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Road adoption holding up mortgage

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  • Road adoption holding up mortgage

    Hi just wondering if any one on here has any advice or experience with mortgage firms wanting proof of road adoption. Moving onto a relativley new housing estate where building work is still being completed. Due to the on-going construction the road has not been adopted by the local council yet. As the builder is not one of the major companies there is no bond in place for the road but it states in the land lease that the road will be maintained to a good standard for the council to adopt. My mortgage states that a bond must be in place or provisions must be inplace for the road to be adopted. Should i be woried or is this a common procedure. Thanx in advance

  • #2
    Re: Road adoption holding up mortgage

    it states in the land lease that the road will be maintained to a good standard for the council to adopt.
    So you are buying a newish leasehold house? How long is the lease? Although your mortgage lender may accept it if the lease is only for say 99 years there will be a property company sat there waiting 20 years or so to charge an arm and several legs to get the lease extended.

    Tell the sellers to buy the freehold first.

    As far as the non-adoption of the road this is a point your solicitors will have to take up with the lender who may insist on a rentention until the road is adopted and that retention is knocked off what you pay to the seller who is the one selling a house on an unadopted road.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.