unadopted road and new build

abbieno7_2

hi guys

I posted recently regarding a section 38 agreement not being in place yet on the last phase of a new build development where we were due to exchange contracts last Weds.

Our solicitor picked up on the fact that the last part of the development hasn't yet been adopted by the local Council (the road is still not up to standard as the builders are still finishing some landscaping off) yet and has informed the lender (Halifax) of this. She faxed them last week and was told to expect a response within 48 hours, which she didn't get but has subsequently been told it could be the middle of this week when she gets an answer.
We are FTB's so a bit "dim" in this area and wondered if anyone could tell us whether the lender may see this as a big enough issue to withdraw our offer?
The builders have a covenant in place to say that they will bring the road up to standard so that the Council can adopt it and they also have £1 million pounds in a holding account (is that a "bond/surety"??) so am i right in thinking that the reason for contacting the Halifax is to ensure that they are happy to proceed or if they want a retention holding back or could this be a huge problem?

Sorry for the long post and yes i have tried to ask our solicitor but she is currently away and we are beginning to panic a little. Has anybody else had a similar experience re an unadopted road and the lender taking an issue with it?

Thanks so much

ledifer

I'm a FTB as well so not clued up, but we're due to exchange on a new build where the road is yet to be adopted. (our property is on phase 1 of a 3 phase project and they're not putting the surface of the road on till after so the lorries don't wreck it.
Anyhows my solicitor didn't mention it but it came up on the Halifax's valuation. But our offers just came through today so it didn't put them off in our case. Hope it goes well for you.