Purchasing strip of land

Tim1111

I'm looking to purchase a strip of land down the side of my house from a neighbour for about £8k-£10k. As part of the agreement I will be covering all legal costs, which obviously I'd like to minimise.

It looks like I can get solicitors involved or do it myself via land registry forms.

To get me started, can anyone advise on the following:
1) Is the diy option straightforward, or is it best to get the professionals involved?
2) Would both parties need a solicitor, or could one do it all for us (is there conflict of interest if one does it)?
3) What sort of cost should a solicitor be charging to do this sort of thing? I've had one quote from a local firm of about £2k which seems extortionate given its a simple part transfer of title, and considering the value of the land being transferred.

The neighbour also has a mortgage on their property, which raises a few queries on its own:
a) Would this fact necessitate the use of a solicitor rather than going down the diy route?
b) Do I need to get agreement from their lender first, and how do I go about this?

Thanks, Tim.

Rain_Shadow

Tim1111 wrote: »

I'm looking to purchase a strip of land down the side of my house from a neighbour for about £8k-£10k. As part of the agreement I will be covering all legal costs, which obviously I'd like to minimise.

It looks like I can get solicitors involved or do it myself via land registry forms.

To get me started, can anyone advise on the following:
1) Is the diy option straightforward, or is it best to get the professionals involved?
2) Would both parties need a solicitor, or could one do it all for us (is there conflict of interest if one does it)?
3) What sort of cost should a solicitor be charging to do this sort of thing? I've had one quote from a local firm of about £2k which seems extortionate given its a simple part transfer of title, and considering the value of the land being transferred.

The neighbour also has a mortgage on their property, which raises a few queries on its own:
a) Would this fact necessitate the use of a solicitor rather than going down the diy route?
b) Do I need to get agreement from their lender first, and how do I go about this?

Thanks, Tim.

Get it done properly by someone who knows what they are doing. The neighbours mortgage company are certain to want to be properly represented if they even agree to him reducing the value of the asset they have a charge over.


Of course there is a conflict of interest in a solicitor working for both sides in a transaction.

davidmcn

Tim1111 wrote: »

The neighbour also has a mortgage on their property, which raises a few queries on its own:
a) Would this fact necessitate the use of a solicitor rather than going down the diy route?

Yes, because their lender will require a solicitor to represent them (in practice, probably the same solicitor will act for your neighbour)

b) Do I need to get agreement from their lender first, and how do I go about this?

Your neighbour needs to get agreement from their lender first. Their lender will no doubt have an admin fee for this, and might want a valuation carried out (again, another fee) before they make a decision in principle. Your neighbour should really sort this out first, and I expect they'll want you to cover all their costs.

If you have a mortgage, it may well be a condition of your mortgage that the new land gets added to your lender's charge. That will require a solicitor to act for your lender (and probably you).