Buying a house with parking on Separate Title

Section62

MRKJ said:

Thank you for your advice, I will post on Land registry website. 

It might be easier to ask @Land_Registry to comment here, or at least post a link to this thread, rather than going through all the details again in the main LR thread.

If not, a link to the LR answer would be useful on this thread so future readers will get the full picture.

Land_Registry

MRKJ said:

Can someone guide me on how difficult is it to split a portion of a title deed and sell it with another title deed (the house), both owned by the vendor and are right next to each other? Does it take long ? does the Land registry need to be involved before the sale for this split, if so how long do they take to split the land?

  I appreciate your guidance, When I call them next I will be better prepared. 
Thank you 

It’s rarely a Q of complexity as it is possible to split a title prior to a sale in the same way as it gets split when bought. Same process but the first delays that later sale. 

HMLR has to be involved in both and an application to split/transfer part will wait months to be registered unless it’s expedited. If it’s expedited then generally it’s weeks.
In my experience the issue tends to arise with the buyer’s lender. They won’t offer certain mortgage products unless dealing with a single title. 

But in this case it’s the seller whose the issue so best ask them either to apply to split it as promised and get it expedited. Or sell the part plus the whole house as you wanted in the first place 

MRKJ

@Land_Registry

 Really appreciate your help and guidance, THANK YOU. 

Just to confirm that it is possible to sell a portion of the title deed along with another title deed. This should hopefully not delay the process of sale as in the exchange of contracts and getting keys etc as long as the mortgage company is happy with it. 

The parking was advertised on the website, but the mortgage company's surveyor did not know about the parking and did not include this in his valuation report and the property is still valued at the asking price. So in theory mortgage company is getting an extra property (3 parking space) for the same loan if we include the parking land, so hoping they will not make a fuss and approve. 
 

Could you please advise approximately how many weeks will it take if the vendor wants to split the title deed before selling. and they expedite the process, so I know the timeline to keep chasing them. 

Thank you for your guidance. 

Land_Registry

MRKJ said:

@Land_Registry

 Really appreciate your help and guidance, THANK YOU. 

Just to confirm that it is possible to sell a portion of the title deed along with another title deed. This should hopefully not delay the process of sale as in the exchange of contracts and getting keys etc as long as the mortgage company is happy with it. 

The parking was advertised on the website, but the mortgage company's surveyor did not know about the parking and did not include this in his valuation report and the property is still valued at the asking price. So in theory mortgage company is getting an extra property (3 parking space) for the same loan if we include the parking land, so hoping they will not make a fuss and approve. 
 

Could you please advise approximately how many weeks will it take if the vendor wants to split the title deed before selling. and they expedite the process, so I know the timeline to keep chasing them. 

Thank you for your guidance. 

It is possible. Expedition reduces the wait time to usually under 2 weeks. Timescales then hinge on it being in order. If it is then it’s completed within the same timeframe 
Word of caution though that with conveyancing/registration things don’t always happen as quickly as you might hope for or like. 

So you tick each stage off as you go so from our perspective stage 1 is making the application. Stage 2 is requesting it’s expedited. Stage 3 is it being approved and expedited. Stage 4 is it being processed. That’s the bulk of your 10 days used 

user1977

MRKJ said:

Just to confirm that it is possible to sell a portion of the title deed along with another title deed. This should hopefully not delay the process of sale as in the exchange of contracts and getting keys etc as long as the mortgage company is happy with it. 

And whether they're happy with it is likely to hinge on what the advice is to them from your solicitor, so this brings us back to what does your solicitor think about it.

MRKJ

I appreciate everyone's guidance and advice.
I want to apologise publicly for criticising online solicitors. I actually spoke to my solicitor, she actually gave me great advice and reassurance. 

My solicitor said, buying the house and buying a portion of the parking land can all be done in one sale, the sellers just need to give us a TP1 form. So really hoping the sellers will actually respond with a TP1 form. 

I am still not confident of the sale, given the lack of communication from the seller and the agent's confusing advice every time, i am not sure this will happen. 

But for anyone in future looking for such a sale/purchase, it is possible and it's not that complicated if the seller wants to sell it and the buyer wants to buy it. 

Sistergold

I would not recommend proceeding with the house purchase without the parking tittle. A promise to sort out the parking might never happen and you will now he stuck with a house with no parking and that will be a nightmare in London. Either withdraw from purchase or be patient and wait as this waiting is the only reason that they will even try and resolve the issue. Only proceed with the promise to sort out parking if you don’t need the parking. If parking is not done right away it will likely never happen. 

Tiglet2

I am wondering whether the seller's solicitor has advised the seller that, as they are selling two titles, it is also two sales and therefore two sets of fees.  The seller may be unwilling or can't understand why his solicitor wants to charge more and is delaying agreeing to this, hoping that you will agree to pay instead.  Also, a transfer of part is more work so potentially higher fees.  

Please don't go ahead and buy without this issue being resolved.  Once completion on the house has taken place, there will be no incentive to rush the transfer of the garage/parking by the sellers or their solicitor.

MRKJ

Thank you for the advice, I have agreed to pay for the higher fees with my solicitors. 

The title deed where the parking is situated in is quite a large plot of land with other properties. 
Part of this large title deed is sold off to some third party private company with a huge building. They have some sort of right, they need to approve any sale on this land, but do not have to approve any charges on the land. The vendors solicitors are now trying to get permission from this third party company.

 I have known about this almost a month ago, when I paid for title deed, but it appears the vendors solicitors are only aware of it now. The vendor has been so slow to provide documentation to their own solicitors. I will simply have to wait and see what happens. 
Hopefully they can sort it out soon.

To be perfectly honest, I would have been happy with alloted parking, as in a get a right to park on that land instead of actually insisting on buying the land itself. But in a conversation with agent I asked if they would transfer the land and they said yes, but it has caused the process to be delayed. I am thinking I will give it another two weeks to see if they will sell the land, if not I will ask them to give me access to park as a charge on the parking land. Is this a bad idea, should I wait longer ?
Any advice appreciated.

MRKJ

Thanks to everyone who helped, 
The vendors came back and do not want to give parking at all, as they originally bought it without parking in 2006 for £250k, now they are selling it for £450k they say it's a fair price in London and parking cannot be sold for various reasons. 

After lots of negotiation, we agreed on £430,000 but no parking. Unfortunately, I cannot get permit parking on that road as well. but there are roads nearby that don't have permits but this cant be the case forever in future. 

I am mostly concerned about future sale prospects, will I be able to sell this house when there is no parking at all and no access to parking nearby. 

any guidance appreciated. 

this house has a very large garden but only accessible through house is the extra garden compensates for lack of parking when i sell in future.