Jump to content

When to split deeds


Recommended Posts

Hi all. I hope this is in the right section of the forum. 
we have got permission to build a new house in our current back garden which we will then move into and sell the main house. We have a mortgage on current house but only about 30% LTV and estate agents don’t feel that the smaller garden will cause a huge devaluation. I appreciate I need to check with my current mortgage provider whether we can build, but can anyone advise:

 

a) whether we need to apply for the mortgage provider to drop having a  charge on that piece of land?

b) whether we need to apply to split title deeds with land registry before selling main house? I have read they can be funny about doing it unless there’s a change of ownership. 
 

Many thanks 

Link to comment
Share on other sites

You will need your mortgage provider to agree your scheme.

 

You can then go on to build the new house, sell your existing house as a new title, retaining the land on which the new house is built.

Link to comment
Share on other sites

2 hours ago, Mr Punter said:

You will need your mortgage provider to agree your scheme.

 

You can then go on to build the new house, sell your existing house as a new title, retaining the land on which the new house is built.

Thank you for this. I came to roughly the same conclusion having been on the phone to land registry and the bank since I wrote this post. 
 

presumably when selling existing house with a new title, this is all dealt with by a normal conveyancing solicitor as part of the normal sale process?

 

thanks again

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...