UK Property Law
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Are you saying that both properties are presently comprised within one registered title?
Yes they are
Thanks for your reply.
Basically, it's do-able but it makes the mortgage process more complicated and long-winded, plus the conveyancing is going to require a bit more work.
You will have to approach the lender right at the start of the process so that they agree in principle and then have a valuer approach the property with the plans that you propose to use to split the title in to two titles. He will provide a valuation for each title based on the plans.
In addition the Land Registry Transfer documentation will effectively be made more complicated since your solicitor will have to draft a TR1 and TP1 (Transfer of part). The reason this is more complicated is that the solicitor needs to ensure that the transfer of part of the title is made with all the necessary rights granted and retained to ensure that both properties remain sufficient for mortgage security purposes.
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The physical arrangement on the ground is such that they can be easily separated, for example there are two accesses to the property, so that side is quite easy.
What about if there were two different lenders - it is unlikely the best deal for both mortgages will be with the same lender?
It might be slightly more hassle for the conveyancing solicitor to deal with two lenders but it's not something that would prevent the transaction from proceeding.
I would explore the option of both frankly.
Would it be easier for the vendors solicitor to split the title as part of the sale? And therefore recommended as the preferred option?
That is my point about the land registry transfer documents. They would be prepared by your solicitor so that just before completion the title would remain as is and then upon completion the title would be split by the execution of the land registry transfers.
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