Little update. The title has now been updated and the Easements have been released! Nothing left to do now apart from agree on an exchange/completion date.
finally!The nervous wait to exchange....
- Thread starter noj
- Start date
Little update. The title has now been updated and the Easements have been released! Nothing left to do now apart from agree on an exchange/completion date.
finally!
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
glitch;30479712 said:
I'll give you a specific reason then:-
CML Handbook said:
There is of course scope to "take a view" on the matter if the fence has been in place unchallenged for 20 years and your solicitor doesn't deem it an issue affecting the lender's security (which is likely in the case of a fence, not so in the case of a new building being the breach).
Depends who has the benefit of the covenant too. If it was Tom, Dick or Harry from 1874 then it isn't an issue. If it was an active developer company or a local authority it's more of an issue.
Thank you for that - a simple answer to a simple question.Skillmister;30479856 said:
Apologies if I'm not answering this in the correct manner, but the covenant appears to benefit the residents of the close I am purchasing a property on.Skillmister;30479856 said:
The building scheme in place means that everyone on the development benefits from all the covenants but can also enforce them directly with their neighbours. So in theory anyone in my road could take issue with the fence, but thanks to the shrubbery in place you would not be able to see it.
I'm leaning towards 'suck it up and pay the price' for the indemnity now that someone has explained the situation in words I can understand, but it still irks me.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Sorry, I meant who is able to enforce. All residents may have the "benefit" in the way that they all benefit from each other observing the covenants but I assume that all the original owners entered into the covenants with the original developer.
Basically the seller is being a **** by not paying, especially if they put the fence up rather than a previous owner, but that's not uncommon unfortunately.
Basically the seller is being a **** by not paying, especially if they put the fence up rather than a previous owner, but that's not uncommon unfortunately.
How much is the insurance? It's easy when buying a house to get bogged down in arguments when sometimes even though you don't want to it's better to suck up a couple of hundred quid just to keep things moving. Indemnity insurance just seems to be the latest money making scheme we had to have one for our £2 a year ground rent as the lease holder is unknown even though our maximum liability is three years rent i.e. £6 lol
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Especially when it will cost the same whether the breach is a picket fence or a whole new building 
The policy itself is a couple of hundred quid, which doesn't seem to offer a good ROI, but it has been the manner in which that is was presented to me that has caused most of the problems.
When I was first notified about the breach of covenant and the option an indemnity policy to cover it, at no point was it specified as being an essential item - in fact when I asked my solicitor to clarify the 'cost of doing nothing' there was no mention of my mortgage provider being affected.
Had they said from the outset that the mortgage wouldn't be able to proceed (or would be much less likely/more complicated/etc) I would have sucked it up there and then and moved on with my life.
I dread to think what the policy cost would be if we were dealing with a more permanent structure, but companies like the one I am engaged with don't seem to want to talk to anyone other than solicitors.
When I was first notified about the breach of covenant and the option an indemnity policy to cover it, at no point was it specified as being an essential item - in fact when I asked my solicitor to clarify the 'cost of doing nothing' there was no mention of my mortgage provider being affected.
Had they said from the outset that the mortgage wouldn't be able to proceed (or would be much less likely/more complicated/etc) I would have sucked it up there and then and moved on with my life.
I dread to think what the policy cost would be if we were dealing with a more permanent structure, but companies like the one I am engaged with don't seem to want to talk to anyone other than solicitors.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
glitch;30481711 said:
That's the thing, it would probably be the exact same if it's an "out of the book" policy rather than something bespoke!
lee1101;30491393 said:Finally exchanged today after 7 long months! Completion on 27th, the day after we get back from Vegas!
Congrats.
Other side went quiet after extending me an exchange offer... I went back with a counter to protect myself. Wanted a simple yes or not and got nothing for a week.
Issued the pull out threat today, should get people running around a bit quicker. Given they have a new build, and I'm renting so couldn't care less
Permabanned
- Joined
- 6 Sep 2011
- Posts
- 1,726
Offer accepted two weeks ago. Happy.
Most of the houses we were looking at were round the 120k mark. But due to partners credit most banks wanted a 20% deposit ...it meant we needed to save more. However we were on a time constraint as the landlord decided to sell the house we are living in.
Partner wanted to go and look at a 3 bedroom for 100k but it was on an estate. I said I don't like it but said I'll look at it anyway. After viewing the house i completely changed my mind. It's a doer upper but has great potential. I think we got a bargain at 94k too... Our mortgage will be much cheaper than our rent.
Plus it's a 5 min walk to my job.
Gone through a mortgage broker.... Tsb seems to be the cheapest ATM... At 2.79% I believe. And for £500 tsb has organised homebuyers report and valuation.... It's next week so two week taken in total. Not bad I guess.
