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A piggy bank, on a blue background; our Conveyancing Solicitors in Lancaster discuss methods of financing a property, and how we can help your property purchase.
Purchasing property is a significant financial commitment, and finding the right financing option is a critical part of the journey. Usually, the matter of financing your property purchase is a stage you will start long before you think of instructing our Conveyancing Solicitors in Lancaster. However, it’s a crucial stage that our Conveyancing Solicitors in Lancaster will, at some point, need to be involved in. Our Solicitors’ blog explores various ways to finance a property purchase, helping you to think about what financing options may be available, before you take financial advice and make your decision. 

Fixed-fee Conveyancing Solicitors

MG Legal's leading Conveyancing Solicitors in Lancaster offer all of our Conveyancing services on a clear, fixed-fee rate.  
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01524 581306. 
Get in touch today to speak to our Conveyancing Solicitors. 

Understanding Your Financial Options 

1. Mortgages 

A ‘traditional’ mortgage is usually obtained from a bank or building society. Find our Conveyancing Solicitors' Guide to Mortgages, here. You will likely be offered a mortgage, with interest payable on the bank or building society’s terms at that time, and you will need to consider repayment terms, deposit amount and whether the offer is suitable for you. Alternatively, if you are purchasing a commercial property, you may need a commercial loan, which usually contains terms more suitable to a loan for a business, with its own set of interest rates and factors to consider. 

2. Home Equity Loans and Lines of Credit 

You may decide, rather than financing your new property, to take out a loan or mortgage against another house you own. This is known as taking equity from your property, and our Conveyancing Solicitors in Lancaster have many clients who have opted for this financing option when purchasing their property. 

3. Seller Financing 

You may be selling your property to allow you to use the equity to purchase your new home. In these cases, our Conveyancing Solicitors in Lancaster are well versed in ensuring that your sale and purchase coincide, so that your move from your old home, into your new one, on the same day. In some – albeit rarer – cases, clients will move out of the house they are selling, before they move into their new house. Again, our Conveyancing Solicitors in Lancaster have plenty of experience with this, and can assist if you want to “break the chain”. 

4. Right-to-Buy Purchase 

Council properties sometimes come with an option to purchase, known as a right to buy. Not all properties will automatically come with this right, but for those that do, the tenants- referred to by our Conveyancing Solicitors in Lancaster as sitting tenants- can purchase the property, often at a slightly reduced rate. These purchases are often on the basis that, if sold within so long, the discount will be repaid. You need the assistance of expert Conveyancing Solicitors if you intend to exercise a right to buy, so get in contact with our team at MG Legal today to discuss your right to buy purchase. 

Assessing Your Financial Circumstances 

Before deciding which financing option suits your needs, you should consider all of the above, plus the other options that may be available, and seek professional advice from a suitably qualified financial advisor or mortgage broker. The advisor will need to assess your borrowing capacity, based on your income, expenditure and credit rating, and will usually be able to offer you a tailored offer to suit your needs. 

Why choose MG Legal Solicitors? 

No hidden fees.

Transparent fees. 

Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

We are the experts. 

Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
Regular Communication

Regular communication. 

When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
Multiple Office locations.

Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 
Choosing the right financing option for a property purchase is a decision that requires careful consideration of your financial position, long term financial goals, and market conditions. By understanding the various options available, you can make a choice that supports your long-term financial well-being, and helps you move into the property of your dreams. Our Conveyancing Solicitors in Lancaster can help, once you have found a property to buy and know how you will be financing it, to complete the legal process of buying your home, to ensure that matters progress seamlessly, and as quickly as you want it to. 
To get a no-obligation, fixed-fee Conveyancing quote, contact our Conveyancing Solicitors in Lancaster on 01524 581 306, email, or complete the contact us form below for a call back from our Conveyancing Solicitors within one working hour. 

Request a callback 

Why choose MG Legal, Conveyancing Solicitors in Lancaster? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

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