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Mortgage approved Bank not releasing funds due to estate not finished

  • 15-10-2018 5:29pm
    #1
    ciaran1987
    Registered Users Posts: 5 ✭


    Hi all

    I have been in the market now for awhile looking for a suitable property for myself and my partner, recently we found the perfect house at a reasonable price, all was going well contracts signed on our behalf, waiting on confirm from the vendor to sign there side.

    Got a phone call from the solicitor stating that there was an outstanding contribution payment that needed to be paid to the city council so that it would be in compliance with the planning permission. ( that was the first issue)

    He went onto say that the bank where now investigation the actually estate the property was in. They the bank came back stating that they were not going to support our application due to the estate having no management company in place or no sinking fund.

    It gets better the city council couldn't tell me if the estate was going to be taken in charge due to it been unfinished, this was also highlight from the bank.

    Construction on the estate started in 2000 and still not completed due to developers going bankrupt during the recession. A few apartments are left derelict as you enter the estate which gives it a bad look, apart from that it is perfect.

    Has anyone ever came across a case like mine i would love your opinion on the situation
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