Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 3 weeks ago 35
Can anyone please help with problem regarding title splitting. I own a freehold property which is an HMO and a decent size plot of land to the rear. At my request, the lender released the land to the rear from the mortgage security so the land to the rear is technically unencumbered and the mortgage is only on the HMO however, the title has not yet been split. A plan showing how the land is split was agreed to by the lender.
I entered into JV agreement to develop the land to the rear and my JV partner has registered a Unilateral Notice against the title .
The lender is requiring me to have the Unilateral notice removed as my fixed term lending is coming to an end and they have offered me a new deal with a condition that this notice is removed.
I have explained that the notice does not relate to their security, but they are still insisting that I have the notice removed. A dispute has arisen between myself and my JV partner and he is not willing to remove the notice.
My question is, can I split the title and keep the ownership of both titles in my own name. My solicitor thinks not, but I would appreciate any ideas as to how to overcome this problem without a causing SDLT or tax issues.
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