Buying property with two titles

Just_Some_Boy

Yes the stamp duty is something we’ve budgeted for, and assuming the worst that we won’t be eligible for a refund. But thanks to those who’ve suggested it. 

Thanks to all for the replies- I think the variation in responses about whether it’s feasible or not just echoes what we already thought in that some say it’s possible and some not. Two brokers have said no, a third has said it’s fine. Ultimately (and annoyingly!) I think the only way to find out is to put an offer in, and if it’s accepted try to get the mortgage offer through quickly. We love the house and feel confident that the effort would be worth it. 

Just was interested to see if anyone had done it before! Thanks everyone. 

eddddy

Just_Some_Boy said:

Two brokers have said no, a third has said it’s fine. 

You need to find out what the third broker is proposing.

For example, the broker might be proposing:

• You buy the freehold property and extinguish the lease at the same time,  so you are just left with a 'conventional' freehold house

• And therefore the broker is proposing that you apply for a standard residential mortgage on a conventional freehold house.

But then a problem might arise when the mortgage lender's valuer visits the house and sees it's layout.


For example, in simple terms, mortgage lenders don't lend on properties with 2 kitchens.

But you can sometimes get around this if the seller takes the cooker out of the 2nd kitchen, and calls that room a utility room or laundry room.

It might also help if the seller made other (possibly minor) changes to try to make it look more like one house, as opposed to 2 flats.