Who do I see first – a lawyer or a mortgage adviser? Do I need both professionals when I am financing a property, business or equipment?
Do I need both professionals when I am financing a property, business or equipment?
The questions are never ending when you’re looking to buy a house – whether you’re a first time home buyer wondering about KiwiSaver or a lifelong realty enthusiast thinking about that next ideal home.
There are many reasons to see a lawyer and a mortgage advisor when buying a house – but who should you see first – and do you even need both?
Let’s Start With The Basics: Who do I see first – a lawyer or a mortgage adviser?
While a mortgage advisor is vital for the financial aspects of your mortgage acquisition journey, there are some things only a conveyancer can do. There are several people you will work with on your home buying adventure, so let’s run through them quickly so you can see how a mortgage advisor and a lawyer work within that team.
Your Real Estate Agent
Your real estate agent can help you to find a home for you to buy, they work for the seller and it’s important to shop around to see what various agents in your area can do for you.
Your Valuer
A Valuer is the one who will be putting a monetary value on the perspective home that you are considering. This valuation will help you to form an idea of the real terms monetary value of the actual home itself. This valuation from a reliable source provides you with the information necessary for you to put forward an offer to the real estate agent or at the auction.
Your Insurance Adviser
Because you need to have the appropriate insurance in place before embarking on buying a house, many people organise this themselves. However, as with anything financial it is always best to get the advice of a professional first.
Your Loan Officer
The loan officer at your bank is the person who will be dealing with the banks side of your mortgage – when you go through a mortgage advisor you may not even meet this bank employee as your mortgage advisor does that work for you.
Your Lawyer/Conveyancer
A legal professional is required to process all of the legal documents that are associated with your home purchase, They will oversee the legal side which is directly related to the purchasing, selling, or transferring of a property. The decision to hire a lawyer of conveyancer comes down to how much advice you need outside of the conveyancing of your property. A lawyer can advise you on other aspects of the purchase rather than a conveyancer who can only complete the conveyancing process.
Your Mortgage Adviser
We provide advice and guidance through the whole process – from inspections and valuations to insurance – as well as negotiate and liaise between you and your lender to get you the best mortgage possible.
So – who to go to first, a lawyer or a mortgage advisor?
It’s best to try and find a lawyer early on in the process as buying a house can move quickly – but it can’t move until you’re financed. This means that it’s really up to you which professional you retain first, but you definitely want to find both around the same time – as early as possible.
Do I need both professionals when I am financing a property, business or equipment?
When transferring property, a conveyancer is required. The purchase of other goods such as equipment does not require this but it is best practice to have a lawyer run their eye over any financial contract you sign – just to be on the safe side.
