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Author: amoore70
Best areas to live in Belfast
Belfast is a vibrant and historic city with a variety of neighborhoods that cater to different lifestyles, preferences, and budgets. Here are some of the best areas to live in Belfast: Central Belfast South Belfast North Belfast East Belfast West Belfast Up-and-Coming Areas Tips for Choosing an Area Ultimately, the best area for you will… Read more
Cashback mortgages explained
A cashback mortgage in the UK is a type of home loan where the lender provides a cash sum to the borrower upon completion of the mortgage. This cashback amount can vary, but it is typically a fixed percentage of the loan amount or a specific sum agreed upon in advance. Here’s a detailed explanation… Read more
Reasons why drainage searches are important
In the UK, a drainage search (also known as a drainage and water search or sewerage search) is a crucial part of the conveyancing process when buying a property. It involves obtaining information from the local water authority regarding the property’s connection to public sewers and water mains. Here’s what a drainage search typically checks:… Read more
Life assurance – can a lapsed policy be reinstated?
Yes, a lapsed life assurance policy can typically be reinstated, but the process and conditions for reinstatement can vary depending on the insurance company and the specific policy terms. Here’s what you generally need to know about reinstating a lapsed life assurance policy: Conditions and Process for Reinstatement Considerations Alternatives to Reinstatement If reinstatement is… Read more
The process of enfranchisement explained
Enfranchisement in the UK refers to the process by which leaseholders of residential properties, particularly flats, can acquire the freehold of their building from the landlord (freeholder). This process is governed by specific legislation, primarily the Leasehold Reform, Housing and Urban Development Act 1993 (for flats) and the Leasehold Reform Act 1967 (for houses). Enfranchisement… Read more
What happens when a lease expires on a leasehold property in the UK?
When a lease expires on a leasehold property in the UK, several key implications and potential outcomes depend on the terms of the lease and the actions taken by both the leaseholder (tenant) and the freeholder (landlord). Here’s what typically happens: 1. End of Lease Term: 2. Reversion to the Freeholder: 3. Compensation for Improvements:… Read more
Execution only basis mortgages
An execution-only mortgage is a type of mortgage arrangement where the lender does not provide any advice to the borrower about which mortgage product to choose. Instead, the borrower makes all the decisions independently and instructs the lender to proceed with the chosen mortgage product based solely on their own judgment. This type of mortgage… Read more
What is meant by ratification?
Under the principles of agency in legal terms, ratification refers to the approval or confirmation by a principal of an act performed on their behalf by an agent who lacked the authority to do so at the time the act was performed. Ratification effectively retroactively grants the agent the authority to perform the act, making… Read more
Using a trustee in a mortgage application
A trustee in the context of arranging a UK mortgage is an individual or a legal entity that holds property or assets on behalf of another person or entity, known as the beneficiary. Trustees are appointed to manage the property according to the terms of a trust agreement, and their role can vary depending on… Read more
Reasons why a lender can withdraw a mortgage offer
A lender can withdraw a mortgage offer at various stages of the home buying process, typically due to changes in the borrower’s circumstances or new information coming to light that affects the lender’s assessment of risk. Here are the main scenarios and reasons when a lender might withdraw a mortgage offer: Common Reasons for Mortgage… Read more