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Roads and services not in charge - no bond in place, are we screwed?

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  • 07-06-2019 2:15pm
    #1
    realmoonunit
    Registered Users Posts: 86 ✭✭


    Hi All,



    Looking for people with experience on this. We are selling a property and the council have just informed my solicitor that the roads and services are not in charge and there is no bond in place. The estate is finished, as in the roads, drains, street lighting etc are all complete and have been so for the last number of years. Other houses in the estate have been sold so I know that bans have lent for purchase on the estate.


    My question is, is this something that should be a major concern to us? We have already picked a new house and we believe the seller there is happy with the bid but we are just waiting on confirmation of same.



    Will this delay or cancel our current sale?



    I believe the builder is bankrupt or liquidated for a number of years at this stage (celtic tiger job).


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    #2
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    This will simply make your sale a little more likely to fall through, as the buyers solicitor will advise them of the situation.

    The best thing you can do is work with your solicitor to come up with strategy to advise buyer's of the situation in the best way possible, and don't take your house off market until contracts signed.

    Plenty of buyers will be fine, but some won't, and some solicitors will advise buyers against it.


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    #3
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    3DataModem wrote: »
    This will simply make your sale a little more likely to fall through, as the buyers solicitor will advise them of the situation.

    The best thing you can do is work with your solicitor to come up with strategy to advise buyer's of the situation in the best way possible, and don't take your house off market until contracts signed.

    Plenty of buyers will be fine, but some won't, and some solicitors will advise buyers against it.


    Ok, thanks. The buyers want the house, it was the only one in the area that they want to be in and they bid hard to get it. I am more concerned with the lenders, how likely are they to refuse the mortgage on it? I realize this is an open ended question as all lenders vary. My Solicitor has informed the purchasing solicitor already but we haven't heard back yet. I suppose its a wait and see game? Could this delay things by much?


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    #4
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    Also to add, is there anyway to get the council to take charge? I highly doubt it is an easy process and probably far beyond our ability's as the owners.


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    #5
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    realmoonunit wrote: »
    I am more concerned with the lenders, how likely are they to refuse the mortgage on it?

    Have the buyer's bank been out to value the house yet? That step includes verifying the title etc, and if that's done then you are most likely home free. I know of someone who sold a house with works without an engineers cert, and the buyer knew about it but their bank didn't care.


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    #6
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Ideally you want a cash buyer. Someone who can make their own decisions and generally won’t mind this if roads are done. A person getting a mortgage will need approval of their bank - it’s called a qualification on title. It seems to depend on the banks. Kbc seem to be the harder to get issues past with. Whereas other banks may be okay with it.

    I’ve heard of estates with no bonds in Cork being eventually taken over by the council eg ghosts estates but it’s not guarantee and preference may be to take over a road with a bond as council have money in place to fix anything that needs fixing.


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    #7
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    3DataModem wrote: »
    Have the buyer's bank been out to value the house yet? That step includes verifying the title etc, and if that's done then you are most likely home free. I know of someone who sold a house with works without an engineers cert, and the buyer knew about it but their bank didn't care.


    This I do not know. Our solicitor has not issued contracts if that means anything. This, she said had to be checked and notified.


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    #8
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    Dolbhad wrote: »
    Ideally you want a cash buyer. Someone who can make their own decisions and generally won’t mind this if roads are done. A person getting a mortgage will need approval of their bank - it’s called a qualification on title. It seems to depend on the banks. Kbc seem to be the harder to get issues past with. Whereas other banks may be okay with it.

    I’ve heard of estates with no bonds in Cork being eventually taken over by the council eg ghosts estates but it’s not guarantee and preference may be to take over a road with a bond as council have money in place to fix anything that needs fixing.


    Ok thanks, is it a case that the qualification of title takes a long time to get? Is this a couple of days / weeks/ months? We want to have the sale closed by the end of the month if possible so we can close our new house.


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    #9
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    Solicitor just came back to me saying it isnt really an issue and that it will just delay things. Hopefully it can be closed sooner rather than later.


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    #10
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    realmoonunit wrote: »
    Ok thanks, is it a case that the qualification of title takes a long time to get? Is this a couple of days / weeks/ months? We want to have the sale closed by the end of the month if possible so we can close our new house.

    No it just goes to bank’s legal team. It might be a week or two at most. Glad to hear it won’t be much of an issue. Might be tight anyway to close end of month unless contracts are signed already


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    #11
    realmoonunit
    Registered Users Posts: 86 ✭✭realmoonunit


    Dolbhad wrote: »
    No it just goes to bank’s legal team. It might be a week or two at most. Glad to hear it won’t be much of an issue. Might be tight anyway to close end of month unless contracts are signed already


    Thanks, i guess its just a wait and see situation. We are waiting to see if our offer will be accepted on a new place too. So hopefully we can tidy everything up in time.


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    #12
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    the borrows solicitor will send the qualification on title to the borrowers lender and it is up to them whether to accept it or not.

    When an estate is fully completed, the co co genrally take charge of it - for maintenence purposes etc. However in reality local authoritys rarely if ever carry out maintenence on estates other than the old council estates.
    If there is a residents committee set up and active which looks after the common areas etc, then it should not be an issue. But each bank has their own policies on it and some may be stricter than others.


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