Hello,
Will a bank permit a Homeloan to drawdown and a house to be purchased, if the house doesn't have all services?
Specifically, I'm referring to running water - there's water waste going out of the house, to a septic tank on the property, but no incoming water, at present.
Water was originally sourced from a well on the property, but it's no longer working. There's water in the well, but it may not be suitable for human consumption, even if a new pump is installed to extract it.
There's also water available from the mains, running along the main road that the property has access to, so the house could be connected to the mains, subject to paying local council connection fees and getting pipes installed etc.
So, will a bank advance a homeloan before the incoming water is restored, or will that need to be done first, before the loan can be drawn?
Thank you.
Will a bank permit a Homeloan to drawdown and a house to be purchased, if the house doesn't have all services?
Specifically, I'm referring to running water - there's water waste going out of the house, to a septic tank on the property, but no incoming water, at present.
Water was originally sourced from a well on the property, but it's no longer working. There's water in the well, but it may not be suitable for human consumption, even if a new pump is installed to extract it.
There's also water available from the mains, running along the main road that the property has access to, so the house could be connected to the mains, subject to paying local council connection fees and getting pipes installed etc.
So, will a bank advance a homeloan before the incoming water is restored, or will that need to be done first, before the loan can be drawn?
Thank you.