Purchase of a new build barn with holiday restriction?

shot2bits

Hello all.. Just joined and this is my first post so hello!

I wondered if you might be able to help me with a new build barn I'd like to purchase. We've just sold our house and have found a 4 semi bed barn (one of a collection on a development) being sold be a reputable builder with full 10 year NHCB warranty.

I've never bought this style of property before and understand it has a holiday / 2nd home restriction. The developer states the home can be occupied all year round so this isn't a seasonal restriction. The barn will be my full time place of residence for me and my family so am worried whether or not this is going to be an issue.

My questions are;

1. Do mortgage providers care when lending money on a barn with this kind of restriction (or is it more a legal thing than a lending issue) and therefore is this going to narrow my mortgage choice to specialists? As I mentioned, it's not a seasonal restriction so the property can be fully occupied - in fact, around 60 or 70 percent are sold with people living their all year round.

2. Can I used one of my buy to lets as a primary residence to get around this restriction?

Thanks, Rob.

PS - the lender I am looking at currently is Bristol and West.

Guy_Montag

Makes me sick that houses are being designated as being only 2nd homes or holiday lets, if anything it should be the other way round.

shot2bits

Guy_Montag wrote: »

Makes me sick that houses are being designated as being only 2nd homes or holiday lets, if anything it should be the other way round.

I agree, bit crazy really isn't it?

CLAPTON

I wouldn't rely on what the developer says but get proper legal advice.

What exactly does second home/holiday restriction let actually mean ?

homer_j_3

It could be a restriction saying it has to be a primary residence?

BigJonnyB

I see loads of these in the Peak District. It really narks me that planning will be given as long as it is as a second home/for tourists. Generally speaking, this kind of restriction will mean you can only live in it for about a month of a year (it will normally say something like 'any one person/family may only reside in the property for up to 30 days in one year'. I would certainly not trust the developer on this, and would check the planning details (available from your local council). You can always have a chat with them...it certainly would not be worth trying to live in it full time if there is a time restriction.
JB

becky2011

For sure check this out. A friend of mine struggled to get a mortgage on a house that was classed as a holiday home, even though he is allowed to live there all year.

Somerset

shot2bits wrote: »

and understand it has a holiday / 2nd home restriction. The developer states the home can be occupied all year round so this isn't a seasonal restriction. The barn will be my full time place of residence for me and my family so am worried whether or not this is going to be an issue.

My take on this is it's the other way round - it CANNOT be used as a holiday/2nd home - otherwise how on earth can the developer say it's ok to be occupied all year round ? Can the OP clarify please.

shot2bits

Somerset wrote: »

My take on this is it's the other way round - it CANNOT be used as a holiday/2nd home - otherwise how on earth can the developer say it's ok to be occupied all year round ? Can the OP clarify please.

Thanks for all the responses. I am finding it difficult to get clarity on this - it has basically been stated as a "second home restriction" but the developer is clear this property can be occupied all year round.

My financial adviser has asked the mortgage rep to speak to the mortgage company underwriter so should get a response tomorrow.

It's crap - I mean, they will sell but to people who can afford to buy mortgage free and, as I say, most will occupy them all year round. Again, Mondeo man gets it!

phead

shot2bits wrote: »

Thanks for all the responses. I am finding it difficult to get clarity on this - it has basically been stated as a "second home restriction" but the developer is clear this property can be occupied all year round.

This is something for a solicitor to sort out formally, but I'm guessing your asking because your not at this stage yet. Any restriction will be set out in the title register,have a look at the land registry to see if they are available on line yet.

http://www.landregisteronline.gov.uk/

Otherwise the place to look will be the original planning documents which are nearly always on the local authority website, you will need to hunt around a bit as they are often in the planning part of the site, but sometimes are in the representation part under the original planning meeting where it was presented. If its in a national park you are likely to find something on their website also.

chappers

Just get onto the seller and find out exactly what the restriction is.
Which ever way round it is I wonder how enforceable the restriction would be , but that would be one for your solicitor.
We can only guess, as you are doing now.