10 flats in one block - want to mortgage one

jstvj

Hello all

What a great site

Down to business then, I have 10 flats in one building, one of which I live in and my mortgage will be clear in nine months. I need to raise capital to renovate. The building is on one deed but the flats each have their own postal address. Is it possible to register each flat seperately, so they have their own deeds (for selling later) and then take out a mortgage on my flat. If so, what would be the approximate costs and the best mortgage to go for please.

Any advice would be greatly appreciated. Thanks J

toonfish

jstvj wrote: »

Hello all

What a great site

Down to business then, I have 10 flats in one building, one of which I live in and my mortgage will be clear in nine months. I need to raise capital to renovate. The building is on one deed but the flats each have their own postal address. Is it possible to register each flat seperately, so they have their own deeds (for selling later) and then take out a mortgage on my flat. If so, what would be the approximate costs and the best mortgage to go for please.

Any advice would be greatly appreciated. Thanks J

you could register all the flats on seperate titles and retain the freehold, not sure of the cost but it should be fairly straightforward and any solicitor ought to be able to sort it out.

Borrowing on your flat should then be possible, as long as you give yourself a sensible lease. Some lenders may not accept it as you own all the block however, and some may not like the fact that you are the freeholder.