Selling or swapping land

Rufty1

Hello,
I am thinking of selling a small area of garden to a neighbour, say 6m x 9 m. It wont impact the house because it's the end of a 3rd garden. Do I need (a) a solicitor or could we inform the land registry ourselves (b) to inform my mortgage company?
How do I go about getting the land valued?? Thanks in advance.

SmashedAvacado

as you have a mortgage, your lender will need to agree to this - and to what happens to the money
The lender will want a valuation and they will have legal work that you will have to pay for

If you are selling it will be the buyer that registers the transfer, but you will need to execute a transfer for TP1 and also submit a partial release of the mortgage over that bit of the land (once they agree that the value etc is ok). however if you want to reserve rights over that land / grant access over your land / impose restrictions on what that land can be used for - then you might think that getting a lawyer involved would be useful .

What is the land worth to the person you are selling ?

davidmcn

SmashedAvacado wrote: »

The lender will want a valuation

They'll want a valuation of what's left after this bit is sold - they are unlikely to care how much the OP gets for it.

Rufty1

We're probably only talking about 2-4K tops, it's not that big a piece of land. But if I have to tell my mortgage company i will have an issue as I have an old offset mortgage that they want me to close by can't so long as I don't change anything. So if I let them know then they could use that as an excuse to close my account or force me to move to a more expensive deal,

davidmcn

Well, you can't avoid telling your lender, in the same way that you can't sell the rest of your house without repaying your mortgage. Your buyer will need your lender to release their charge over the land.

daveyjp

You will have to tell them because they have a charge against your property.

As soon as you try and do anything to change the title the LR will flag this as an issue and won't do anything until resolved.

agrinnall

Where does swapping come into it?

Rufty1

agrinnall wrote: »

Where does swapping come into it?

Originally we were going to swap the end of his land with then end of ours, but he's changed his mind.

Need_a_name

It's going to impact price so mortgage company will need to know.


Whether thinking of selling now or in the future make sure any paperwork is fully done with the Land Registry as that will cause issues.


And if it's the neighbour wanting the land and you not minding about having it or not I'd also be tempted to insist they pay all legal costs