Don’t let mortgage approval dip turn into a drought, warns GW
Property solicitors Goldsmith Williams have warned brokers to take appropriate steps to ensure property transactions proceed smoothly.
With the news that mortgage approvals have dipped to their lowest level since the start of 2014 as a consequence of the implementation of new affordability checks – part of the Mortgage Market Review – it is more important than ever to ensure that every property transaction has the greatest chance of proceeding smoothly.
Eddie Goldsmith, Senior Partnert at Goldsmith Williams, said:
“Commentators have been trailing the possibility of the MMR causing a cooling of the property market for some time so this latest development wasn’t altogether unexpected. However it does highlight to brokers the importance of having a working partnership with a property law firm who is as committed as they are to the successful completion of every on going property transaction. When selecting and recommending a law firm brokers would be well advised to select one that, like my own firm, doesn’t charge on re mortgages or property sales matters that fall through and who transfer all unspent fees on account on property purchase cases which abort to the next purchase.
“Brokers should also ensure that the firm they select is comprehensively included in lender panels as this will mitigate some of the risk if the client’s property transaction falls through and they have to find another buyer, or property. Further reassurance can be gained by selecting a law firm that holds the Law Society’s prestigious Conveyancing Quality Scheme and other accreditations for quality such as ISO 9001 and Lexcel.
“My recommendation to brokers in the current market conditions is to carefully select a law firm to handle property transactions, exercise due diligence in that selection and then invest in that working partnership – then the conveyancer can give the greatest support in completing those property transactions that are approved by lenders.”
Contact Integrity IFA now foe free whole of market independent mortgage advicenon 01316530588.