Halifax Mortgage Offer - Second Charge Required for Clawback. Need Advice!

aero_oli

Hi everyone,

I’m currently in the process of buying a property, and I’ve hit a bit of a snag with Halifax over the mortgage offer. I’m hoping to get some advice from anyone who’s been in a similar situation or has experience with property law and mortgages.

The Situation:

I’m buying a new-build flat, and as part of the deal, I’m getting a discount from the developer. There’s a clawback provision in place, which means that if I sell the property within a certain time, I may have to pay back the discount to the developer. Pretty standard.

However, Halifax is insisting that this clawback needs to be secured by a second charge on the property. This is confusing because:

1. The property doesn’t have any restrictions on resale value.

2. I know Halifax has lent on other plots in the same development without requiring a second charge.

My solicitor and broker are trying to clarify with Halifax, but they’re still standing firm on the second charge.

Has anyone else had similar issues with Halifax or another lender? Could this just be a miscommunication on Halifax’s part, or is there a deeper reason for them insisting on the second charge? I’d love to hear any insights or advice on how to push this forward.

Thanks in advance for any help!

Edit: the developers secure the clawback with a title restriction, Halifax have previously lent in this same development with this in place.

The lease also states that the mortage charge takes priority over the clawback.