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propertylawyer
propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 288
Experience:  Property solicitor with expertise in commercial and residential property transactions.
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TO SUBDIVID A TITLE DEED TO SELL OF PART OF LAND TO RAISE

Customer Question

I AM CONSIDERING TO SUBDIVID A TITLE DEED TO SELL OF PART OF LAND TO RAISE FUND
Assistant: Where are you located? It matters because laws vary by location.
Customer: in uk
Assistant: Has anything been filed or reported?
Customer: no thinking only
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: how much to pay if talk to solicitor ?
Assistant: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: whre is you rlaw firm
Submitted: 3 months ago.
Category: Property Law
Customer: replied 3 months ago.
The asset is held in one title deed by a company. this title deed holds 2 properties on the land. Plan is to sell off one property and retain the other and surrounding land.
will it be better to sell of as freehold or as lease hold of say 75 years ?
Customer: replied 3 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 3 months ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  propertylawyer replied 3 months ago.

We can discuss this over the phone, if you wish.

Customer: replied 3 months ago.
please my mobile is***********thank you.
Customer: replied 3 months ago.
Is this £44 on top of the fees I already been charged ? If that is the case I would prefer to do via email or text. As this will be over my budget. Thank you.
Customer: replied 3 months ago.
I can't find any response anywhere.
Expert:  propertylawyer replied 3 months ago.

44? Your question shows up as 15.!

We can email.

Can you provide more info about this please.

Customer: replied 3 months ago.
sorry I am a little confused of the charges. I was asked for credit card details but have no idea what is the total charge.Never mind to be on the safe side with the cost if you don't mind I submit my query via email.
Customer: replied 3 months ago.
I just have a flashing on the screen telling me I am to pay another £44 in order we can speak over the phone. Not sure if this is on top of the very first payment I made ( £ 5 ? or £26 ? )
Customer: replied 3 months ago.
I have a query .... An offshore company owns an asset of 34 acres with 2 properties on the ground in addition to grazing land.I am considering to sell off one of the properties to a buyer. but continue to hold the rest in the company.I would like to know how to go about this .
Customer: replied 3 months ago.
I can confirm I have already been charged £26 the first time.
Expert:  propertylawyer replied 3 months ago.

It is possible to do this.

You simply you form TP1. This is a standard transfer deed used when only part of a registered title is being sold.

You will need an accurate plan identifying both the land being sold and the retained land.

The next part may be complicated, depending on what is being sold and what is being retained, you need to consider if any rights need to be granted and reserved (i.e rights of passage of services, rights of access, rights to enter to carry out repairs, rights of light to be reserved if you have plans to develop the retained land etc) and any covenants (Legal term for obligations, i.e restricting the use of the land sold and obligating the buyer to contribute to maintenence and repair of any shared access and dealing with who has responsibility for which boundaries). Your plan should mark who will maintain and repair the boundary features (shown by a T mark).

This, of course, is very general. The transfer would need careful consideration and should be drawn up by a solicitor. No doubt the transaction should follow the standard Conveyancing procedure, your solicitor deduces title and drafts the contract and transfer. You will have to respond to enquiries raised.

Not knowing the property, not seen title etc, I cannot advise on whether a lease is a viable alternative. You'd need valuation advice on freehold and leasehold. As to the term, 75 years is inadequate. No lender will lend on a 75 year lease. May not be an issue if buyer is paying cash but could be an issue on resale. After two years a tenant can apply for a 90 year extention at a £0 ground rent.

Which ever way you proceed you need tax advice, solicitors are not qualified to provide this.

Hope this helps.

Please positive rate my response otherwise the website will not pay me the £15 for answering this question. May thanks.

Customer: replied 3 months ago.
Thank you !
What is the lease tenure most acceptable to mortgage lender ? Where a ground rent can be charged.Can the sale be executed when the existing property has a bank mortgage on it ? Provided the bank has no objection to the sale ?
Expert:  propertylawyer replied 3 months ago.

You will need bank's consent. The Bank will, if you are selling, advise if part needs to be redeemed or if they will simply just release the part sold from the mortgage.

As to an acceptable lease term, this can vary. Depends on Lender. 80 to 85 is a minimum on resale. They may want 125 on a new lease.

propertylawyer and other Property Law Specialists are ready to help you
Customer: replied 2 months ago.
Thanks.
Can the transaction be a gift with no monetary value ? The owner of the bvi instead of selling part of the property she gifts it to her brother ?Is this permitted by SDLT ?Would this mean there will be a claw back of 7 years should the giver dies within the 7 years ?Thank you.
Customer: replied 2 months ago.
After rating means further questions will not be entertained ? My question put forth after rating was not answered.