Mortgages for equestrian tie..?

[sunflower]

My husband and i will be starting our self build next year, at our equestrian centre. The land we are building on is privately owned, but it will most likely have an equestrian-tie (much like an agricultural tie, this specifies that the person living in the house must be mainly employed by an agricultural/equestrian business)

 

Does anyone have experience of these kind of mortgages? My initial research hasn't proved very fruitful; most lenders aren't interested.

 

Grateful for any experiences/advice you may have! Thank you.

 

 

[recoveringbuilder]

2 hours ago, sunflower said:

My husband and i will be starting our self build next year, at our equestrian centre. The land we are building on is privately owned, but it will most likely have an equestrian-tie (much like an agricultural tie, this specifies that the person living in the house must be mainly employed by an agricultural/equestrian business)

 

Does anyone have experience of these kind of mortgages? My initial research hasn't proved very fruitful; most lenders aren't interested.

 

Grateful for any experiences/advice you may have! Thank you.

 

 

Probably not any use to you now but 30 years ago we had this problem when wanting to build our first house, it had an agricultural tie and we couldn’t find a mortgage at all. Eventually a mortgage advisor came up with someone willing to lend but at a very high rate. I took the paperwork to our solicitor for him to look over it and he wasn’t happy with it but during the course of our conversation he asked who we banked with for the business, when I told him he said oh really? I was at a party last week and the area manager of that bank was there and bumming up his bank, at that h lifted his phone, spoke to the person in question and set up an appointment for me. By the following week the mortgage was arranged! I suppose that was in the days of there actually being a “face “ in banks that could actually look at situations instead of computer says no!

[GeeDub]

Is this a commercial equestrian Centre?

 

You don't state if you have permission to build or not, so this would be the first step I think, then see what the permission states or have a Pre-App with the LPA and ask what they require by way of any tie?

 

I would look very carefully at the wording of the Equestrian Tie if this is what the LPA want, and make it as "loose / vague" as possible, especially not having it tied to employment or a commercial activity.

 

I bought my property in 2006 and the equestrian tie has a 2001 amendment to the original 1990 approval (further below) 

 

2001 Amendment

"The occupation of the living accommodation coloured red on the application plans shall not be occupied other than by a person or persons associated to the horse activities on this site as edged blue on the approved plans and know as (Property Name) and shall not be used separately from the premises to which it relates without the prior written approval of the local planning authority. REASON The site lies in an area where new dwellings are not normally permitted"

 

This says nothing about employment and we were only asked by our solicitor whether we were buying a business, which we were not.

 

1990 Approval

The occupation of the living accommodation hereby permitted shall only be limited to a person associated with the main horse activity on this site as edged green on the approved plan, and known as (Property Name), and shall not be used separately from these premises to which it relates, without prior written approval of the Planning Authority. 

 

We have been advised by two separate planning consultants that the tie would now be easy to remove, and this was suggested also by the Planning Officer as part of a recent pre-app for a house & stables to replace the stables building