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Remortgaging: additional deeds
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ftbworried
Posts: 358 Forumite
Hi (excuse the username- it's very old and I'm no longer a FTB or worried!)
My fixed deal is ending this year and since we last remortgaged we have purchased some land at the back of our house (3.5 acres)- cash purchase.
When we get the house revalued as part of the mortgage we would like the land to be considered in the value of the property (the house is a semi-rural large barn conversion so the addition of land 'fits' as a feature of the property). Currently the deeds for the land and the field are held separately and our field purchase solicitor said it was a matter of preference whether we join the deeds or not.
My question is, would mortgage providers require that we join the deeds or would providing them both to the lender suffice in order for the mortgage to be secured on both?
I don't want unnecessary legal fees but if I have to do it I should probably get that ball rolling...
Also if anyone has any knowledge of valuations and how such an addition would be worked out that's be great! We are unsure of what to 'ask' for?
Thanks for your help
My fixed deal is ending this year and since we last remortgaged we have purchased some land at the back of our house (3.5 acres)- cash purchase.
When we get the house revalued as part of the mortgage we would like the land to be considered in the value of the property (the house is a semi-rural large barn conversion so the addition of land 'fits' as a feature of the property). Currently the deeds for the land and the field are held separately and our field purchase solicitor said it was a matter of preference whether we join the deeds or not.
My question is, would mortgage providers require that we join the deeds or would providing them both to the lender suffice in order for the mortgage to be secured on both?
I don't want unnecessary legal fees but if I have to do it I should probably get that ball rolling...
Also if anyone has any knowledge of valuations and how such an addition would be worked out that's be great! We are unsure of what to 'ask' for?
Thanks for your help

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Comments
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I would establish first what your chosen lender's view of this land will be. Typically, you are asked if the land attached to a property is more than 1 acre.
I infer from that more than 1 acre may be viewed as a problem, not a positive.
Speak to lender, or have a broker establish the position. Either way, if it's a separate title, it's separate property and won't form part of the security for the mortgage on the current property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
What are your plans for the land? Lenders might be concerned that you develop it in some way which makes repossessing only the house problematic.0
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I don't really have any immediate plans. I bought it to secure the view out of our house and ensure privacy. I may apply for planning for stables in the future - the house is in a very equestrian area (indeed I also ride myself).0
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