Mortgages: Who’s involved?

It can be a long and complex process with numerous people involved. Depending on the transaction you are looking at doing, the number of professionals involved with your mortgage process may vary. Below we list the most essential of these people and their role in your journey.

Mortgage Adviser

This should be the first person you speak to when it comes to buying your home or even re-financing. Your mortgage adviser's responsibility will be to advise and arrange the right mortgage for you. They’ll mostly be liaising with the estate agent and solicitors throughout the process to ensure a smooth completion.

Estate Agent

One of the first parties involved in your purchase journey. Always remember the estate agent is working on agency of the vendor, so they may not always be acting in your best interest as their client is the seller.

Letting Agent

If you are buying a rental property, you may choose to have an agent manage your property for you. This can certainly save you time but just keep in mind it can eat into your profits. Spend some time researching different letting agents to ensure they maintain your investment and liaise with tenants in a timely and cost-affective manner. Double check the contract to see what additional fees are payable.

Tax Adviser

It's advisable to take tax advice and do some research into this matter if you have any investment properties. Tax is an extremely broad area of expertise, so find an adviser who specialises in property tax, especially as property tax laws change regularly.

Accountant

This is more applicable if you have a property SPV, as it is a limited company; there’s still tax administration required which is normally done by an accountant. When it comes to doing your end of year submissions, there are plenty of accounting professionals out there.

Conveyancer/Solicitor

This is usually required if you are changing lender or purchasing a new home. Conveyancing firms come in all shapes and sizes. This process will usually start shortly after your lender has issued a mortgage offer. You may want a local firm to carry out your conveyancing, however lenders have differing requirements for the conveyancing process meaning your local firm might not be suitable. Never jump the gun and appoint a legal firm without checking with your mortgage adviser.

Like a lot of things in life, the better the service, the more costly the service. If you have done plenty of transactions before and understand the conveyancing process, then a volume-based firm may be a good option. If it’s your first home, it may be wise to pay a little bit more to a quality legal firm where you can rely on good service from solicitors as well as paralegals; meaning if you ever have a question or you’re not sure what paperwork to send then you can expect a swift response.

Valuer/Surveyor

This individual comes into play shortly after your mortgage application and documents have been submitted to your lender. Certain scenarios lenders are satisfied with a desk-top valuation however in most scenarios a lender will instruct a valuation to confirm the property is satisfactory collateral.