Arts & Literature9 mins ago
Mortgage Criteria - Graveyard Attached
2 Answers
Hi,
My partner and I are looking at converting a disused Church into a family home, however our specialist self build/conversion mortgage broker tells us most banks will refuse to lend money on a property with a graveyard attached. Can anyone tell me why the banks might have this criteria?
My partner and I are looking at converting a disused Church into a family home, however our specialist self build/conversion mortgage broker tells us most banks will refuse to lend money on a property with a graveyard attached. Can anyone tell me why the banks might have this criteria?
Answers
Best Answer
No best answer has yet been selected by rwalkerarn. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If it is consecrated ground then there is likely to be strict covenants and such attached to it. If it's a public graveyard with remains still buried then that could cause a number of potential issues. The land the church is on may also have restrictions.
When thinking why mortgage lenders have these kinds of criteria, essentially if they end up having to repossess they want to be able to sell the properly quickly for the best price possible without a complicated sale.
If you proceed I'd find an experienced property lawyer, preferably one who has dealt with this kind of land and finance on this kind of land previously.
When thinking why mortgage lenders have these kinds of criteria, essentially if they end up having to repossess they want to be able to sell the properly quickly for the best price possible without a complicated sale.
If you proceed I'd find an experienced property lawyer, preferably one who has dealt with this kind of land and finance on this kind of land previously.