Selling Plot with planning permission in garden.

kam1l

I have been granted the opportunity to build a 2 bedroom terrace next to our house. I would like to split the title and sell my house and plot separately . I have contact my mortgage lender for permission to split the title, and awaiting for the reply. What is the best option? Sell the house first with adjusted (smaller) garden and then ask for splitting title on completion pay off existing mortgage and then sell the plot later? Or second option get permission from lender to split title, sell plot first keep mony from selling the plot as deposit for new house and the sell my home after, move existing mortgage to the new property? What other options do I have if the lender do not agree to splitting title?
Thank you

ProDave

There are some capital gains tax issues here. I think the general advise id DO NOT split the title until the original house sells and some say don't even fence it off separately until then.

G_M

See


https://forums.moneysavingexpert.com/discussion/5985503/only-selling-half-the-garden-with-house
and

https://forums.moneysavingexpert.com/discussion/5985688/split-tile-help

Tom99

Do you mean an end terrace?
If this new house is to adjoin yours then it's going to put off a lot of purchasers so maybe sell the plot 1st then your 1st house when the adjoining property has been built.
Providing you sell within 3yrs of buying your new house you can claim a refund of the 3% extra stamp duty you will pay.