senior manager at Duncan Lawrie, a Belgravia-based bank, provides these types of loan, ranging from £25,000 to £250,000, and says demand is growing.

“I am aware that some private banks have tightened up their lending and at least one has pulled out altogether. We have been getting busier as firms of solicitors become aware we offer these loans and we have picked up a number of clients through personal referrals,” he said.

Suzanne Kingston of Dawsons solicitors said she believed funding was still available to clients but on less favourable terms than before the credit crunch.

The Co-operative Bank is part of the supermarket-to-financial services group that is Britain’s biggest mutual retailer. The group itself is gearing up to offer legal services to non-members when the UK legal market opens to greater competition this year and allows new entrants.

Paula France, account manager at the Manchester corporate banking centre of the bank, said: “This is an extension of our longstanding relationship with DWF, where we are seeking to provide facilities to their clients with a view to making the decision of choosing a law firm much easier.”

The number of “big money” divorces has been growing in recent years with estranged spouses winning big pay-outs.

These include the £48m awarded to Beverley Charman after 28 years of marriage to John Charman, the insurance magnate, and the £24m awarded to Heather Mills on her divorce from Sir Paul McCartney’.

Problems with dental treatment?

Undergoing dental treatment can be an unnerving experience and although most dentists provide a top quality service, mishaps can unfortunately happen.  Some dental can from time to time cause damage and side effects. The question of whether this damage or side effects were caused by negligence is often difficult to determine. The Clinical Negligence team at MJP has experience in investigating this type of case.

Our team has dealt with many different types of cases including:

•            Negligent Root Canal Treatment

•            Dental Claims for Late or Misdiagnosis

•            Misinterpretation of Test Results

•            Incorrect Fitting of Crown / Bridges

•            Periodontal Disease Claims

•            Incorrect Oral Surgery

•            Dental Implant Claims

•            Orthodontic Errors

For further details please email sarawestwood@m-j-p.co.uk

Looking to change the ownership of your property?

Following divorce or separation - or where some other adjustment in the way in which you hold property is required - we can normally within 10 days process the necessary documents to transfer ownership from a joint name to sole name basis and can help ensure that any associated mortgages and/or life policies are also re-assigned.

We also provide clear and sensible advice about the different types of joint ownership to assist you in making clear informed decisions as you purchase your property.

For further details of our service please e-mail davidpett@m-j-p.co.uk

Do not buy a house without first checking its condition - could save you misery and money!!

Why buy a house without first checking it is structurally sound?  You would not look to buy a car without making sure it was roadworthy. When you buy a property (other than a new home) you will not have any remedies against your seller if you find out that there is something wrong with the property after you have bought it. It is what we call ‘Buyer beware’.

For this reason we always at MJP Solicitors advise those looking to purchase to obtain a survey. There are various different types of survey.

The most basic is a mortgage valuation. Here the mortgage company surveys the property to ensure that is it worth what they are lending to you. They are not worried about any money that you are putting in and you are not able to rely on these to the same extent as you would a more thorough (and costly) survey.  These reports should not therefore be relied upon. 

The most common form of survey, and the one we recommend, is a homebuyers report. This is much more detailed than the simple valuation and will give you details of e.g. damp problems and roofing issues. You can rely more on this more thorough type of survey. They cost around £350 and represent a sound investment.  To know what you are buying before committing to a property is a must for any home buyer.

At MJP we can organise a Home Buyers Report for you.    We will be paid a commission for putting you in touch with a surveyor.  This is usually around £50.  We make a commitment to share this commission with you if you instruct the surveyor through us.  This all helps to reduce your moving costs.

Our fee for dealing with the legals involved in moving start from as low as £200. For further details please contact davidpett@m-j-p.co.uk