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Mortgage Challenge for Contract Workers

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It has become almost impossible for many contract workers to get a mortgage, even though their income may be high and P60 looks good. To be considered for a mortgage they must have been on the contract for at least 12 months and have over 6 months left. This can be very challenging, as by definition many contracts will be shorter. Affordability rules are verging on the unfair too.

Employees on permanent contracts are considerably better off than those working in more flexible ways. Mortgage lenders all have new ‘Affordability Calculators’.

For many this means the possibility of owning their own home has now become an impossible dream. Pearcelegal may be able to help you find solutions to this difficult issue, through our expertise and network of financial specialists.

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Solihull property set for stable 2015

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When a New Year starts there are lots of predictions and crystal ball gazing and the world of property is one of many subjects that often has plenty of media attention in this annual ritual.

Being involved in helping so many people move house in the Solihull area we obviously have an input into this little game, and we do have more of an insight into what will happen, more than many professions do.

Analysing the predictions from large estate agents, the Royal Institute of Chartered Surveyors and large lenders, it appears that 2015 isn’t going to be a year of boom or bust for the property market here. Those who write the tabloids won’t thank us for saying this but it all looks quite unremarkable.

Our comments aren’t the most headline grabbing, but in the UK we have an obsession with property and here in Solihull this is no different, so it is worth saying.

All the indications should mean a year when there remains trust and confidence in property and that should benefit the whole economy.

Most of the experts have predicted small rises and this should mean many moves during the year to be more based on lifestyle needs rather than other factors.

A stable housing market means people move for the right reasons, which is good to see.

Not so long ago when property was rising at an astronomical rate it created a very strange environment and we can only hope the effects of the relatively recent recession has meant people have learnt lessons.

What will remain certain for those moving in the next 12 months is the knowledge that a property purchase is a highly stressful matter and those involved need to make sure they don’t cut corners.

Buying a house is in all probability the most expensive acquisition you will ever make, so don’t skimp on cheap conveyancing which is dealt with in a call centre environment hundreds of miles away.

Good conveyancing in the big scheme of a property purchase is relatively cheap and can give you assurances that everything has been done correctly. It prevents some nasty shocks and it is well worth ensuring you have that peace of mind.

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Don’t let sub-standard legal work jeopardise your house move

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For those of us involved in conveyancing we saw a few grim years in the not so distant past, but there is little doubt that the economy is now very much on the up again.

In the UK, we have a fascination with bricks and mortar quite unlike our continental neighbours, with endless TV programmes about property feeding this national trait.

To add to this barely a week goes by without another new survey advising us of the state of the property market.
Property is a national obsession, and moving house is one of the most stressful things a person can do – yet it never ceases to amaze us how some people handle what is likely to be the most expensive purchase of their life can give so little thought to who is carrying out the conveyancing, which is the legal work involved in property purchases.

At Pearcelegal, we appreciate the expense of house moves and understand that every penny saved helps. However, the public has to be made aware that substandard quality property conveyancing is in some cases leading to sales collapsing, and at minimum giving unnecessarily huge amounts of stress to everyone involved in property chains.

We believe you get what you pay for- remember that ‘cut-price’ often means a cut down on quality. For those of us dealing in this stressful area of law it isn’t uncommon to hear of people ending up in tears because of the heartache and stress due to poor conveyancing.

We often hear of buyers going with the firm recommended by the estate agents and then left utterly exasperated because they have an unsatisfactory experience dealing purely over phone with the people overseeing what is likely the most expensive financial transaction of their lives.

At Pearcelegal we believe you can’t beat having a proper face to face relationship with an experienced solicitor who can guide you through the pitfalls associated with property, which can be complex.

It can be essential that the buyer speaks to his solicitor face to face to see the best way of overcoming issues, and this cannot be achieved in a call centre environment where often you never speak to the same person twice.

With the majority of property transactions involving six figured fees these days, trusted local law firms making sure that every detail has been looked at correctly, and acting in the buyer’s interest is still the wisest legal choice.

If you’re moving we wish you well and if you need any advice we’d be happy to help. Just call us on 0121 270 2700 or email info@pearcelegal.co.uk

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