A buyer’s Guide to property conveyancing

Most people choose a solicitor or conveyancer to carry out the conveyancing process. For more information on this take a look at ‘Do I need a conveyancer or a solicitor for my property transaction?’.

It is possible to take care of the conveyancing process yourself it is complicated and can be confusing, and for this reason many people choose a conveyancer instead. Often your estate agents will recommend a property conveyancer, but these are likely to be commission based and could cost you more money. It is best practice to get a quick conveyancing quote off these and shop around for the best price.

Look for Conveyancing Cost and Service.

You need to instruct them to do your property conveyancing for you when you’ve found a property conveyancing service you’re happy with. Your appointed conveyancer will then draw up their terms of agreement with you, and contact the seller’s conveyancer or solicitor to confirm they have been instructed to act on your behalf and request a copy of the draft contact and other details such as the property title. Your conveyancer will then run through the details with you to make sure everything is covered.

Your property conveyancer will examine the contract when it has been received and go through it with you, so you can raise any queries with the seller. Legal searches on the property will also be completed by your conveyancer, which may detect factors you were unaware of, including: flood risk, water authority searches, checking the title register and more. You then need to get your mortgage in place; your property conveyancer will need a copy to go through the details. Before signing the final contract your conveyancer will need to ensure that:.

– All enquiries have been returned and are as expected.

– A completion date has been agreed between the two parties, usually 4 to 12 weeks after the exchange of contracts.

– The fixtures and fittings as listed in the inventory list are all still there and have not been damaged.

– You have agreed a deposit with the seller’s solicitor/conveyancer.

Your property conveyancer will then exchange contracts for you; this is usually done over the phone by reading the contracts aloud to make sure they are exactly the same. When the contracts have been exchanged you are in a legally binding contract to buy the property– if you drop out for any reason you will lose your deposit or 10 % of the price of the property.

Fast, Convenient and Efficient Property Conveyancing.

You should then organise the moving process; in most cases it is around this time you will need to pay your conveyancer’s fees. With Property Transaction you can get a quick conveyancing quote in less than 10 seconds– and it’s guaranteed to be great value with no compromise on service. When you choose our conveyancing services you’ll be assigned your own dedicated conveyancer who you can contact by phone or email– saving you the hassle and inconvenience of visiting us in person.

For an efficient and fast property conveyancing service talk to Property Transaction today or get a quick conveyancing quote.

When you’ve found a property conveyancing service you’re happy with, you need to instruct them to do your property conveyancing for you. Your appointed conveyancer will then draw up their terms of agreement with you, and contact the seller’s conveyancer or solicitor to confirm they have been instructed to act on your behalf and request a copy of the draft contact and other details such as the property title. Your property conveyancer will examine the contract when it has been received and go through it with you, so you can raise any queries with the seller. You then need to get your mortgage in place; your property conveyancer will need a copy to go through the details.

Reason why you should manage your own money

Financial advisors can smooth the path to financial independence for many people because they often calm people’s nerves when markets are in panic mode. Still, I suggest that everyone give managing their own portfolio a try first, as it can be one of the most beneficial DIY projects to tackle. Here are some of the many reasons learning to manage your own wealth makes sense.

Seeing wealth building first-hand will help you spend less. You may realize just how much your investments can earn over long stretches of time, which will motivate you to contribute more to your stash as early as possible. You may also realize that reducing spending just a bit can shave off years of slaving away at the work desk. If you are more in tune with your wealth, it’s much easier to understand the dynamics of saving and spending and how it affects your retirement.

You should learn at least the basics before you let someone else touch your hard-earned money. Financial advisors can be helpful, but only if you are able to find a good one. Without knowing the theories of good money management and investing principles, you may allow a financial advisor to legally siphon your hard-earned money into his or her own pockets without you even knowing. Even if you were lucky enough to find a good financial advisor, having sound investment principles will allow you to challenge the status quo enough for the advisor to pay more attention. All this will translate to your money fitting your needs more appropriately.

You may have it in you to do it yourself. For those who have the passion to learn more than the basics and have the emotional control to stay the course during pessimistic times, doing it yourself means you can save all the extra costs of dealing with a financial advisor. After all, managing your own money can be simple to carry out, even though making the right moves may not be easy to do on a consistent basis.

