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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7590
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I am a house owner with 10 acres of land and i want to develope

Customer Question

I am a house owner with 10 acres of land and i want to develope 4 of these acres for houses but will need to borrow funds to do so. Am I able to split the Deeds to the house to protect the house for it's future? If so how do i go about it. I live near Plymouth.
Submitted: 3 years ago.
Category: Property Law
Expert:  Thomas replied 3 years ago.

Hi

Thank you for your question and patience, I’m Tom and I’ll try to help you.

The actual splitting of a title in to different parts is at the discretion of the land registry. If a mortgage is granted on part-only of the land then they most probably would do so.

The first thing to establish is whether or not a lender would be prepared to borrow against the other pieces of land not including your house. If they are, then it’s possible to borrow.

If they aren’t prepared to lend without your house being included then it’s a non-starter.

This is the first thing that you need to work out and can do so by approaching mortgage broker to find out if it’s a possibility.

If you are able to get a mortgage offer against other bits of the land then you would need to instruct a solicitor to prepare essentially what would be a transfer-of-part of the land from your existing freehold title and, concurrently, a remortgage to register the mortgage in the form of a first legal charge against the new title containing the mortgaged land.

Ultimately, if you ran in to problems then the lender could take possession of the mortgaged part of the land and sell it to recover the mortgage. If there were additional monies owed then they would be able to sue you for the additional monies. They could then (depending on the amount owed) seek a charging order against your house and an order for sale, but this is inevitable where you owe money in your personal name and have personal assets like the house.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.


Kind regards,


Tom
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7590
Experience: UK solicitor holding an England and Wales practising Certificate.
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Customer: replied 3 years ago.


Hi Tom,


I forgot to mention that as I have guarenteed a company loan of £60,000 on my property, so they have a first charge now. do I have a problem getting the deeds split? I woulfd not use this same lender if i were to build. The property was valued two years ago at 1.45 M


Regards


Paul Bassett

Expert:  Thomas replied 3 years ago.
Hi Paul,

The Land Registry would not allow the transfer of part without the consent of the existing holder of the first legal charge. This is because the whole of land in the title on which the charge has been granted is subject to the charge.

So, the first thing to do before anything else is to see of the holder of the first legal charge is willing to release those parts which you want to grant further mortgages on separate titles to from their existing first legal charge.

Kind regards,

Tom

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