Buying my neighbors garage

wollsmeth

Hello,
I have agreed a price with my neighbor to buy their garage of them. Can we alter the deeds to our houses ourselves or do we need solicitors? Is there a form somewhere online we can fill in a send to the land registry?

Thanks
Dave

paddedjohn

For something as important as this why try doing it yourselves? It could cost you a lot more in the long run.

ValHaller

If your neighbour has a mortgage, he will need to involve his mortgage lender to get permission. This may involve a valuation fee. If the Loan to Value is high, then it is a non starter.

eddddy

ValHaller wrote: »

.....
If the Loan to Value is high, then it is a non starter.

Not in my experience - but it may vary by lender.

In my experience, the mortgage lender will require that part of the sale proceeds are used to pay off a chunk of the mortgage - to keep the mortgage within its LTV limit.

So if the seller is selling to raise ready cash, he/she may be disappointed that some of it may go straight to the mortgage company.

(Plus, as mentioned, there is the seller's lender's revaluation fee, plus solicitors fees.)

Land_Registry

The form you would need is a form TP1 and our online FAQ re transferring property will give you some insight as to what is required with regards forms and ID evidence etc

However as others have already posted if your neighbour's property is mortgaged then their lender will insist on the use of a conveyancer/solicitor.