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Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi .. my friend owns a freehold property which is mortgaged

Resolved Question:

Hi .. my friend owns a freehold property which is mortgaged in his sole name..he wants to convert it into two flats. Planning permissions has been obtained. Is it possible dat for one of the flats he can grant a lease to his wife and he will be the landlord, and if possible does this mean he would have to get consent from his lender re grant of new lease. Moreover is it true his lender would need to consent to the conversion...thanks
Submitted: 3 years ago.
Category: UK Law
Expert:  Thomas replied 3 years ago.
Hi

Would he be retaining the other flat in his sole name?

Tom
Customer: replied 3 years ago.
He might consider that..if he doesn't what does that mean...thank uu
Expert:  Thomas replied 3 years ago.

Hi,

 

The lender has a mortgage on the property which is subject to mortgage conditions. In those conditions you're friend will be bound not to carry out major alterations to the works without the consent of the lender. He shouldn't carry out any such works until he has this.


The lender has a charge on the property to the value of the price he paid for it. The forming of two flats on leases (on 99 year leases) or one flat on a lease (for 99 year) and another just remaining on the freehold obviousy affects the valuation of the property because the property will then be subject to those leases.

 

He needs now to speak with his lender about what they will allow, he will need their consent because the registratino of the flat on a 99 year lease will not occur until the lender's consent is in hand. It's about what the lender's requirements are in terms of what he may grant to others and what interest in the properyt he must retain.

 

If he is simply to grant a tenancy to his wife and/or another to a private individual then it may simply be a case of getting the lender's consent to the works and remortgaging to a buy to let mortgage.

Lender before works, basically.

 

 

If this has been useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.

Kind regards,


Tom

Customer: replied 3 years ago.
Thank you for that. Just to confirm he needs consent in relation to conversion of the flats...would consent be required in relation to grant of lease aswell...therefore meaning two consents.. P.s is it true freeholder can not give himself a lease...however if one has acquired a leasehold property they can buy the freehold ..thank uuu
Expert:  Thomas replied 3 years ago.
Hi

Yes, he would need consent for the conversion and a consent for each lease granted.

There is nothing preventing the freeholder taking a lease as well (subject to above consent)

Please click accept.

Kind regards.

Tom
Customer: replied 3 years ago.
Thank u... so husband and wife can grant wife a lease...and husband and wife can grant husband a lease..for each individual flat...
Expert:  Thomas replied 3 years ago.

Yes, subject to the consent of the lender.

 

Please click accept.


Kind regards,


Tom

Thomas, Lawyer
Category: UK Law
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Experience: BA (Hons), PgDip, Practising Solicitor
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