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Who enforces deed of covenant on New Build?
DiscoCat54
Posts: 223 Forumite
I moved in to my New Build 18 months ago but sadly my mother is terminally ill and I need to move. I have approached my Mortgage provider to see if I can rent my house out but they declined.
My deed of covenant states that I am not allowed a for sale sign on the property for 5 years. My dilemma is that I need to move as quickly as possible so I contacted the developer to see if I could use a board and pay any costs associated with any necessary amendments to the covenant. As suspected they said no because they have another property similar to mine still for sale.
I fully understand that I have no rights and I may well be unsuccessful and I also appreciate that a For Sale sign doesn't necessarily guarantee a sale but given the situation I will try anything.
The Management company hasn't been set up yet as the development is still in its build phase so who would be responsible for enforcing the covenant? I don't want to put up a board without permission but the developer just won't tell me what I need to do or who I need to contact.
Many thanks
My deed of covenant states that I am not allowed a for sale sign on the property for 5 years. My dilemma is that I need to move as quickly as possible so I contacted the developer to see if I could use a board and pay any costs associated with any necessary amendments to the covenant. As suspected they said no because they have another property similar to mine still for sale.
I fully understand that I have no rights and I may well be unsuccessful and I also appreciate that a For Sale sign doesn't necessarily guarantee a sale but given the situation I will try anything.
The Management company hasn't been set up yet as the development is still in its build phase so who would be responsible for enforcing the covenant? I don't want to put up a board without permission but the developer just won't tell me what I need to do or who I need to contact.
Many thanks
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Comments
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DiscoCat54 wrote: »I moved in to my New Build 18 months ago but sadly my mother is terminally ill and I need to move. I have approached my Mortgage provider to see if I can rent my house out but they declined.
My deed of covenant states that I am not allowed a for sale sign on the property for 5 years. My dilemma is that I need to move as quickly as possible so I contacted the developer to see if I could use a board and pay any costs associated with any necessary amendments to the covenant. As suspected they said no because they have another property similar to mine still for sale.
I fully understand that I have no rights and I may well be unsuccessful and I also appreciate that a For Sale sign doesn't necessarily guarantee a sale but given the situation I will try anything.
The Management company hasn't been set up yet as the development is still in its build phase so who would be responsible for enforcing the covenant? I don't want to put up a board without permission but the developer just won't tell me what I need to do or who I need to contact.
Many thanks
why are you even bothering with 'for sale' signs? just stick it on rightmove/prime location/zoopla if you dont want to engage an estate agent or get an estate agent to do the selling without using a board!0 -
Which lender declined your request for consent to let?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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It will most likely be the developer that put these in and they would enforce.
Once they complete a build and move on then they tend to not bother.
You could try the agent that is marketing the properties to see if they can market yours, thye may have a cluse with the developer to not market resales but if not, the price is right and the commissions healthy thye may direct people to yours.0 -
It's really not worth worrying about a sale board as zarf said. Covenants won't be overturned in this case and I'm about 99% certain that the developer would be responsible for enforcing, not the management co with this one (I had a similar clause). But get it on the market and sold. My neighbour doesn't have a sale board up but they still had loads of people round to an open house this past weekend.
If you've done work to the house over and above the developer standard, make sure that's in your blurb too so that it stands out from the 'new one' and make sure it is staged nicely.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Thank you for your replies. I am with a local estate agents. I tried to sell last year for three months with no viewings whatsoever so I'm trying again now with a different estate agents.
The sales office did offer to send people over but sadly we haven't had a single enquiry.
I've had my rightmove stats for the last week and they would imply that the outside of the house is putting people off. It's appeared on searches 3,456 with it being clicked on individually 112 times giving a conversion rate of 3.2%. Much lower than the EA average. I don't think the fact that the house is blue is helping... that's what happens when you buy off plan :-)
Kingstreet, it was Santander who declined0 -
They do have a policy of granting CTL, so why was your request declined?DiscoCat54 wrote: »Kingstreet, it was Santander who declined
Is there anything unusual about the purchase, such as shared equity/ownership?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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