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Mortgage where unauthorised development

  • 17-09-2015 9:11pm
    #1
    sarachryan
    Registered Users, Registered Users 2 Posts: 80 ✭✭


    I'm interested in purchasing a property which a receiver is selling. The EA isn't saying anything but it's clear, and I am certain, that there is an unauthorised extension which is no longer subject to enforcement (it's there over the 7 years).

    I have to get a mortgage to purchase this property and before I go down the road of paying solicitors etc can anyone tell me whether the Banks will loan where this issue arises. I obviously can't say yet but I am presuming the vendor's solicitor will refuse to give the usual undertakings and warranties (if that is what they are called).

    Is there any solution to this? Will the bank accept that it's unenforceable and give the mortgage?

    I can't apply for retention until I am the owner and the receiver isn't going to apply for retention. Although not exempt the unauthorised development is not significant and retention would undoubtedly be granted or alternatively it could be knocked easily.

    So does that mean the house will just go to the highest cash buyer?

    Any help much appreciated


Comments

  • #2
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 6,064 ✭✭✭Chris_5339762


    I doubt it.

    Current owner should apply for retention, and they should pay for it too.

    If they won't pay it, walk.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If the receiver is selling the property well then the current owner cannot apply for retention. when a property is repossessed and the lender is selling same you will be offered the contract on a 'take it or leave it basis'. The bank in this case is the vendor and will have limited information on the property so it will be up to you to go to the local planning office to ascertain if there is planning permission for the extension. If there is not then you need to get advice from your Solicitor and see if you can apply for retention and obtain the necessary certificate of compliance with planning permission and building regulations.

    It would also be advisable to get an Engineer or Architect to check the property and ensure all utilities are in working order.


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