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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience:  Solicitors 2 years plus PQE
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I have planning permission to separate my house into two. My

Resolved Question:

I have planning permission to separate my house into two. My sister would like to buy both properties.
A couple of things
1, Can my solicitor split the deeds when I sell or do I need to do that first ?
2, She has the deposit for both but once I have sold can I then gift her the money back so that she can buy another property ? All three properties would be buy to let.
3, I am being told that as I am creating a new address one half would be class as a new build and therefore my sister would have to put down at 35% deposit rather than the normal 25% - is this correct ? I have been living in the whole house for 8 years and I am literally dividing it as it is not building any thing new.
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
1. You do not have to split the property - she can arrange that once she purchases the property. As long as you do not have a contractual obligation to sell it as two;
2. Are you going to lend her the money or gift it to her? You are completely entitled to gift her money or dispose of the sale proceeds as you see fit;
3. The 35% deposit is for mortgage purposes - the mortgage company is entitled to set what ever conditions it likes as lending criteria. Why does your sister not buy it as one house and then split after she has secured the mortgage?
Kind regards
AJ
Customer: replied 2 years ago.

Thanks & Hi..

I was selling as two as it is worth more therefore getting more out to buy the next one, as I was told if she buys as one she will not be able to split for 6 months, therefore leaving my money tie up..

I am open to suggests if you have any ?? It would be quicker and easier for me to sell as one.

So just so I understand a solicitor would have no problem with me gifting the money that I make on the sale straight back to my sister ? As she is buying my house I was a little concerned they would not like it.

This process has got very complicated !!

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
To make the split you need an application at the land registry. Is the reason why she cannot split is because of her mortgage?
If you gift the money to her, is their any obligation on her to repay it?
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Yes her mortgage advisor has said she cannot split for 6 months.

No there is no obligation to pay the money back, it is a gift..

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