Buying with a land split- HELP

roasty79

G_M wrote: »

But I thought you said:
and
If a valuation was done by the lender to include the split, and the mortgage confirmed, then sit back and wait. Your and the lender's solcitors will eventually communicate with each other and the seller and sort out the contract.

Thank you for your replies! The issue is our mortgage advisor has cancelled
Our application as thought we needed to wait for the full split on the land to be done prior to gaining the mortgage...! My question is can we reapply with the plans that it will be split post exchange or not?

G_M

Providing the contract specifies clearly, with a Plan, what you are going to buy (ie the property plus garden excluding the bit to be sold separately) then you can

a) apply for a mortgage on that basis
b) get it vaued on that basis
c) get a mortgage offer on that basis
d) exchange contracts on that basis.

When you Complete, your solicitor sends a form TP1 (Transfer of Part) to the Land Registry who will transfer ownership to you of that part of the original Title that you are buying (ie everything excpet the land to be sold separattely)

roasty79

G_M wrote: »

Providing the contract specifies clearly, with a Plan, what you are going to buy (ie the property plus garden excluding the bit to be sold separately) then you can

a) apply for a mortgage on that basis
b) get it vaued on that basis
c) get a mortgage offer on that basis
d) exchange contracts on that basis.

When you Complete, your solicitor sends a form TP1 (Transfer of Part) to the Land Registry who will transfer ownership to you of that part of the original Title that you are buying (ie everything excpet the land to be sold separattely)

Thank you for your reply! Any advice which lender would be happy to do this as Nationwide has come back to us and won't approve until we have the official paperwork through from land registry which is going to take ages!