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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6387
Experience:  BA (Hons), PgDip, Practising Solicitor
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hi i bought a house 7 yrs ago with the hindsight of developing

Customer Question

hi

i bought a house 7 yrs ago with the hindsight of developing the land to the rear and side of the property into luxury dog boarding kennels which have now been completed and running for 3 yrs. all planning and red tape has been dealt with regarding this build and the additional buildings also come with future dwelling rights and currently are not subject to any loans or mortgage attached just the original house has a mortgage. we now wish to seperate the kennels from the house plot and keep the two in the same ownership. this as i think would give the kennels its own identity and we would be looking to borrow against this property. we have a valueation on the kennels based on bricks and mortor of around 100.000 which was done about 3/4 yrs ago.
i have gave as much info as i can as to help with a response and allthough it sounds quite complicated it really should be straight forward i think?? so who can help or advise on the way forward

many thanks craig
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi,

Are you asking whether the land registry title for the development can be split up in to separate registered titles?

Tom
Customer: replied 1 year ago.

hi yes i am so as to make it two seperate plots kennels 1 and house 2

Craig and Tracy

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

If there is mortgage registered against the legal title (ie. because of the house) then you would need the consent of the lender before you do anything.

In addition, they would require you to instruct a solicitor to arrange the partitioning of the titles and subsequent registration at the Land Registry.

You should instruct a solicitor anyway because this will have to be transfer by way of the land registry’s Transfer of Part form (TP1) with appropriate plans. You will also have to ensure that sufficient rights are granted to the land transferred and also reserved over the land, so that bot titles remain marketable and saleable following completion.

Basically, once you have the consent of the lender any property solicitor should be able to do it for you fairly quickly and not that expensively. It’s matter of looking at the titles, taking your instructions and ensuring that the rights are adequately provided for.

You will be fine.

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Kind regards,


Tom
Customer: replied 1 year ago.


hi tom


 


thank you for the info i thought the consent of the mortgage lender maybe required.


do you know the best way to progress in doing this to gain the outcome required and are they normally happy to do this in this situation?


 


craig

Expert:  Thomas replied 1 year ago.
Hi

It depends entirely on the lender. It is for them to work out if the existing value of a mortgage can be safely secured against the land which you propose not to be transferred to a new title.

If the land to be transferred all the mortgage is small in comparison to the land that will be retained then they will probably be okay with it. The best way to start would be for you to speak with your lender and see what they suggest. It may be that you can send some plans in showing have a land is to be partitioned how to make an initial decision on.

Please remember to rate my answer.

Kind regards

Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6387
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 4 other UK Property Law Specialists are ready to help you
Customer: replied 1 year ago.


thank you tom im fairly confident they will go for it especially if i bring them on board with the the raising of funds against the kennels, the funds will be to purchase 2 acres ajoining the kennel/house which at the moment is leasehold by ourselves its a no brainer i would have thought. one more question with regards to speaking to the lenders who/what department is the right one as i dont want to talk to some call center person.


would a personal face to face in branch be a better way in that way we could show exsisting plans and land concerned and maybe a site visit. im woundering if they may lend on the existing mortgage (house) as in theory i have raised the value of the property conciderably with the adition of extra buildings and therefore should have positive equity in the site as a whole upon a renewed conbined valuation


 


what are your thoughts


 


craig

Expert:  Thomas replied 1 year ago.
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Customer: replied 1 year ago.


ok will do thanks for steering me in the right direction will keep you posted


once again thank you for the advise


 


craig

Expert:  Thomas replied 1 year ago.
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