Getting a start on the property ladder has become increasingly difficult in the UK in the last 20 years. A fluctuating economy, high rents, job insecurity and rocketing house prices have all contributed, meaning owning a home is now out of reach for many young people, especially in high-price areas such as the capital.
Mortgage solicitors in London, such as those at Saracens Solicitors, have seen a drop in the number of young people applying to buy a house, with the average age of a first-time buyer now at 30.
Another contributing factor has been poor advice: estate agents selling for over-inflated prices and banks offering more than 100% mortgages when interest rates were low, meant that when the economy went into a natural dip, many ended up with large amounts of negative equity.
Getting the best advice
All this means that it is vitally important to get clear, professional and honest advice when embarking on the adventure of buying a house for the first time. New buyers are advised to find a mortgage solicitor in London who will keeps them updated in plain and simple language every step of the way, who holds themselves to high standards of professionalism and takes the time to build a trusting relationship with clients, not just take the money and run.
What to look for
- Does the mortgage solicitor in London have accreditations? The Law Society awards Lexcel status and accredits the Conveyancing Quality Scheme for mortgage solicitors. These awards mean that the firm has a commitment to providing excellent customer service.
- Do they provide a dedicated advisor? Some mortgage solicitors in London will pass clients around from pillar to post, making it difficult to build trust and get clear answers and updates. For first-time buyers, it is especially important to find a firm that will give you a single point of contact who can give you quick answers and regular updates.
- Do they speak plainly? Lawyers are well-known for communicating in a baffling language of their own – which is fine in court, but in talking to clients, clear, non-legal speak is key, particularly when giving vital information about surveys and the mortgage agreement.