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Remortgage & majorworks debt on leasehold didnt declare now worrie
50schalett
Posts: 1 Newbie
Hi, i am in the final stages of a remortgage just about to set the completion date (offer accepted, redemption info) and my solicitor has now contacted the council who i have a leasehold with for information on service charge and insurance.
I rather stupidly hadn't included the debt i have for some majorworks that were carried out a couple of years ago of around on the building of £11,500. Do you think this will stop the remortgage going through?
It wasn't asked for on the form directly only service charge, but i did include my credit card debts. I haven’t started actually paying anything to the council yet, and they haven’t pushed it hard either, although about a year ago i did enquire about different payment options so i partly didn’t want to trigger anything.
Last year i was successful in getting a remortgage with Halifax for a much larger amount (which i kept open for 1 year) but i eventually decided that i didn;t want to take out the remortgage. Anyway i mention this is, as the major works debt never came up and it wasn't an issue. I guess i stupidly believed it would be fine this time around as well.
I have been now asked to pay £130 directly to the council as they have emailed back to the solicitor saying they charge for providing information.
I'm taking out £25k equity so i could potentially pay off the debt with half of the equity release, i got it out 'for renovations'. They have already sent me an 'undertaking to pay' the credit cards which i had to sign. My affordability is good, great credit rating, my mortgage payments are fairly low and i have a lot of equity left in the property. Could it retrigger an affordability with the lender?
Do you think this will stop the remortgage going through? Should i call and own up to the solicitor and offer to pay the debt with the equity if i have to?
I'm so worried about this and how best to handle the situation. Does anyone have any advice, any help would be much appreciated?
Many thanks!
I rather stupidly hadn't included the debt i have for some majorworks that were carried out a couple of years ago of around on the building of £11,500. Do you think this will stop the remortgage going through?
It wasn't asked for on the form directly only service charge, but i did include my credit card debts. I haven’t started actually paying anything to the council yet, and they haven’t pushed it hard either, although about a year ago i did enquire about different payment options so i partly didn’t want to trigger anything.
Last year i was successful in getting a remortgage with Halifax for a much larger amount (which i kept open for 1 year) but i eventually decided that i didn;t want to take out the remortgage. Anyway i mention this is, as the major works debt never came up and it wasn't an issue. I guess i stupidly believed it would be fine this time around as well.
I have been now asked to pay £130 directly to the council as they have emailed back to the solicitor saying they charge for providing information.
I'm taking out £25k equity so i could potentially pay off the debt with half of the equity release, i got it out 'for renovations'. They have already sent me an 'undertaking to pay' the credit cards which i had to sign. My affordability is good, great credit rating, my mortgage payments are fairly low and i have a lot of equity left in the property. Could it retrigger an affordability with the lender?
Do you think this will stop the remortgage going through? Should i call and own up to the solicitor and offer to pay the debt with the equity if i have to?
I'm so worried about this and how best to handle the situation. Does anyone have any advice, any help would be much appreciated?
Many thanks!
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