Division of Land/Deeds

Dmking0

Hi


I currently have a mortgage (HSBC) on an end terrace property which has enough land on the side the build a complete new build. The bank will not allow me to re-mortgage to do this which is understandable, but what I would like to do is split the land/deeds and then apply for a self-build mortgage on the new plot.

The mortgage is solely in my name and from what I have read If the land were split I cant have both plots of land in my name? (can't transfer it to myself)


Is anyone able to clarify this and any suggestions on how I would be able to achieve this, if possible at all.


Thanks in advance


Dave

zagubov

Will your house become terraced instead of end-terraced?
Will you reduce your own house's value and will your mortgage company be happy with that?

Dmking0

Hi


Thanks for your reply


yes it would become terraced and I'm happy for the re-valuation of it, my outstanding mortgage is a lot less than even its original value (20%) so although I need mortgage company to confirm I think it should be fine.

da_rule

Splitting the title is different to a transfer, therefore you can split the title and own both parts.

However, the Land Registry are not obliged to split the title, you would have to justify to them why they should.

Also, your mortgage company would need to consent to any splitting of the title, and, if you want to mortgage the new part, they would also need to release their charge from the new title. Depending on the amount owed on the mortgage and the value of the property (after you’ve split the title) they might decline to do so.