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Unadopted road and lender
Jessicashermer1
Posts: 1 Newbie
Hi.
Wondered if anyone could offer any advice or reassurance. We are purchasing a property which is on an unadopted road. We were fully aware of this at the beginning and as far as we knew the bank and conveyancer were too. However on return of the searches the main issue thrown up is that the road is unadopted without any formal arrangement for maintenance. The solicitor has stated she has to report this to the lender so they are fully aware as it may adversely affect the valuation of the property. The bank's valuation was done by an automatic valuation so no one went to value it in person. We are now in limbo and very anxious. Our lender is HSBC. The solicitor has stated she has never known it be a problem before. Just wondered if anyone knew of any issues with lenders not releasing funds because there is no formal arrangement for maintenance? The road has over 40 houses on and everyone just chips in as and when necessary, and someone on the road just fills in the potholes when necessary with the contributions. Any reassurance or just any advice would be great. Thanks
Wondered if anyone could offer any advice or reassurance. We are purchasing a property which is on an unadopted road. We were fully aware of this at the beginning and as far as we knew the bank and conveyancer were too. However on return of the searches the main issue thrown up is that the road is unadopted without any formal arrangement for maintenance. The solicitor has stated she has to report this to the lender so they are fully aware as it may adversely affect the valuation of the property. The bank's valuation was done by an automatic valuation so no one went to value it in person. We are now in limbo and very anxious. Our lender is HSBC. The solicitor has stated she has never known it be a problem before. Just wondered if anyone knew of any issues with lenders not releasing funds because there is no formal arrangement for maintenance? The road has over 40 houses on and everyone just chips in as and when necessary, and someone on the road just fills in the potholes when necessary with the contributions. Any reassurance or just any advice would be great. Thanks
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Comments
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Pretty commonplace and I doubt it's a major issue. In theory might reduce the valuation a bit, depends what they took into account in their desktop valuation.
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