selling a portion of my garden

husky11

how do i sell part of my garden to my son? what do i need to do ?

eddddy

husky11 wrote: »

how do i sell part of my garden to my son? what do i need to do ?

Hi husky

If your house (with garden) is mortgaged, the first step is to get permission from your mortgage co. They will probably want to send out a valuer, so you will have to pay the fee.

Depending on the value of the house with/without part of the garden, and the size of your mortgage, they may insist that you pay off part of the mortgage with some/all of the sale proceeds. (Or they may refuse permission if the drop in value is too big.)

If you have a mortgage, the bank will probably insist that you use a solicitor for the transfer, so next step would be to get some quotes from solicitors for everything else.

If there's no mortgage, you can theoretically DIY the legal stuff. (But if you do it badly, you may have grief when you come to sell your house, and/or when your son comes to re-sell his land.)

husky11

Thank you for your prompt reply. I have spoken to my mortgage company and they have said that if i am planning to use the money to pay off my mortgage they would not object. all i know is that i have to submit my entire plans to their head office. how do i get a value on the land for sale and how do i measure it. At what point do i need a soliceter etc etc?

hazyjo

Different variation of this thread on another current one by OP:

https://forums.moneysavingexpert.com/discussion/4722349

OP - please stick to one thread and give all the info in one rather than bits in this one and bits in the other.

Ta,

Jx