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I want to sell my garage
CommanderWolffe
Posts: 1 Newbie
I own a garage as part of my property, It's listed in the deeds of my house, which is mortgaged. However it is in a block about 50m down the road.
I want to sell it and use the money to build a garage/workshop attached to the house. (Planning won't be an issue here, there isn't a house in the road that hasn't been extended somehow) so I figure I don't have to worry about losing value from he property
I have someone interested in buying it from me, but what I don't know is how to do it. There is very little information online regarding this. Can anyone offer up some advice on how I need to proceed please? Many thanks.
I want to sell it and use the money to build a garage/workshop attached to the house. (Planning won't be an issue here, there isn't a house in the road that hasn't been extended somehow) so I figure I don't have to worry about losing value from he property
I have someone interested in buying it from me, but what I don't know is how to do it. There is very little information online regarding this. Can anyone offer up some advice on how I need to proceed please? Many thanks.
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Comments
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Well I suppose you could start by getting some quotes from local solicitors.0
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You do realise that the money you will get from the sale of your garage will get wallowed up by the legal costs.Never pay on an estimated bill. Always read and understand your bill0
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Rent it out0
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CommanderWolffe wrote: »Can anyone offer up some advice on how I need to proceed please?
The first thing you will need to do is ensure your mortgage lender will agree to you selling off part of your property...Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
If it's under the same title then it's a pretty straightforward sale of part.
The complication arises with the mortgage. They will need to release their charge over the part of the land being sold. The criteria will vary from lender to lender but generally they will want a valuation based on how much the property is worth without the garage so they can be sure that there is still enough equity.
You'll have to pay for the valuation. You'll probably (almost definitely) also have to pay for their legal costs and any other costs they care to throw in.
So, when you add these costs, to your legal costs, you need to decide whether the end result is as financially lucrative as you think it is.0 -
You do realise that the money you will get from the sale of your garage will get wallowed up by the legal costs.
Depends where it is. Garages in blocks in Southwold go for over £30K. In parts of London, I'm guessing the sky's the limit.Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
As above, renting it out would be much easier. Use the rental income to fund the new garage.0
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