Mortgage: Estate not taken in charge

Cokezero

Hi there

I'm in the very final stages of buying a house and really eager to get moving on it. Contracts are signed and valuations are done. Unfortunately the estate we are buying is not under the control of the council. Can this problem be overcome? We literally just found out today. Would appreciate anyone with a BOI mortgage to let me know if this is negotiable.

thanks 

juke

Lots of estate haven't been handed over to council. It's not an issue at all if the original developer is still registered in the companies office (presuming it is a company). If the developer has been struck off or gone into liquidation/receivership, BOI's legal team will make a judgement call on it. Your solicitor will have to give them all the information. In a case I acted on in the last 6 months, property in Swords, the developer was in receivership and BOI were happy to go ahead.

Cokezero

juke wrote: »

Lots of estate haven't been handed over to council. It's not an issue at all if the original developer is still registered in the companies office (presuming it is a company). If the developer has been struck off or gone into liquidation/receivership, BOI's legal team will make a judgement call on it. Your solicitor will have to give them all the information. In a case I acted on in the last 6 months, property in Swords, the developer was in receivership and BOI were happy to go ahead.

Thanks Juke for the speedy response.

Do you think it will delay the house by much? Im under a little pressure to get into the house so would be interested to know if it will an an extra week, month, year to the process? We have everything else ready!

juke

Cokezero wrote: »

juke wrote: »

Lots of estate haven't been handed over to council. It's not an issue at all if the original developer is still registered in the companies office (presuming it is a company). If the developer has been struck off or gone into liquidation/receivership, BOI's legal team will make a judgement call on it. Your solicitor will have to give them all the information. In a case I acted on in the last 6 months, property in Swords, the developer was in receivership and BOI were happy to go ahead.

Thanks Juke for the speedy response.

Do you think it will delay the house by much? Im under a little pressure to get into the house so would be interested to know if it will an an extra week, month, year to the process? We have everything else ready!

If your solicitor has the information, s/he can fax it to BOI - you could expect a decision within a week, if not a day or two.

Cokezero

Would that be information you would get from a planning search or is it more general information. Our solicitor said that the planning office is uploading documents at the moment so aa search can't be done for two weeks before we knew of this issue! Really panicking as i needed to be in by August 1st

juke

I would have thought more general - who owns the lands (developer I guess), what's the owners status, did they provide the council with an insurance bond at commencement of the development (I would be surprised if they didn't, but it might have expired). Other possible information - if the developer isn't maintaining the common areas of the estate, who is? and is it insured?

A planning search would be require for closing - and some counties can take weeks. Otherwise not sure what the planning search is for - vendor's solicitor should have provided all planning documents that they have, but possibly some are missing. Or - possibly the council took enforcement proceedings against the developer?

Cokezero

juke wrote: »

I would have thought more general - who owns the lands (developer I guess), what's the owners status, did they provide the council with an insurance bond at commencement of the development (I would be surprised if they didn't, but it might have expired). Other possible information - if the developer isn't maintaining the common areas of the estate, who is? and is it insured?

A planning search would be require for closing - and some counties can take weeks. Otherwise not sure what the planning search is for - vendor's solicitor should have provided all planning documents that they have, but possibly some are missing. Or - possibly the council took enforcement proceedings against the developer?

Oh god this sounds worrying! The house was built in 2004 and the estate is complete. I feel sick at the thought of this not going through on time now. The info is very helpful though. I have a good solicitor thankfully.... still not ideal!

juke

Cokezero wrote: »

juke wrote: »

I would have thought more general - who owns the lands (developer I guess), what's the owners status, did they provide the council with an insurance bond at commencement of the development (I would be surprised if they didn't, but it might have expired). Other possible information - if the developer isn't maintaining the common areas of the estate, who is? and is it insured?

A planning search would be require for closing - and some counties can take weeks. Otherwise not sure what the planning search is for - vendor's solicitor should have provided all planning documents that they have, but possibly some are missing. Or - possibly the council took enforcement proceedings against the developer?

Oh god this sounds worrying! The house was built in 2004 and the estate is complete. I feel sick at the thought of this not going through on time now.  The info is very helpful though. I have a good solicitor thankfully.... still not ideal!

Trust your solicitor so. Hope it works out.

Bank of Ireland: Nicola

Cokezero wrote: »

Hi there

I'm in the very final stages of buying a house and really eager to get moving on it. Contracts are signed and valuations are done. Unfortunately the estate we are buying is not under the control of the council. Can this problem be overcome? We literally just found out today. Would appreciate anyone with a BOI mortgage to let me know if this is negotiable.

thanks 

Hi Cokezero, thanks for getting in touch.
I’m going to check this out with our mortgage team to see if it’s possible to get you some more information about this.
Thanks
Nicola

Cokezero

Bank of Ireland: Nicola wrote: »

Cokezero wrote: »

Hi there

I'm in the very final stages of buying a house and really eager to get moving on it. Contracts are signed and valuations are done. Unfortunately the estate we are buying is not under the control of the council. Can this problem be overcome? We literally just found out today. Would appreciate anyone with a BOI mortgage to let me know if this is negotiable.

thanks 

Hi Cokezero, thanks for getting in touch.
I’m going to check this out with our mortgage team to see if it’s possible to get you some more information about this.
Thanks
Nicola

Thanks Nicola,

Cokezero

Cokezero wrote: »

Thanks Nicola,

Any updates on this?

Bank of Ireland: Helen

Cokezero wrote: »

Cokezero wrote: »

Thanks Nicola,

Any updates on this?

Hi Cokezero,
 
We’ve been in touch with the Mortgage Team in relation to your query, as soon as we receive an update from them we will be in touch with you.
 
Have a good day.

Helen

Bank of Ireland: Nicola

Cokezero wrote: »

Cokezero wrote: »

Thanks Nicola,

Any updates on this?

 
Hi Cokezero, sorry for the delay getting back to you.
 
I’ve checked with our mortgage team and as juke has mentioned if your solicitor, having investigated the title to the property (which would include matters such as whether the estate was in charge of the local authority), finds that they need to flag a title issue or qualification, then your solicitor will normally let us know in writing.

What happens then is an assessment is made, this is on a case by case basis and we’ll get back in touch directly with your solicitor once a decision has been made.
 
We can’t give you any legal advice here but would recommend that you check any title issues with your solicitor directly.   
 
Thanks

Nicola