A build over agreement mortgage is a type of loan that allows borrowers to finance the construction or renovation of a property while also managing the legal and financial aspects of building over or near existing sewer pipes or mains.
The key feature of a build over agreement mortgage is the agreement between the borrower and the sewerage service provider. This agreement outlines the terms of the construction and the obligations of both parties, ensuring that the new building or renovation project doesn`t interfere with the existing sewer infrastructure.
One of the benefits of a build over agreement mortgage is that it allows borrowers to get the financing they need while also ensuring that the project is in compliance with local regulations. This can help avoid costly fines or legal battles that can delay or even derail a construction project.
However, it`s important to note that not all lenders offer build over agreement mortgages, and the terms and conditions of these loans may vary significantly depending on the lender. Borrowers should shop around to find the best deal for their particular situation.
In addition to finding the right lender, borrowers should also be prepared to provide detailed plans and drawings of the proposed construction project to the sewerage service provider. This will help ensure that the build over agreement is clear and comprehensive, reducing the risk of misunderstandings or disputes later on.
Overall, a build over agreement mortgage can be a great option for borrowers who want to finance a construction or renovation project while also ensuring compliance with local regulations and protecting existing sewer infrastructure. With the right lender and careful planning, borrowers can successfully navigate the process and achieve their construction goals.
Comments are closed, but trackbacks and pingbacks are open.