PRESS COVERAGE
Can I amend my mortgage offer?
When a property survey reveals problems after an offer has been accepted, buyers face a decision with significant mortgage implications that Zoopla asked Adrian Anderson to walk through. His answer was precise: 'From a legal perspective, any reduction or consideration in regard to the asking price must be formalised as part of the contract and the lender notified.' Bypassing this step - by agreeing an informal price reduction not reported to the lender - risks the mortgage offer being withdrawn at the worst possible moment. The piece gave buyers clear guidance on how to negotiate survey issues without jeopardising their finance.
Extract Published - 17th March 2023
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What happens to our home if we break up?
Joint mortgage, separating couple - a combination with more financial complexity than most people in that position realise until they are deep in the process. Zoopla featured Adrian Anderson's specialist guidance on the mortgage decisions that arise when a relationship breaks down and a jointly owned property needs to be restructured. He covered the redemption penalties that apply to fixed-rate products when selling or restructuring mid-term, how parental charges can sometimes help one party buy out the other, and what lenders need to see before they'll agree to a sole-name mortgage for someone taking on the property independently.
Extract Published - 10th October 2022
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Interest rates increase to a 14-year high
'This is a huge reality check' - Adrian Anderson did not soften his message for Zoopla's coverage of the Bank of England's September 2022 decision to raise rates to a 14-year high. He was direct about what the environment now meant for UK households: 'We are no longer living in a period of ultra-low interest rates with plenty of disposable income, our outgoings are increasing faster than our income and we are going to have to adjust quickly and get used to the new norm.' His call to action was equally blunt: 'Don't wait, take action now as it's likely the situation will get worse in the short term.'
Extract Published - 22nd September 2022
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The awkward questions you need to ask before buying together
Buying a property together is an exciting step - but the legal and financial decisions couples make at the outset have lasting consequences they often don't consider. Zoopla featured Adrian Anderson's contribution to a guide on the questions that must be answered before signing, including a specific and practical answer on property ownership structure: 'Tenants in common means that the property is split appropriately between the two owners. If one partner provides the majority of deposit, but the other has a larger income and puts more into maintenance costs, a solicitor can help you decide a fair split.' The piece helped couples see these decisions as requiring deliberate thought, not default choices.
Extract Published - 30th August 2022