New deed required for garden land sale

tizzle6560

If I may, can I ask people to get back on track with my original query?

AnotherJoe

tizzle6560 wrote: »

If I may, can I ask people to get back on track with my original query?

Getting payment upfront from your buyer before you instruct a solicitor?

MrJB

Tizzle, your solicitor will effectively separate the land and transfer it as part of one transaction - ie the splitting and transferring it will be done with one form - TP1.

Not sure whether or not you've given the prospects of them developing the land, but if they did it may or may not bother you. Have you considered placing a restrictive covenant on the land?

Have the mortgagees required any money to be paid to remove their charge from the land in question?

tizzle6560

MrJB wrote: »

Tizzle, your solicitor will effectively separate the land and transfer it as part of one transaction - ie the splitting and transferring it will be done with one form - TP1.

Not sure whether or not you've given the prospects of them developing the land, but if they did it may or may not bother you. Have you considered placing a restrictive covenant on the land?

Have the mortgagees required any money to be paid to remove their charge from the land in question?

One of the conditions of the sale is that they shall not develop on the land in questions and it will solely be to add some grass turf.

Can you explain your point on the mortgagees (us or them?) required any money to be paid to remove their charge from the land in question? not sure I quite understand this.

Thanks

tizzle6560

Does anyone have any indication of what the legal fees may come to for this process?

davidmcn

tizzle6560 wrote: »

Can you explain your point on the mortgagees (us or them?) required any money to be paid to remove their charge from the land in question? not sure I quite understand this.

They'll almost certainly have fees to be paid (if you haven't already) for a valuation and admin costs for releasing their charge over the land. If it reduces the valuation then they might want a repayment of capital to keep you within your mortgage product's loan to value ratio (though that might just be the price you're getting for the land).

As for fees, probably slightly more than a normal house sale as it gets fiddly with splitting title and adding title conditions. The neighbours are paying your costs?

eddddy

tizzle6560 wrote: »

Does anyone have any indication of what the legal fees may come to for this process?

It depends on what exactly will you be doing in legal terms...

tizzle6560 wrote: »

Both the mortgage lender and Freeholder have agreed to this.

Do you mean that you only own the leasehold of the land?

So are you planning to sub-lease the land to the neighbour?

(If they own the leasehold of their current property, I guess they realise they will have two leases possibly with different terms. And what will happen about lease extensions etc.)

And you've confirmed with the mortgage co that they are happy for you to sublease? Normally, the mortgage co would want to send out a valuer to make sure you weren't devaluing the property.

(If they think you are devaluing the property, that's when they might ask you to pay off a chunk of your mortgage from the sale proceeds.)

G_M

Good grief! It was a siple question about legal process. OP has decided to do this, obtained consents, his motives/his neighbur's motives are irrelevant. As are the pros/cons given that he's clearly made uphis mind.

OP

1) a survey/drawings/plan for the Land Registry will be required detailing the land in question

2) a Contract (Standard Conditions of Sale here) as per any normal property sale.

3) then either
a) a TP1 (transfer of Part) separating the land from your Title, and 1st Registration of the land into its own Title (owned by neighbour), or

b) a TP1 (transfer of Part) separating the land from your Title, and amendment of your neighbour's Title to incorpoaret the land.

I recommend you don't try to DIY (though you could).

See TP1 here.

eddddy

G_M wrote: »

Good grief! It was a siple question about legal process. OP has decided to do this, obtained consents, his motives/his neighbur's motives are irrelevant. As are the pros/cons given that he's clearly made uphis mind.

OP

1) a survey/drawings/plan for the Land Registry will be required detailing the land in question

2) a Contract (Standard Conditions of Sale here) as per any normal property sale.

3) then either
a) a TP1 (transfer of Part) separating the land from your Title, and 1st Registration of the land into its own Title (owned by neighbour), or

b) a TP1 (transfer of Part) separating the land from your Title, and amendment of your neighbour's Title to incorpoaret the land.

I recommend you don't try to DIY (though you could).

See TP1 here.

Except that the OP talks about getting agreement from a Freeholder - which suggests that the OP owns the leasehold of the land.

I think the OP needs to clarify.

----
Edit to add:

In fact, from another post from OP:

tizzle6560 wrote: »

I can only speak from a leaseholder's perspective where I do need their consent for any and everything I want to do, even adding external security lights in the garden.

So it sounds like the OP is a leaseholder.

So possibly planning to sub-lease - as mentioned above.

tizzle6560

eddddy wrote: »

It depends on what exactly will you be doing in legal terms...



Do you mean that you only own the leasehold of the land?

So are you planning to sub-lease the land to the neighbour?

(If they own the leasehold of their current property, I guess they realise they will have two leases possibly with different terms. And what will happen about lease extensions etc.)

And you've confirmed with the mortgage co that they are happy for you to sublease? Normally, the mortgage co would want to send out a valuer to make sure you weren't devaluing the property.

(If they think you are devaluing the property, that's when they might ask you to pay off a chunk of your mortgage from the sale proceeds.)

Do you mean that you only own the leasehold of the land? Yes. Correct

So are you planning to sub-lease the land to the neighbour? If by sell that land to them, then yes.

(If they own the leasehold of their current property, I guess they realise they will have two leases possibly with different terms. And what will happen about lease extensions etc.) They own the freehold of their property being a house, whereas I am leasehold in a flat.

And you've confirmed with the mortgage co that they are happy for you to sublease? Normally, the mortgage co would want to send out a valuer to make sure you weren't devaluing the property. Mortgage company have surveryed land and given written approval that it will not affect value etc.. Happy for me to act on their behalf with all this.

(If they think you are devaluing the property, that's when they might ask you to pay off a chunk of your mortgage from the sale proceeds.) not the case