Help needed with Santander/split off deeds/building plot

jamieball_2

Hi i'm new here and any help would be amazingly welcome!

We own a end of terrace, semi detached property which is mortgaged with Santander. In 2012 we obtained planning permission to build a 3 bed detached house in half of the garden.

Both myself and the hubby are confused by what different advisers at Santander are telling us. One has said to send a letter with all the info on etc and it will go from there, and another has said it is Santander's policy to not allow this to happen.

All we want to do it sell the plot with PP, and keep the house and existing mortgage etc…

Has anyone been through this with Santander or any other mortgage provider?

TIA

ThePharmer0101

Hi Jamieball, I was wondering if you had made progress with this problem. I am facing this situation too, although they appear to be considering the idea. I sent in all the details requested and they have replied with several points but one particular demand seems unreasonable. They want me to tell them how much the land has sold for before they will release their hold over the packet of land, however I don't see how I can sell the land at auction when I'm uncertain whether santander will release it!

Thrugelmir

ThePharmer0101 wrote: »

They want me to tell them how much the land has sold for before they will release their hold over the packet of land, however I don't see how I can sell the land at auction when I'm uncertain whether santander will release it!

Presumably there's a reserve price set at the auction.

ThePharmer0101

Yes Thrugelmir,thanks for the comment, we'll set a sensible reserve but it appears they want to know what it has been sold for not a projected price. Bit frustrating but have my solicitor talking to them now so will post more as things unfold!:eek:

ethank

A lot of lenders don't like this. They have a property that is mortgaged that you are selling part off and affects the value of your home, therefore it is a less secure asset for them.