Maidenhead Council tax is a local tax to help pay for local services. These services include police and fire services, upkeep of local roads and street lighting, drainage, etc
A stress test is the term given to the process by which lenders assess the sustainable affordability of a loan to a buyer. Required by law to undertake such affordability tests as a result of legislation following the 2008 credit crunch and housing crisis, stress tests are there to protect the borrower (and the lender) for entering into ill-conceived or risky loan arrangements.
Our brokers are professionally trained and qualified to offer you the best quality advice. We work on your behalf. You are our client and as such we owe you a legal duty of care to act in your best interests. At Mortgage Required, we are on your side, we know the market and we are here to help!
A ‘sealing fee’ is sometimes also referred to as a ‘discharge fee’, ‘redemption fee’ or ‘exit fee’. The fee, when charged, is usually between £100 to £300 and is stated in your mortgage’s terms and conditions.
To specify exactly what is included in the sale of property in a short blog is impossible. However, for the purposes of this item, we’ll exclude mineral rights and the legal definition of Freehold and Leasehold interests and look at something more basic!
If you go to an independent mortgage adviser like Mortgage Required who are not restricted to just one lender, then you will see lots of different mortgages, all with different terms.
Conveyancing is the name given to the field of law that specialises in the sale and transfer of land and buildings.
Once you buy a property your solicitor will receive the Title Deeds. They will register your title with the Land Registry and then, if you have a mortgage, he will register the mortgage against your title and in most cases the deeds will then be sent to your mortgage provider who will hold them until the mortgage is paid off in full.
After the 2008 mortgage bubble and crash, mortgage companies have been under a greater duty to make sure that borrowers are able to pay their monthly payments even if mortgage rates increased significantly.
As part of the house buying process, your legal representative will undertake several ‘searches’ on your behalf. The cost of these searches will be charged back to you as expenses (disbursements).
A Mortgage Indemnity Guarantee (MIG) is an insurance policy that protects lenders if the mortgage repayments cease for some reason, perhaps due to death or a homeowner being made redundant at work. The MIG is NOT insurance protecting the borrower but is there to reduce the lender’s losses as a result of mortgage default.
Rather than try to give you a definitive timeframe to buy a house, it is probably best if we give you an idea of the potential pitfalls you may encounter. This way, you are best prepared to avoid them and speed the process.
Unless otherwise agreed, either party may withdraw from a transaction at any time before the purchase contract has been signed by both parties (or their authorised representatives) and exchanged. At this point a deposit is normally paid in consideration of the agreement and the deal becomes legally binding on both parties in according with the contract terms.
Once a sale has been agreed, specialist legal representatives (conveyancing solicitors or licensed conveyancers) will be instructed by the buyer and seller. It is usual for the seller’s representative to raise a contract for sale of the land, provide answers to what are called ‘pre contract enquiries’, offer proof of title and set out a schedule for what is included in the sale and when the sale will take place.
The house buying process can seem very long-winded and complicated but in reality it is just that so many different things need to be checked before the mortgagee will hand over the monies to the buyer’s solicitor and the buyer’s solicitor will hand over the monies to the seller.
In the past, when purchasing a property it was necessary to employ the services of a solicitor. Like many other professions, solicitors may specialise and most people only ever use a solicitor when buying or selling their home or when drafting a Will.
Home insurance may cover a variety of ‘risks’. Most standard policies will list the risks covered and crucially which risks are either excluded or treated differently.
‘Gazumping’ normally becomes newsworthy as each property boom gains momentum, as prices start to rise fast. That said, it can happen at any time.
The Government has launched an “Own your Home Campaign,” offering various initiatives to help people onto the property ladder. 1st December 2015 sees the launch of the government’s Help to Buy ISA scheme for first-time buyers.
As part of the Government’s stated policy of helping first time buyers into the housing market, a new initiative is launched at the end of this month.
From December 1st 2015 first time buyers can advantage of the new Help to Buy ISA scheme which gives every individual a cash boost towards the deposit on their first home.
A tracker mortgage is very much like any other mortgage in most ways. However, whereas the standard variable rate mortgage mortgage interest rate is set by the lender, a tracker mortgage has its interest rate set with reference to in most cases, the Bank of England’s Base Rate.
Her Majesty’s Land Registry is a non-ministerial Government Department, Executive Agency and Trading Fund according to the Land Registration Act 2002. “So what does it have to do with buying and selling your home”? you might ask.
How long is a piece of string? There are many variables at play when considering the ideal deposit to make your house purchase, but the primary one is most likely to be “What is the minimum deposit I can get away with to buy this house?”
The Family Building Society is the brain child of the Chairman on the National Counties Building Society, and was set up specifically to “help families who can work together to use their money and their assets more successfully.
As the name suggests, an interest only mortgage requires that you only pay the interest element of your mortgage in your monthly mortgage repayment.
Just as all memories of the “Help to Buy” ISA announced in the last budget were fading, the Treasury has named the first six banks and building societies that will offer first time buyers said “Help to Buy ISA.” The Treasury has confirmed that the list is not intended to be exhaustive and that there is still time for other providers to join the scheme and offer the account to savers.
A transfer deed is a document used in conveyancing in England and Wales to transfer real property from its legal owner to another party, and is the document used when residential property is sold.
Where property is registered with HM Land Registry the Charge Certificate will prove the ownership or transfer of land. This includes Freehold and Leasehold Interests.
Buying their home is the largest financial transaction that most people will undertake during their lifetime. It therefore makes sense to take professional advice in order to protect yourself from some of the many pitfalls that can befall the inexperienced and unwary.
A Local Authority Search is usually submitted by your conveyancer / lawyer. The search will be submitted to the appropriate Local Authority and will ask about any details relating to planned development in the immediate area & disputes and road works that might affect the property.
Offering to be a Guarantor on a mortgage agreement should not be entered into lightly. If the borrower defaults in their payments or otherwise breaches the terms of the mortgage agreement, the lender will soon be looking to the Guarantor to step in and take over the obligations in accordance with the Guarantee Agreement.
Stamp Duty is a charge levied in England and Wales by the Government and the cost of Stamp Duty is payable by the purchaser. It is a charge levied on all property transactions over certain transactional values
The Chancellor took me by surprise last week when he announced the “Help to Buy ISA”in the budget. After the help he’s already given first time buyers when he adjusted the Stamp Duty thresholds last year.
Two years ago the Government launched the first phase of it’s "Help to Buy" scheme, which has now seen more than 80,000 borrowers purchase a home.
Through the first phase of Help to Buy, (let’s call it H2B1), the Government provides an equity loan worth up to 20 per cent of the value of a new build home, interest free for the first 5 years, which can be repaid at any time or when the home is sold, with the borrower putting up a 5 per cent deposit.
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