Trying to buy a property where the title deeds need to be split?

by Readers Question

11:13 AM, 18th February 2016
About 5 years ago

Trying to buy a property where the title deeds need to be split?

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Trying to buy a property where the title deeds need to be split?

We are looking at buying a property with a flat that is completely separate with a view to living in the main house ourselves and letting out the flat. split

However at the moment the property only has one title, but is on the land registry as two flats. The seller has agreed to split the title deed if we pay half of the cost.

Now our solicitor is saying the flat will need a lease created too? Has anyone else bought a property with similar issues and how did you solve them?

Many thanks

Jane

Comments

Gary BTLowner

23:58 PM, 20th February 2016
About 5 years ago

Reply to the comment left by "New Landlord" at "20/02/2016 - 16:31":

I`m afraid I can`t help you with residential lenders, but one aspect that any lender will look critically at, and so should you, is the under-pinning the property has undergone. Why was it needed and why was it partial? Is it documented/up to standard and guaranteed? Is the remainder not liable to need it at some point? The area is renowned for it`s sandy soils and liable to subsidence so beware. Another item I did not look into but which looks suspect to me is the front/side boundary. Just what is going on there? Delve into the history, ie the 1995 sale. Good luck.

Polly

16:41 PM, 6th November 2020
About 6 months ago

Good Questions & Answers. Here I am with a Property to SALE Basement & Masionette but the Basement does not have separate Deeds but is Rented out. 6 Lenders have cold feet as regards providing a Mortgage to prospective purchaser UNLESS I separate the property by Deed. Is this expensive or should I go for 'Sold as Seen' cash purchaser maybe. There is Rent coming in.

Puzzler

11:12 AM, 7th November 2020
About 6 months ago

Try Paragon, they do multi-unit mortgages. Find a decent broker as some lenders are intermediary only

Puzzler

11:15 AM, 7th November 2020
About 6 months ago

Reply to the comment left by Puzzler at 07/11/2020 - 11:12
Of course if you are going to live there it will be a consumer mortgage so might be more tricky. Buy it as one unit ?

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