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Posted

Can anyone offer some initial advice please?  :)

We are looking to buy a property that has a small attached paddock with it. The property has a charge against it from a previous owner that goes something like - if a dwellling is built upon the paddock a payment of £25000 is payable - to a previous vendor. The charge has about 10 years left to run but we don't intend building a dwelling it anyway - maybe a nice big garage at some time though!

A high street lender has refused to lend due to this charge/overage.  :(

Does anyone have any advice or experience of a lender that would please? I've spoken to a local broker who is looking into things for us but they are not well known to us and won't be in tough until Monday anyway.  :zzz:

Thanks WSCC  :t-up:

Posted
The condition would reduce the overall value of the whole package, but I would have expected that to be reflected in the price you are paying.  Maybe the lender is only valuing the house excluding land and it does not meet the criteria - loan v capital value etc.  Is the house and land valued together, or separately?
Posted
They didn't even get to valuation. They just said no.
Posted

I'm sure you'll find a lender who is willing to lend.

Make sure you do go into the condition carefully, in case it is a bit wider than you think. It might prevent you from building a garage for example. If and when you sort out the lender problem, then talk to your solicitor, and be sure he or she understands what you hope to do on the land, so they can advise you properly on the condition.

Posted

Thanks for the info so far fellas...

Our solicitor has the full details. Still waiting on the mortgage guy though...

Posted
Had a similar situation myself, no problem at all with Barclays  :t-up:
Posted
It was Woolwich/Barclays that said no. Maybe they have changed their T&Cs?
Posted

As a matter of fact lots have said no. So if anyone has a sim :t-up: ilar issue I'd say give the Nationwide a ring. Sorted!

This was a public service announcement...  :t-up:

Posted

My partner is very into horses, and this type of thing comes up quite often. You can understand why a vender does this, land as we all know increase significantly with the potential of becoming a building plot some time in the future, and people are just frightened you'll make a few quid of of them.

  She would know the ins and out of all this, but some land you can't even stick a shed on. Some you can keep a horse on, but your not even be allowed to put a hay net up, let alone a stable, including a mobile one, or even ride it. Some you can put a static caravan on, purely if you can justify it's for the horses security etc. Some land you even have to tell DEFRA what you're doing with it.

  We are hoping to buy a livery yard, as some form of semi-retirement sooner or later, but there's quite a bit to remember, so as to get the most for your money.

  The council tend to be very helpful with all this, providing their kept fully in the picture.

Posted

There's a clause like this on my place, not had any problems with HSBC over it.

Aside from any reflection on the overall value I don't see why it should really be a problem but they really don't want to lend at the moment so any excuse seems good enough to pull out.

Good to see you are sorted now though.

Posted
As a matter of fact lots have said no. So if anyone has a sim :t-up: ilar issue I'd say give the Nationwide a ring. Sorted!

This was a public service announcement...  :t-up:

Woohoo glad thats sorted mate.  :t-up:

Posted
Me too. Valuation on Tuesday, they're not hanging about...

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