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retention of mortgage- holding money
vicstar82
Posts: 24 Forumite
Hi,
Quick question, what are peoples experiences in retaining a part of a mortgage? Basically, we need to prove our flat has always been a flat. This happened before 1947 (we are assuming) as there is no record of any planning permission being asked for to convert the building into flats. Therefore, we need to apply for a Certificate of Lawfulness. My solictor has just explained that to ensure we speed up our sale (this is the final final hurdle!) we can exchange on the proviso that we will obtain this certificate by a certain date. The solicitor of the buyer will retain part of the money until this is done and thus we complete. If for some reason we couldnt show it- the contracts are null and void. But obviousley we are happy that we can obtain this from the council.
What are peoples experiences of this? good bad? likely that the mortgage company will go with this? My solictor says this is common place but wanted to ask on this forum peoples experiences?
Quick question, what are peoples experiences in retaining a part of a mortgage? Basically, we need to prove our flat has always been a flat. This happened before 1947 (we are assuming) as there is no record of any planning permission being asked for to convert the building into flats. Therefore, we need to apply for a Certificate of Lawfulness. My solictor has just explained that to ensure we speed up our sale (this is the final final hurdle!) we can exchange on the proviso that we will obtain this certificate by a certain date. The solicitor of the buyer will retain part of the money until this is done and thus we complete. If for some reason we couldnt show it- the contracts are null and void. But obviousley we are happy that we can obtain this from the council.
What are peoples experiences of this? good bad? likely that the mortgage company will go with this? My solictor says this is common place but wanted to ask on this forum peoples experiences?
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* bump*anyone? desperate situation!!0
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