Family Lawyer in Lahore Pakistan for Mortgage Issues:
For any mortgage issues if you need a family lawyer in Lahore Pakistan or an Advocate in Lahore you may contact Nazia Law Associates. The buyer signs the contract and sends it with a 10 percent deposit to the seller’s conveyancer. This is the last opportunity for the buyer and seller to back out through family lawyer in Lahore Pakistan or an Advocate in Lahore.
Exchange of contracts will take place when the seller has received the buyer’s signed contract (plus his deposit cheque) and when the seller has, in turn, posted his own signed contract to the buyer. Usually, a 10 percent deposit is paid (less any preliminary deposit that it may have paid to the estate agents). The buyer will have to raise this money, either from his savings or by borrowing it from his bank (a ‘bridging loan). He cannot use his mortgage money since he will not have that until the purchase is finally completed – probably one month later.
To avoid the expense and inconvenience of borrowing the full 10 percent deposit, he could try asking whether the seller would accept less (e.g.5 percent). Remember that the interest on the deposit money (if it is put on deposit between exchange and completion) will probably not go to the seller. Still, to his family lawyer in Lahore Pakistan or an Advocate in Lahore, the seller will probably not mind accepting a smaller deposit, as long as he feels it is enough to cover his losses should the buyer wrongfully back out of the purchase.
Advocate in Lahore:
The family lawyer in Lahore Pakistan or an Advocate in Lahore suggest that the other way of avoiding having to borrow the deposit is for the buyer – if he is selling his property-to, to ask the person buying from him whether it can use the deposit on the sale on his purchase. The idea of a deposit is to provide the seller with some security if the buyer backs out at the last minute. The seller may be able to forfeit the deposit (in practice, this virtually never happens since a buyer will nearly always make some arrangement to avoid losing his deposit).
In many ways, the idea of paying a deposit is old-fashioned. A much simpler (and cheaper) way of giving the seller some security against the buyer backing out would be to replace deposits with guarantees through family lawyer in Lahore Pakistan or an Advocate in Lahore. Such a guarantee would be provided by the buyer’s bank or building society, which would promise to pay up if the buyer defaulted. Completion is when the deal is completed – the buyer pays the rest of the money and is then allowed to move in. Usually, this will be four weeks after the day on which the contracts were exchanged. But, this four-week rule is no more than a convenience – if both buyer and seller want it to be more (or less), that can be agreed upon.