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chatham-chamber, Solicitor
Category: Property Law
Satisfied Customers: 11865
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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My wife & I have built a house in the garden of our house.

Customer Question

My wife & I have built a house in the garden of our house. We would now like to split the title into two separate titles - one for each house. We would like to hold both titles in our joint names but have been advised that this is not possible due to covenants on the original land title. Apparently it is not possible to pass the covenant onto ourselves as part of the transfer - ie we are not able to transfer the ownership of the new title to ourselves. We have lined up 2 mortgages for the two properties but need both titles to be in out joint names to complete on the transfer and the mortgages. Is there a way around this as it must have been done before. Regards
Submitted: 1 year ago.
Category: Property Law
Expert:  chatham-chamber replied 1 year ago.
Hi, Is there a way you can transfer one of the properties either into a sole name or a company name?
Customer: replied 1 year ago.
Not really. We do not want to transfer into a ltd company and putting into a sole name would invalidate the mortgage offers which are in joint names.
Expert:  chatham-chamber replied 1 year ago.
Hi,Unfortunately, I cannot see a way around this. You cannot transfer a property you already own in joint names to yourselves. It would have to be to either a sole name or a company. This would require your current lender to release part of the title from the existing security to form a new title for the house that you have built.You may be able to obtain a bridging loan and then re-finance into your joint names later. This by no means constitutes financial advice and I would strongly suggest that you obtain financial advise from a regulated financial advisor.I hope this answers your question. If so, kindly rate the answer and provide feedback.If you have any further questions, please do not hesitate to ask.Kind regards,