parking plot sale

ziggyboy4435

Hi everyone ,

Hope this is in the right section

I am selling my house , I currently have a mortgage on , I have been asked to sell a parking plot that came with the house to a neighbour before i out the house on the market , If i can do this then it would help me out with some debt i owe on other things , Can i do this ?

Owain_Moneysaver

You can, but you will need your mortgage lender's consent as it will affect the value of the property. You may also need planning permission to split the parking space off as it may be change of use (no longer residential) and will reduce the number of car parking spaces associated with your property.

You will then need to split the property at the Land Registry, and sell the parking space to the neighbour. You'll probably need a solicitor for that, and might have to pay for plans to be drawn up if the existing mapping is inadequate.

da_rule

You also need to make sure you get the right price. How much would your property be worth if it had one fewer parking spaces?

ziggyboy4435

Would the Bank be likely to say no about selling it ?

AnotherJoe

Can you give some context. Is this "the" parking space or one of several that came with the flat?
you should also speak to your EA and ask for their opinion on how much selling the space would take off the value of the property. It might also make the property harder to sell, not just because it's less valuable but because buyers might be thinking of difficulty selling it later.

ziggyboy4435

AnotherJoe wrote: »

Can you give some context. Is this "the" parking space or one of several that came with the flat?
you should also speak to your EA and ask for their opinion on how much selling the space would take off the value of the property. It might also make the property harder to sell, not just because it's less valuable but because buyers might be thinking of difficulty selling it later.

My house came with 2 parking spaces so if i sell one it would still have one left , I agree it would probably be worth less but i would make it back up with the sale of the space

DCFC79

ziggyboy4435 wrote: »

Would the Bank be likely to say no about selling it ?

Not sure we can provide an answer, as mentioned, your mortgage prov would be best place to answer.

davidmcn

Also bear in mind that sometimes the title deeds restrict parking spaces being sold separately from "their" houses/flats. If other neighbours have done something similar then that probably isn't an issue though.

agrinnall

ziggyboy4435 wrote: »

My house came with 2 parking spaces so if i sell one it would still have one left , I agree it would probably be worth less but i would make it back up with the sale of the space

So why not just sell the property with both spaces if you'll get the same money back? The only reason for selling a space separately is if you can make more money after taking into account legal and other costs that the transaction will incur.

AnotherJoe

ziggyboy4435 wrote: »

My house came with 2 parking spaces so if i sell one it would still have one left , I agree it would probably be worth less but i would make it back up with the sale of the space

You might not, and more to the point it might make it much more difficult to sell. As you have two parking spaces I presume it's a decent sized house ? Going down to one parking space probably rules out all couples with a car each, plus couples or singles looking to buy and rent out a room to someone with a car. And even if you sell to a single or one car couple, they may consider the same issues with reselling. I think this would be a short sighted and probably counter productive move to overcome a short term financial issue.

Slinky

Selling the parking space could give you a short term gain to pay your debts but a much longer term pain if it limits the buyers for your house. Even if you find a buyer with one space, its likely to come up in the sale documentation that there used to be two, which may disappoint your purchaser and cause them to pull out.


A potentially very bad idea.