How to split title of the property when the property is on mortgage

sjawaji

I have bought a property few years ago on buy to let mortgage which has lot of side land with planning permission to build new property. Firstly bank has given me mortgage on property they did not consider planning permission for valuation..and bank asked me I am gonna build the property I said I am not decided at that time..after few years now I am thinking starting the building work now because the original dwelling is on mortgage do I need to inform lender about the new house construction? once the construction is completed how can I split the title of the land to two properties? will the bank be happy with this changes or me building new home next to the current home?

Any experts suggestions or opinions will really be useful..and thanks for help..

G_M

Yes you'll need the lender's permission to split the Title.

Splitting the Title requires forms TP1, AP1 & ID1, but as a mortgage is involved, a solicitor will be required.

Giddypip

How many years ago is 'a few years'? Is the planning permission still valid?

sjawaji

Yes it is still valid I have cleared every thing and submitted plans to council and building control got approval from council as well.

00ec25

you will need "permission" (sounds like you have left it rather late if its refused) from your lender to do the works because you intend to decrease the value of the property they have a charge against

martindow

OP, is the idea to sell the plot to a developer and clear the mortgage? If so could the solicitor split the title, make the sale and pay off the mortgage simultaneously and avoid the need to ask the lender for permission?