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gruffydd

Banks Lending On Worthless Housing Without Access/services

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I keep stumbling across houses without either ownership of access, rights of access. Also, a couple without easements for services. All of these houses are essentially worthless (especially those with access issues) - so why are the banks lending huge amounts of cash on them. Do the mortgage lenders not check basic stuff like access and easements, before lending?

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On one occasion picked up by me with a few minutes of pre-survey due diligence. When the bank was informed by the EA, they contacted me (their lawyers) and asked my for further info! I didn't oblige. What the hell is going on?

Edited by gruffydd

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What the hell is going on?

I think the acronym was IBGYBG, the idea being that those collecting the commissions would be long gone before the sh*t hit the fan.

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I think the acronym was IBGYBG, the idea being that those collecting the commissions would be long gone before the sh*t hit the fan.

What amazes me is this is still going on right now - I mentioned it to local businessman who took me to the window and pointed to the house opposite - just sold without access to own driveway, or to back access - purchaser put it straight back on the market, in a panic.

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I should add I've also seen several properties over the last year with severe Japanese knot weed infestations - again, mortgages are being provided - a few years back there was far more checking for this kind of issue - now the banks don't even appear to be bothered.

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What amazes me is this is still going on right now - I mentioned it to local businessman who took me to the window and pointed to the house opposite - just sold without access to own driveway, or to back access - purchaser put it straight back on the market, in a panic.

Excuse my ignorance, but why is there no access to the house?

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Excuse my ignorance, but why is there no access to the house?

ownership of access land - driveways. (and even where this isn't as issue there can be serious probs with easements for services).

Edited by gruffydd

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Is there a convenient source to check such details prior to viewing houses for sale? Would be useful to know the process to potentially avoid messing about in future.

I simply found out who owned surrounding land and asked - the landowner admitted there was no legal access as he'd never sold half the driveway! So you can ask but then with many properties the issue is better hidden.

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I simply found out who owned surrounding land and asked - the landowner admitted there was no legal access as he'd never sold half the driveway! So you can ask but then with many properties the issue is better hidden.

Ah ok, thanks. I suppose it would be a reasonable bet that a house fronting a public highway is likely 'ok' on that front, assuming the freehold is included.

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I simply found out who owned surrounding land and asked - the landowner admitted there was no legal access as he'd never sold half the driveway! So you can ask but then with many properties the issue is better hidden.

"Half the driveway"? That would seem to imply there's another half whose status you didn't disclose. Does this half driveway take up the full width of the house in question?

There are lots of places around here with access rights across someone else's land. Like terraces of old workers' cottages all served by the same path.

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I keep stumbling across houses without either ownership of access, rights of access. Also, a couple without easements for services. All of these houses are essentially worthless (especially those with access issues) - so why are the banks lending huge amounts of cash on them. Do the mortgage lenders not check basic stuff like access and easements, before lending?

They never learn or forget that greed is good!

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