Help! :cry: Please!
I have searched Overage on the forum and it's not looking good!
When we found the house we are hoping to buy we were told there was a Deed of Covenant relating to the land at the rear. It meant that any building works (houses etc) would mean we had to pay 40% of the profit to the covenant "owner". We were fine with this and told London and Country who we obtained our mortgage offer from.
We broke the chain and moved out of our house at the end of January as our solicitor reassured us that it would only take a couple of weeks to sort. Five weeks in a holiday cottage later...
Our solicitor rings tonight to say it is doubtful our lender (Woolwich) will lend if the Deed of Covenant remains in place as it is an Overage.
I never used the work Overage with L&C as it was never called that before today. Can anyone offer any advice please? I'm not hopeful - but any good news would be appreciated!!!
I have searched Overage on the forum and it's not looking good!
When we found the house we are hoping to buy we were told there was a Deed of Covenant relating to the land at the rear. It meant that any building works (houses etc) would mean we had to pay 40% of the profit to the covenant "owner". We were fine with this and told London and Country who we obtained our mortgage offer from.
We broke the chain and moved out of our house at the end of January as our solicitor reassured us that it would only take a couple of weeks to sort. Five weeks in a holiday cottage later...
Our solicitor rings tonight to say it is doubtful our lender (Woolwich) will lend if the Deed of Covenant remains in place as it is an Overage.
I never used the work Overage with L&C as it was never called that before today. Can anyone offer any advice please? I'm not hopeful - but any good news would be appreciated!!!