Author Archives: Reynolds

Cutting the Cost of Legal Fees

Many people are worried that the moment they consult a lawyer, the “legal clock” will start ticking and before they know it, they will have racked up a massive bill. That is simply not true. Here are a few tips to keep your legal bill to a minimum and keep your lawyer happy. You may think I have invented some of these examples, but sadly they are true!

  1. Agree the fee or hourly rate up front. Do not assume advice will be free or at a rate you had several years ago.
  2. If you are concerned about fees, ask for an update. All lawyers run time sheets and should be able to tell you right away how much is on the clock.
  3. Give clear instructions. Make your lawyer’s job easy-don’t just forward e-mails with the words: ”See below”. The lawyer needs to be told what they are meant to be looking at  and what you want them to do with the “e-mail below”. If they have to read down a great long chain of e-mails and then write back to double check with you, that will all cost money.
  4. Don’t leave great gaps of weeks and months between e-mails. Otherwise your lawyer will have top3 read back into the file to remember where they left off and that too costs money.
  5. Send as much detail as possible at the outset. Avoid questions such as :”I am planning to open a business. Please can you advise of legal implications.” It is like saying:” I would like a cake. Please can you bake one.” You need to say what type of cake, for how many people, whether there are any allergies, how much you want to pay, when it has to be ready for…. You get the picture!
  6. Remember Microsoft Word tools. If your lawyer has asked for comments on a document they have sent you, use proper tools to highlight your comments such as the “track changes” or “insert comment” facility in Microsoft Word (see the ‘Review’ tab). If your lawyer has to try and spot where you have made changes that you have typed in directly into the document, that makes the job much harder and costly.

Choosing a solicitor can be quite tough and cost can certainly be a factor depending on the sort of case it is. No win no fee solicitors such as those used during medical injury claims Newcastle or personal injury claims can be a great option.

However, once you pick carefully you should be fine.

Is It Better To Remortgage Your Home Or Take Out A Secured Loan?

Getting a loan has become somewhat easier in the last short period of time, but that doesn’t mean that it’s easy to get one. Of course, if you need money a good option is a secured loan. These loans are secured against the value of a property – so obviously you need to be a homeowner to get one.

Borrowing

Because a secured loan is borrowed against the worth of your home, you will be able to get a far higher amount of money than with an unsecured alternative. Generally an unsecured loan will be somewhere in the £25,000 mark as a maximum, while you can get upwards of £100,000 through an unsecured loan.

These loans generally have longer periods to pay them back too and you often can take up to 20 years to do so, as opposed to 10 years or less for a personal loan. This means that you can repay the equivalent amount at a far lower rate as you’re doing it for a longer period of time.

Rates

The interest rates on secured loans are not always higher than they are on a secured loan, contrary to people’s opinions and understanding. It depends on the lender and other circumstances to be frank. The size of the loan, length and the equity in your home all determine the level of interest of the loan and how much you will have to pay back over time.

Credit Score

The lender needs to take the credit score of the loan into account when offering you a secured loan. However, because a lot of people looking to use secured loans have lower than average credit. Lenders tend to look a little more leniently on these people and so you will be more likely to get a loan because it’s secured against your home.

Home Risk

These sorts of loans are fantastic for big home improvements and other areas; however they do tend to require a level of risk also. Secured loans are taken out against the home and so they tend to mean that your home is at risk. So, should you default on your repayments you will see the lender repossess the home. So, the biggest thing to consider here, as you should with all loans is whether or not you can afford to take it out.We know that this means there is more chance of someone buying your home if you’re not in a panic to sell it quickly.

Secured loan rates are often variable too and so you should also consider this before taking a loan of this kind out. This can greatly include the cost of the loan – so factor in rises in interest rates as regards the calculations for repayment.

Mortgage Increases

As an alternative you can always look at taking out a remortgage to help with your home. This is also known as a further advance and a lot of people tend to use these for building and extension projects. This is also quite a cost effective option though you will have to pay a different rate and set up fees. Alternatively, you can move to another lender to take out the money here. This is all once again dependent on the equity you have in your home. However, do not that it may often work out cheaper if you remortgage at a lower rate than your existing one and can be very beneficial.

So, now you know the ins and outs of secured loans, unsecured loans and Remortgaging.

6 Alternatives to Home Foreclosure

Landlord_Tenant

It’s one of those nightmare scenarios that we all would do almost anything to avoid. You get a red typed letter through the post telling you that because you haven’t been able to pay your mortgage, foreclosure is likelihood. Well, though the letter may be extremely unsettling, it doesn’t have to mean the end and … more »

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