Most of the houses we were looking at were round the 120k mark. But due to partners credit most banks wanted a 20% deposit ...it meant we needed to save more. However we were on a time constraint as the landlord decided to sell the house we are living in.
Partner wanted to go and look at a 3 bedroom for 100k but it was on an estate. I said I don't like it but said I'll look at it anyway. After viewing the house i completely changed my mind. It's a doer upper but has great potential. I think we got a bargain at 94k too... Our mortgage will be much cheaper than our rent.
Plus it's a 5 min walk to my job.
Gone through a mortgage broker.... Tsb seems to be the cheapest ATM... At 2.79% I believe. And for £500 tsb has organised homebuyers report and valuation.... It's next week so two week taken in total. Not bad I guess.
Put our house up for sale just before Xmas, lots of viewings and a few offers too low below asking. We accepted an offer just below the asking about a week and a half ago on the proviso we took it off the market.
They have a cash / first-time buyer waiting on theirs but we hadn't seen anything we liked in the areas we were after.
Widened our search a bit and made a really cheeky offer on somewhere last week and was immediately, but politely, rejected as expected.
One came up round the corner from it on Thursday, wife viewed if Friday, we all went round this morning shown round by the vendor - few questions and looked at the work we would have to do it, made an offer just under the asking and agreed they would take it off the market if we gave them a small deposit. Going to formalise it all tomorrow as they need to confirm a few things this way as well but fingers crossed.
All going well there will be a sizeable work log coming as it needs (or should I say we want to) put on two extensions, loft conversion, ground floor reconfiguration and full refurb throughout - definitely "a project" lol
They have a cash / first-time buyer waiting on theirs but we hadn't seen anything we liked in the areas we were after.
Widened our search a bit and made a really cheeky offer on somewhere last week and was immediately, but politely, rejected as expected.
One came up round the corner from it on Thursday, wife viewed if Friday, we all went round this morning shown round by the vendor - few questions and looked at the work we would have to do it, made an offer just under the asking and agreed they would take it off the market if we gave them a small deposit. Going to formalise it all tomorrow as they need to confirm a few things this way as well but fingers crossed.
All going well there will be a sizeable work log coming as it needs (or should I say we want to) put on two extensions, loft conversion, ground floor reconfiguration and full refurb throughout - definitely "a project" lol
Last edited:
Associate
- Joined
- 28 Nov 2015
- Posts
- 1,521
- Location
- Tewkesbury, UK
We put our house(14 months old) on the market last week, got a viewing tomorrow and another on Saturday.
Cant really find anything we like at the moment though, which is a pain!
I suppose we just have to play the waiting game to find the perfect place
Cant really find anything we like at the moment though, which is a pain!
I suppose we just have to play the waiting game to find the perfect place
I've had a mortgage offer from nationwide and they've faxed the offer etc. to the solicitor as we have been told we're on a tight deadline. The solicitor won't work with the faxed copies and said he likes to work with the original hard copy which is coming out snail mail second class.
Is this a usual way of working? Nationwide seemed to give me the impression that the copies they faxed would be adequate and they do it all the time
.
Is this a usual way of working? Nationwide seemed to give me the impression that the copies they faxed would be adequate and they do it all the time
.
Soldato
- Joined
- 10 Apr 2006
- Posts
- 7,892
- Location
- North West
Quite a bit of paperwork had to be via snail mail when we were going through the process. Luckily we picked one nearby(ish) and the vendors solicitors were also nearby so post only took 1 day.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Considering some lenders (HSBC included) don't send out hard copies at all and they have to be downloaded by solicitors online, that seems odd. Then again, an extra day or 2 isn't going to matter.I've had a mortgage offer from nationwide and they've faxed the offer etc. to the solicitor as we have been told we're on a tight deadline. The solicitor won't work with the faxed copies and said he likes to work with the original hard copy which is coming out snail mail second class.
Is this a usual way of working? Nationwide seemed to give me the impression that the copies they faxed would be adequate and they do it all the time
I thought so, Nationwide didn't think it would be a problem.
We were told we must complete within 28 days of our offer at the beginning of the month by the agent, the solicitor was recommended by them as they would be sympathetic to the short timescale so it seems odd that he is causing a delay because he prefers to have the original.
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
Is it a new build? Either way those deadlines are BS. 9/10 transactions that have a ~1 month deadline for exchange/completion don't meet the deadline.
Good to know! 
It was a repossession so the original owners are long gone, the agent gave me the impression that it may be just to make sure serious buyers wanted it and time wouldn't be wasted too much.
Fingers crossed.