While shared rights of way are not a stated criteria for refusal of a Rebuilding Ireland Home Loan prudential lending practices require a clear and unambiguous title as security for a loan. Although a prospective purchaser of a home may enjoy a shared right of way with another party at the point of purchase, this arrangement may not always be easily observed. The presence of such a right of way could also impair the purchaser's ability to resell the property and could subsequently adversely affect the value of the asset.
In relation to self-build applications, the statutory Credit Policy states that the applicant's solicitor must confirm that there are no easements, way leaves or rights of way in favour of or over subject property and that the site must have access to the public road over land in the applicant's boundaries.
As the final decision on whether to approve or issue a loan rests with the relevant local authority's Credit Committee, they must be satisfied that appropriate legal documentation has been provided in order to protect the future value of the asset for both the borrower and the State.