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Dividing a house that used to be two properties...
sariebeth
Posts: 243 Forumite
I'm looking at buying a house that was originally two separate cottages. It was converted around 40/50 years ago.
I'd like to turn it back into two cottages, but does anyone know if I will need planning permission to do this?
Also, if I have a mortgage on the property, if I was to split it and sell one, does anyone know what would happen with the mortgage i.e. could I keep the mortgage on the one cottage and have the proceeds from the sale of the other? Baring in mind that the price I'm buying the whole thing for is about the same as each separate cottage will value at once renovated.
I am in the process of searching for some answers but thought you guys might be able to help
Cheers,
Sarie xx
I'd like to turn it back into two cottages, but does anyone know if I will need planning permission to do this?
Also, if I have a mortgage on the property, if I was to split it and sell one, does anyone know what would happen with the mortgage i.e. could I keep the mortgage on the one cottage and have the proceeds from the sale of the other? Baring in mind that the price I'm buying the whole thing for is about the same as each separate cottage will value at once renovated.
I am in the process of searching for some answers but thought you guys might be able to help
Cheers,
Sarie xx
Deposit £5880/£10,000
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Comments
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Having watched Homes Under the Hammer a lot if a cottage needs to be divided into two or two into one then planning permission has to be sought from the local council. You would also need to check of the cottage(s) is a listed building as that is a whole different can of worms.
Sorry can't help re the mortgage as I do not know about them.0 -
There would be a CGT implication
As well as PP, there'd obviously be B regs to abide by and you would need to seek your lender's consent - it may be that you would need a different mortgage product, so early redemption fee a possibility.
Maybe Propertyman or DoozerGirl will be along shortly ...0 -
Lender will have to consent to sale or part so may require part of the mortgage loan to be repaid out of the proceeds.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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