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Should we notify mortgage company??
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[Deleted User]
Posts: 0 Newbie
Live in a building that has four 1 bedroom flats. I live on the bottom flat with own garden.
Just had planning and permission approved to build 2 bedroom extension in garden so little garden left.
Before the build should we notify mortgage company that we building a 2 bedroom extension?
Should we tell the building insurance too? It leasehold but the lands belong to the flats. We are part of the management committee so we hold the building insurance.
I Understand after it built we have to tell insurance our building has increase in value to build and let council know as our tax band will go up.
Just had planning and permission approved to build 2 bedroom extension in garden so little garden left.
Before the build should we notify mortgage company that we building a 2 bedroom extension?
Should we tell the building insurance too? It leasehold but the lands belong to the flats. We are part of the management committee so we hold the building insurance.
I Understand after it built we have to tell insurance our building has increase in value to build and let council know as our tax band will go up.
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Live in a building that has four 1 bedroom flats. I live on the bottom flat with own garden.
Just had planning and permission approved to build 2 bedroom extension in garden so little garden left.
Before the build should we notify mortgage company that we building a 2 bedroom extension?
Should we tell the building insurance too? It leasehold but the lands belong to the flats. We are part of the management committee so we hold the building insurance.
I Understand after it built we have to tell insurance our building has increase in value to build and let council know as our tax band will go up.
Do you own a share of freehold??0 -
Everyone fine with this got it all in the email.
The flat owners are the free holders so we got agreements from them all.
The garden belong to our Flat it not shared. eg i own our flat so i am part of the freeholder and directors of the management comittee.0 -
Do you own a share of freehold??
The flats own the freeholds. So I own one flat so own like 25% of the freehold. When giving the freehold it was on the condition that the freehold goes with the flats. So if anyone buys my flat they also buying into the freehold cannot be sold separate, if the flat not kept up with ground rent or management fee they can’t be sold till up to date.0 -
The flats own the freeholds. So I own one flat so own like 25% of the freehold. When giving the freehold it was on the condition that the freehold goes with the flats. So if anyone buys my flat they also buying into the freehold cannot be sold separate, if the flat not kept up with ground rent or management fee they can’t be sold till up to date.
Seems a slightly strange way of doing things. I think you mean you own both a lease and share of freehold, but can only sell them together.
Typically a lease cant own a freehold (as far as I know anyway)
anyway as long as everyone is happy, the next thing to do is let your lender know.0 -
Seems a slightly strange way of doing things. I think you mean you own both a lease and share of freehold, but can only sell them together.
Typically a lease cant own a freehold (as far as I know anyway)
anyway as long as everyone is happy, the next thing to do is let your lender know.
We brought it from new when it was 1st built with 999 years lease. But the freeholder didn’t want the land after 3 years so decided to give it to the flats if we take over the management which we did. You describe it exact how it is. We can only sell together.
What if we didn’t tell the lender as I asked a few that been through building work they never told theirs and didn’t think they need to. I'm worried lenders wont let us go ahead. All funds in bank ready.0 -
We brought it from new when it was 1st built with 999 years lease. But the freeholder didn’t want the land after 3 years so decided to give it to the flats if we take over the management which we did. You describe it exact how it is. We can only sell together.
What if we didn’t tell the lender as I asked a few that been through building work they never told theirs and didn’t think they need to. I'm worried lenders wont let us go ahead. All funds in bank ready.
The risk you run is in your T&Cs, so read them. But I'd imagine the agreement requires you to tell them and if they wanted to they could recall your mortgage
Check your agreement - typically they want to be informed of any changes, it's unlikely they'd say no. You're adding value to the property, if they needed to repossess they would be more likely to be paid back0 -
The risk you run is in your T&Cs, so read them. But I'd imagine the agreement requires you to tell them and if they wanted to they could recall your mortgage
Check your agreement - typically they want to be informed of any changes, it's unlikely they'd say no. You're adding value to the property, if they needed to repossess they would be more likely to be paid back
Fair enough will ring them as build start 2moro as it was all approve and all done last Aug. just thought this morning should i let them know. Read on websites and here and some saying dont bother as like you said the increasing value what good to them recalling the mortgage if they found out later after it built. If they do that i suppose could just find another lender.0 -
I think you would need their approval (mortgage provider and insurer) in case there is a risk of the property being damaged. eg builders take out a wall without giving adequate support and parts of the building collapse.0
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I think you would need their approval (mortgage provider and insurer) in case there is a risk of the property being damaged. eg builders take out a wall without giving adequate support and parts of the building collapse.
Insurers knows as we now have extra cover. As for lender i not gonna bother it really cant see the point. A few friend had major stuff done didnt know they were to let them know so im gonn say if ask i didnt know
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