trying to buy a house... again

bobwilson

arbrighton wrote: »

Covenants are pretty common- our house we've just bought has a few, thanks to being formerly British Waterways. And has a gas main through it. And is by a swing bridge that may need maintenance.
Previous house had some, to do with it formerly being leasehold to a non-existent company. Lease was merged so not sure whether they still applied.

thanks for the reply but I know "covenants" are common. my question was are my specific covenants common for a freehold house? anyone come across this on a freehold house? detailed in OP

franklee

I wouldn't buy if I wasn't happy. OTOH I guess most of us have to compromise somewhere as there isn't enough money/prices are so high.

I suppose the smaller the gap between exchange and completion the less chance of something going wrong in between. Some people do it on the same day which cuts the chance of the bank going under / pulling out / raising more queries in that time. However it makes arranging removals trickier. I'd prefer a short gap. However that depends on the rest of the chain.

Thrugelmir

bobwilson wrote: »

Because the MORTGAGE LENDER can pull out at any time. They have a stake in the property. Let me put it this way: It's not possible for ANYONE using a mortgage to ensure the mortgage lender won't pull out before completion. It expects the Buyer to sign a form to say they're in control of something they can't be in control of. It's like expecting the buyer to control the weather. That's why it's unreasonable.

Obviously I can't sign it. I have never made a promise I can't keep and I'm not about to start. They need to change the wording to state that if the lender pulls out, we'll do our best to find another lender, but cannot be held responsible for the actions of the lender.

The only reason that a mortgage lender will pull the funds after exchange will be due to your actions.

Business transactions are based on trust. Lenders are honourable. Unfortunately not the same can be said for all borrowers.

Thousands of mortgage transactions are completed every year. Why is yours an exception?

Notmyrealname

bobwilson wrote: »

Because the MORTGAGE LENDER can pull out at any time. They have a stake in the property. Let me put it this way: It's not possible for ANYONE using a mortgage to ensure the mortgage lender won't pull out before completion.

Yes it is. They only pull out at that late stage if YOU do something to warrant it.

Loanranger

I've bought several freehold properties over the years and yes they have had restrictive covenants which are no big deal.
About the electricity company: what do you think would happen if they suffered a major cable fault somewhere causing thousands of properties to be cut off and the numpty whose property the cable was on/in/under didn't allow the company to access their cable to repair it?
Be guided by your solicitor, that is what you're paying them for.
And stop panicking!

SuzieSue

Loanranger wrote: »

Be guided by your solicitor, that is what you're paying them for.

Unfortunately, the OP used the solicitor recommended by the EA, so he cannot be sure that the solicitor is acting in his best interests.

bobwilson

Thrugelmir wrote: »

The only reason that a mortgage lender will pull the funds after exchange will be due to your actions.

Be careful posting incorrect info like this. You're Wrong. They could go under. They also stated they can withdraw the offer at any time for *no reason to do with the buyer*. The solicitor stated they are more frequently now than ever finding lenders withdraw offers for no reason other than they changed their mind. So, you're wrong. I wish it weren't the case, but it is.

bobwilson

Notmyrealname wrote: »

Yes it is. They only pull out at that late stage if YOU do something to warrant it.

sigh.

wrong. See above post.

bobwilson

Loanranger wrote: »

I've bought several freehold properties over the years and yes they have had restrictive covenants which are no big deal.
About the electricity company: what do you think would happen if they suffered a major cable fault somewhere causing thousands of properties to be cut off and the numpty whose property the cable was on/in/under didn't allow the company to access their cable to repair it?
Be guided by your solicitor, that is what you're paying them for.
And stop panicking!

I think they shouldn't invade my privacy or dig up my back garden! There's no reason to put a line under there. I wonder if it'll affect future marketability. This is my worry. Regarding trusting the EA, please see Suzie's comment above.

What kinda covenants are u talking about?

Thrugelmir

bobwilson wrote: »

They could go under.

A school friend of mines parents were Jehovah's witnesses. We came home from school one day. To find the police at his house. His parents had both committed suicide. They thought the world was going to end the next day. Some 40 years on I'm still here on this earth. So when I wake up in the morning I put a smile on my face, and deal with whatever life throws at me. There's no point in worrying about things that you are unable to control. As that's life.