Converting two properties into one, mortgage company needs charge over both?

Wigglybeezer_2

We are converting two flats into one house, 50% mortgage on one flat only, evidently the mortgage company need to have a charge over both the properties before we can proceed with the conversion. How much is this likely to cost us I legal fees?

Also are there likely to be any issues arising from having one property with two title deeds ( we purchased the two properties many years apart and the titles can only be changed on sale of the property apparently.)

I would be grateful for anyone's advice or experience from a similar endeavour.

Mortgage_Mark_2

No idea re: legal fees, one for a solicitor I'd imagine.

You wouldn't be able to have one mortgage on two properties, which is effectively what it will still be with two title deeds. You need to get the properties officially registered as one property, but you do need to discuss this with the lender first as they may have an issue with it.

They may be happy to register a charge on the '2nd property' to do that, or they may let you convert the property and then reassign the mortgage - you need to speak with them ASAP.

Wigglybeezer_2

I have spoken to them, it was they who told me about adding a charge to the mortgage free half of the property.

You can't change the title deeds except when a building is being sold ( according to the man on the Register of scotland helpline anyway) although I will double check this. both flats are freehold, as is usual in Scotland.

Mortgage_Mark_2

Ah I see, well at least they're happy with where the situation is heading.

Best bet is to consult a solicitor ASAP with regards joining the titles.