And speaking of fees, the costs extend beyond a yearly fee. Whether you find an advisor who will take a percentage of your portfolio each year as compensation or one who takes a fixed amount per visit, there may be other costs associated with having someone else manage your portfolio. You’ll be paying full capital gains taxes on everything that’s sold every time an advisor changes your holdings regardless of whether it’s in your best interest to do so on an individual level. That’s not to say advisors won’t take your specific circumstances into consideration, but they often work with many clients and will buy and sell funds/equities in bulk that seem like a good idea for most people. You can always ask him or her to hold onto investments as long as you want them in your portfolio, but the calculations in figuring out what’s most efficient to you specifically will often fall on your own shoulders.

There are non-financial costs as well. All the time spent communicating, driving to appointments, the interview process when you select a financial advisor, and so on are all costs that can be avoided if you do it yourself.

Many advisors don’t touch your retirement account, so you have to manage part of your wealth on your own anyway. Due to regulation, not every advisor will manage your retirement accounts, which defeats the purpose somewhat since you end up spending just as much time, but only managing part of your money.

In fact, you might be spending even more time because all the time communicating with your advisor will be added on top of the time spent managing your retirement accounts.

If you do it yourself, your asset allocation can better reflect your circumstances. An advisor will tweak your plan based on what the advisor believes are your circumstances. It is up to you to be articulate and patient enough to relay all your needs and wants to the financial advisor in the few meetings you have with him or her. Plus, many employ basic groups of portfolios to maximize economies of scale. This may end up fitting your circumstances perfectly, or it may not. How much are you willing to bet that what someone else is interpreting as your situation based on a few meetings will actually be the reality?

You’ll be able to make adjustments to your plan easily to better accommodate changing needs. There are lots of moving parts when you need to change your plan. The percentage needed to allocate to each investment, and whether it makes sense with all the tax laws affecting the after-tax benefit are just two details that need to be researched. Most financial advisors simply don’t have the capability to deal with this for every client. What ends up happening is that many sub-optimal choices are made, with you bearing all the financial consequences. When you are managing the pot yourself, you will have the required knowledge to look further to see if any change makes sense, minimizing costs.

Like I said, financial advisors can be a powerful aid in your path to a comfortable retirement. But for some, doing it yourself is the best route, bar none.

Financial advisors can smooth the path to financial independence for many people because they often calm people’s nerves when markets are in panic mode. Without knowing the theories of good money management and investing principles, you may allow a financial advisor to legally siphon your hard-earned money into his or her own pockets without you even knowing. Even if you were lucky enough to find a good financial advisor, having sound investment principles will allow you to challenge the status quo enough for the advisor to pay more attention. For those who have the passion to learn more than the basics and have the emotional control to stay the course during pessimistic times, doing it yourself means you can save all the extra costs of dealing with a financial plan advisor. An advisor will tweak your plan based on what the advisor believes are your circumstances.

What You should do if you can’t Pay Your Tax In Full

Ready to file your federal tax return? Check out these prompt payment options if you’re ready to make and file payment. What if you can’t pay what you owe?

File anyway. Penalties apply for failure to file and failure to pay. To reduce the hit to your wallet from penalties, be sure to file your return even if you’re going to owe.

If you can’t pay up immediately, don’t throw in the towel just. Options are available. Here are some options to consider if you don’t have the ability to pay your entire tax bill by April 15:

  1. Put it on your credit card. I’m generally not a fan of replacing one debt with another. But if your ability to pay is a timing issue– as opposed to a “I absolutely don’t have it” issue– you can pay your federal income taxes by credit card. The IRS accepts all major credit cards (American Express, Discover, MasterCard, or Visa). To make a payment, head over to the credit card payment page on the IRS web site and choose one of the payment processors to pay by phone. The IRS doesn’t charge a fee for credit card payments but the processing companies do: the amounts vary from 1.87 % to 2.35 % of your bill for credit card payments (note that your credit card bills will read “United States Treasury Tax Payment” and the convenience fee paid to your provider will be listed as “Tax Payment Convenience Fee” or something similar). While the fee might be painful, it is deductible as a miscellaneous itemized deduction (subject to the 2 % rule).

Pay as much as you can upfront since you are limited to two credit card payments for individual income tax payments for the 2014 year (find other limits for other forms and years here). If you’re paying more than $100,000 by credit card, you’ll need to call 1-888-734-8212; if you’re paying more than $500,000, call1-888-877-0450. To make a payment of $1,000,000 or greater, call 1-888-889-7228 (you may also need a new tax preparer in that event, just saying).

  1. Re-finance your home. Again, I’m generally not a fan of replacing one debt with another (see # 1) but even the IRS will recommend a re-fi to pay your taxes if you can afford it. If you have equity in your home, using that equity to resolve your outstanding tax debt may make sense. Mortgage rates remain relatively low and unlike credit card interest, you can deduct home mortgage interest on your income taxes if you itemize. Converting usable assets into usable resources can pay off but only if you can swing it. You don’t want to lose your home over a bad tax bill.

