unilateral notices and value

bellathe2nd

I have made an offer on a house, there now appears to be 2 unilateral notices on the property registered by the neighbours either side claiming parts of the garden. These were only registered after the house came up for sale by the mortgagees in possession. I have 2 questions.
Does this make the house worth less than my original offer as it now appears that the morgagees do not want the hassle of applying for removal and so it is going to be the responsibility of the buyer
If the house is worth less can it be calculated in percentage terms
Would a mortgage be granted on a property with a unilateral notice (or 2) on it.
Several hours if not days have been spent googling to no avail, can someone enlighten me on all or part of my problem

poppysarah

Two neighbours vying over land... how realistic are their claims?

I would withdraw off or lower it massively. I can't imagine what sort of life you'd have living next door to two lots of vultures...

bellathe2nd

I think they are both chancers, my solicitor has written 2 both claimants via their solicitors, one has not replied the other does not want to produce evidence of claim at this stage but has said that the transfer was not completed. I should add that one side is about half an acre and the other side has a barn on it with approved planning permission for conversion to house.

DVardysShadow

bellathe2nd wrote: »

I have 2 questions.

bellathe2nd wrote: »

Does this make the house worth less than my original offer as it now appears that the morgagees do not want the hassle of applying for removal and so it is going to be the responsibility of the buyer

Down to you. If you offered on the assumption that you would have full unchallenged possession, then it is worth less unless the neighbours remove their notices

bellathe2nd wrote: »

If the house is worth less can it be calculated in percentage terms

There is no formula for calculating value.

bellathe2nd wrote: »

Would a mortgage be granted on a property with a unilateral notice (or 2) on it.

That makes 3 questions.

If the value of the uncontested property were adequate, this should not prevent a mortgage

bellathe2nd wrote: »

Several hours if not days have been spent googling to no avail, can someone enlighten me on all or part of my problem

There is no definitive answer to your questions. If you can accept the uncontested part of the property at the price, then it is straightforward. If your potential neighbours hate your vendor but not you, you have some interesting and tricky negotiation to do

bellathe2nd

First it was offered without incumberances now with the unilatera notices attached. I have offered one third of the value less. Santander, the mortgagees are now sending and independant valuer to see if this is a fair offer, I just wondered if the property has lost much of its value if any since these notices were applied. I am prepared to take on the hassle thats going to ensue if my offer is sucessful through our solicitor

bris

Half an acre one side and a barn with consent the other. This could be potentialy be hundeds of thousands of pounds here (if planning could be approved for the half acre), not something to be taken lightly.
Could the vendor know the land is not his, thats why he wants out. Don't forget that you could very well be buying a place that will have building sites either side of you if it all goes against the seller.
It may be worth getting your solicitor to do a lot of digging to find the truth here before you proceed.

bellathe2nd

Thats why I am still in the running. The solicitor has gone as far as he can go. Only the owner can insit on seeing proof of who owns what. The onus would be on those that are claiming rights to prove it. We beleive that when santander (then Abbey national) first gave a mortgage on the property is was for it all. The cottage I am buying, the barns and the garden the other side. The land registry titles confirms this. It getting a bit like a poker game...how much extra am I prepared to risk to walk away with it all, not just the cottage.

bellathe2nd

PS the vendor is the bank, they want a bad debt off the books as soon as possible.

Ulfar

Surely the bank as the vendor have to proof that they own what they are trying to sell you.

If they are not willing to sort it out then I would run away as you are leaving yourself open to lots of legal expenses. It may also interefere with you getting a mortgage as the ownership of the asset you want to mortgage is in dispute.

On top of this whatever the outcome you are going to have a problem with your neighbours.

bellathe2nd

If they do not have a claim on the gardens they will have to pay my legal expenses. I think the banks title will win through and they (the neighbours) will have no claim. We are talking a site of around 3 acres so sod the neighbours, if I can agree a price I can split it down legally and can walk away having trebled my money. My solicitor says get it cheaper or walk away, so back to the origianl question HOW MUCH percentage wise is it worth less than my first offer.

DVardysShadow

bellathe2nd wrote: »

PS the vendor is the bank, they want a bad debt off the books as soon as possible.

Then you need to be savvy about this. [Once again the whole picture takes a while to emerge].

If you are happy to take the undisputed part of the property, then offer what that is worth to you. Then offer on top whatever you are happy with as the right to be proprietor of the dispute over the rest of the property.

But bear in mind that it could be a hiding to nothing
As a repo, the previous owner could be a chancer, who was trying it on to grab land and property from rightful owners
The neighbours could also be trying it on - and would you want to pay good money to live next to people like this?