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Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7676
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I have a ground floor empty shop with a basement living area

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I have a ground floor empty shop with a basement living area . It is
leased out on for 20 years . Maybe 12 years left .
Above is a flat on 3 levels which is rented out.
I would like to split the property deeds/titles but still in my name.
I would like to raise some money on the flat.
I have no mortgage .
How easy , cost, how long ?
Thank you for your question and patience, I’m Tom and I’ll try to help you.
It won’t be too difficult. If you wish to raise a mortgage on then you will have to instruct a solicitor to draft and execute a lease. This would have to be a minimum of 125 years and contain a number of provisions which will ensure that the lease is mortgage-able in that a mortgagee will be happy to grant a mortgage on it.
The solicitor will ensure that all the necessary provisions are inserted. Once you have the lease executed from the solicitor you can then obtain a mortgage offer from a lender and then grant the mortgage over the flat individually. The flat will then be registered at the land registry under a separate title number to the property as a whole and the mortgage will be registered against just the flat.
It should cost in the region of £700-850 + VAT for a solicitor to prepare the lease, grant the mortgage and register the flat at the land registry.
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,
Customer: replied 3 years ago.

Thanks , how roughly does it take ?

Probably about 6 weeks or so from the date you formally instruct your solicitor, but it can take longer if there are any unanticipated problems (eg with survey/mortgage etc)..
Thomas and other Property Law Specialists are ready to help you