Remortgaging after a title split?

M47

Hi Everyone,

So I have planning permission to split my house into 3 separate apartments. 

My house is currently on a mortgage.

 wanted to ask if anyone knows if it could be a simple process of legally preparing everything with Land registry and then just simply refinancing all 3 properties on 3 new BTL mortgages, if a lender currently has the property on a standard mortgage right now. 

Would I face issues doing this, whilst there’s currently a mortgage on the property?

 I would be very grateful if anyone who’s knowledgeable could explain if I am likely to face any obstacles while carrying out my plan?

In summary;
* I have a house currently on a mortgage 

* I am converting this house into 3 separate dwellings 
* Can I simply refinance all new units at the same time directly from one lender to another?

PS I could clear my current outstanding mortgage balance by refinancing just one of the new properties.

Thank you for your advice in advance 

Hoenir

M47 said:

In summary;
* I have a house currently on a mortgage 

* I am converting this house into 3 separate dwellings 

Have you obtained the approval of your existing mortgage lender? 

The lender will not allow any changes to the title until the existing mortgage is discharged. 

M47

Is it likely that certain lenders would allowed changes to take place upon transfer of the new remortgages?

No I have not obtained permission. I was hoping that I could get everything ready (at the finish line) where the changes would take place upon the new remortgages.

Do you know if this is possible?

peb

The quick answer is yes but your new lender/s will have a list of conditions because of the conversion.  Contact a mortgage broker for advice 

Hoenir

M47 said:

No I have not obtained permission. I was hoping that I could get everything ready (at the finish line) where the changes would take place upon the new remortgages.

Do you know if this is possible?

Suggest that you read your mortgage contract. The terms are explicit.