Releasing a Plot of land while having Santander mortgage

Done

I have the opportunity to free up a plot of land suitable for building on, how will affect the mortgage on the existing property? Is it easy to split the land?

Any advice much appreciated.

Yorkie1

I believe you would need the lender's consent to split the land up as you are effectively reducing the value of the property on which their loan is secured.

Done

Spoke to Santander, we need a "Variation of security" we tell them what we are doing and they make an offer on the sale price I.E. whether they want us to pay off some of the capital.

Cheers

Land_Registry

As Yorkie1 states and as you now appreciate the lender is your starting point.
If they agree to the land being 'split' then you have two choices as to how you proceed from a Land Registry perspective

1. Do you seek to split the land to be built on first; or
2. Simply sell the plot

In scenario 1 you would need to apply to Land Registry to split the title - we can refuse depending on what is already registered on the title and/or the cost of doing so. For a single residential property/title though such a request is unlikely to be refused.
BUT if you intend to either sell the plot (or the existing house?) separately there may be little to gain in splitting the title before doing so as the sale will do this anyway

Scenario 2 involves completion of a form TP1 (Transfer of Part) - we have an online FAQ which explains how to transfer a whole registered title which also refers to a form TP1.