 

  1. Enter into an Installment Agreement. If you can’t pay your tax bill all at once, consider an installment agreement. You don’t even have to speak with a real person. If you owe $50,000 or less in combined individual income tax, penalties and interest and you’ve filed all of your tax returns (if you haven’t filed your returns, you’ll have to do that before you can sign up for an installment agreement), you can apply for an installment agreement online to pay IRS in monthly installments. You can also apply for an installment agreement by mail using federal form 9465, Installment Agreement Request (downloads as a PDF). The IRS will usually let you know within 30 days after receipt of the request whether it is approved or denied. If, however, you filed the return after March 31, it may take longer.

It’s not a free pass: there is a fee of $120 to apply though if you agree to pay by direct debit, the fee is only $52 (if you qualify for a reduced fee, it’s just $43). Be aware that the IRS will charge interest during the agreement and may file a federal tax lien until you pay in full. The IRS will also seize any refund you might be due while you’re in repayment.

If you owe more than $50,000 or your taxes are other than individual income taxes, the rules are a bit different: check with the IRS directly in that event.

  1. Consider an Offer in Compromise (OIC). An OIC allows you to settle your tax debt for less than the full amount you owe. The IRS considers a host of circumstances including the ability to pay; income; expenses; and asset equity. Generally, the IRS will only agree to an OIC if they determine they will not be able to collect the amount due within a reasonable period of time. The reality is that everyone who owes has an excuse and the IRS is looking for a good one before they cut you a break: most offers are actually rejected (anecdotally, up to about 80 % of offers tend to be rejected).

As with the installment agreement, you must be current with all filing and payment requirements and you are not eligible if you are currently in an open bankruptcy proceeding. There’s a hefty, non-refundable fee of $186 to apply for the OIC. In addition, you’ll need to be prepared to submit a lump sum payment of 20 % of your tax due or the equivalent of a monthly payment upfront. Don’t believe everything that you see on TV: there are strict standards for an OIC. You may want to use the IRS’ Pre-Qualifier online tool to see if you qualify and to calculate a preliminary offer amount.

  1. Ask for additional time. Based on your circumstances, you may be granted a brief amount of additional time to pay your tax in full. You can make the request through the Online Payment Agreement (see # 4) or by calling 800-829-1040.
  2. Make a partial payment. A little something is better than nothing. The more you pay now, the less penalty and interest you’ll owe later. If you choose to mail a partial tax payment, make your check, money order or cashier’s check payable to U.S. Treasury. Be sure to write your name, address, daytime phone number, Social Security number, the tax form number (for example, 1040 or 1040EZ) and the tax year on the memo line. Be sure to mail your payment to the correct address. Follow-up immediately with one of the above options in order to resolve your outstanding liability.
  3. Can’t pay at all? If you are insolvent or unable to pay due to circumstances beyond your control (for example, disability or unemployment), the IRS is willing to work with you. Give them a call at 1.800.829.1040 or use the phone number on any notice that you might have received in the mail.

If you’re not quite sure what you owe for a specific tax year, you can check your balance due with IRS. Use the automated system available by phone at 1-800-829-1040. You can also use the IRS Get Transcript tool to request a Tax Account Transcript online or by mail. You can use the tool to confirm that payments have been applied to your tax account but the transcript won’t provide you with a specific payoff amount.

Whatever you do, don’t ignore your outstanding tax bills. They won’t simply fade away. To the contrary, they’ll likely get bigger. Take steps now to pay what you owe. Help is available.

If your ability to pay is a timing issue– as opposed to a “I absolutely don’t have it” issue– you can pay your federal income taxes by credit card. The IRS doesn’t charge a fee for credit card payments but the processing companies do: the amounts vary from 1.87 % to 2.35 % of your bill for credit card payments (note that your credit card bills will read “United States Treasury Tax Payment” and the convenience fee paid to your provider will be listed as “Tax Payment Convenience Fee” or something similar). Pay as much as you can upfront since you are limited to two credit card payments for individual income tax payments for the 2014 year (find other limits for other forms and years here). If you owe $50,000 or less in combined individual income tax, penalties and interest and you’ve filed all of your tax returns (if you haven’t filed your returns, you’ll have to do that before you can sign up for an installment agreement), you can apply for an installment agreement online to pay IRS in monthly installments. Be sure to write your name, address, daytime phone number, Social Security number, the tax form number (for example, 1040 or 1040EZ) and the tax year on the memo line.