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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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How easy is it to split a regsitered property that has two

Resolved Question:

How easy is it to split a regsitered property that has two dwellings on it into seperate titles at the Land Registry? I want to buy a property which has a house and a cottage on it, the house for me to live in funded by a conventional mortgage and the cottage for my mother to live ij funded by a Buy-to_let mortgage
Submitted: 8 months ago.
Category: UK Property Law
Expert:  Thomas replied 8 months ago.

Hi,


Are you saying that both properties are presently comprised within one registered title?


Kind regards,


Tom

Customer: replied 8 months ago.

Yes they are

Expert:  Thomas replied 8 months ago.

Hi,


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.

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.

Kindly rate my answer if you are satisfied with the information I have provided.

Kind regards,


Tom

Customer: replied 8 months ago.


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?

Expert:  Thomas replied 8 months ago.

Hi,

 

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.


Kind regards


Tom

Customer: replied 8 months ago.

Would it be easier for the vendors solicitor to split the title as part of the sale? And therefore recommended as the preferred option?

Expert:  Thomas replied 8 months ago.

Hi,

 

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.

 

Please remember to rate my answer.

Kind regards,

 

Tom

 

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6300
Experience: BA (Hons), PgDip, Practising Solicitor
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