Last minute problems

stingey

Andalya wrote: »

Not to disagree with anything you've said, just to add that I'm a bit surprised that the lender's valuation didn't flag this!

The lender will go by the HR provided by the seller. The lender will get their own panel valuer to check over the HR, and pull the required information for valuation. If the dropped kerb wasn't showing in the original HR the lenders valuer won't know to look for it.

The lenders valuer will probably now make a visit to check before the lender makes a decision, especially if both parties can't come to an agreement over permissions.

The responsibility rests with the seller's valuer/surveyor, but their get out clause is that the seller has ticked both or confirmed they have the required permissions.

Andalya

stingey wrote: »

The lender will go by the HR provided by the seller. The lender will get their own panel valuer to check over the HR, and pull the required information for valuation. If the dropped kerb wasn't showing in the original HR the lenders valuer won't know to look for it.

The lenders valuer will probably now make a visit to check before the lender makes a decision, especially if both parties can't come to an agreement over permissions.

The responsibility rests with the seller's valuer/surveyor, but their get out clause is that the seller has ticked both or confirmed they have the required permissions.

That's really useful info to know in general, thanks - you learn so much commenting on these forums!

stripedbanana

The HR specifies "the garden is used as off street parking however there is no dropped kerb" and the valuation report states "no parking space". They list it as a repair category 1. It also states that "this document assumes all necessary consents are in place". The owner ticked the box to say they have not carried out any alterations and so we can only assume they bought the house the way it is now, which raises questions in itself as to how this wasn't already highlighted.

The lender is aware of all of this and used the HR valuation in its assessment.

AdrianC

stripedbanana wrote: »

The HR specifies "the garden is used as off street parking however there is no dropped kerb" and the valuation report states "no parking space".

So there y'go, then.

stripedbanana

So there y'go, then.

So, no valuation issue as they've already accounted for this, just for us/our solicitor/the owner to agree on whether to proceed without permissions or not?

AdrianC

TBH, given that the HR - which is available very early on, and definitely pre-offer, AIUI - explicitly points the situation out, you really are on your own on this one imho.

stingey

OK so to sum this up:

Valuation shows no parking space - lender mortgaging on this
Valuation shows no dropped kerb - lender mortgaging on this

Sellers have no permissions and are selling with no permissions. (They've probably been in the situation you're in as buyers and are chancing now they're selling. If this is the case they've might have instructed their solicitor to ignore the permissions and buy the property without it).

Your solicitor is acting on your behalf wants to keep you as risk free as possible.

It boils down to this:
1. Are you comfortable buying a property with no permissions to drive over a footpath someone else owns?
2. Are you comfortable with the scenario that person/organisation refuses you permission to drive over the footpath? And may erect barriers from preventing you to do so?
3. Are you comfortable with having to sell the property in the future and the buyer wanting permissions?

The lender has a document that there is no dropped kerb and no parking space. If you decide to buy the property with no permissions and you get stopped from driving over it/lose value on the property it's all down to you. The lender although owns the property won't get involved.

This is worst part of buying a home, the risk. It sounds as if your solicitor is on the ball and I would take their advice. Seriously I've dealt with solicitors who have lost paperwork/did money laundering checks on the day the funds are to be paid!

There is no easy answer to this. It's down to you being aware of what will happen if you buy this property and you get refused permission in the future.