Splitting Freehold of detached house

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  • leaseholdanswers
    replied
    Are you borrowing to do buy? If so then it is important on what you are borrowing on, freehold and/or freeholds subject to leases, and of course the availability of funding. Mortgages for a house split into two flats which are not leasehold are a different form of mortgage and harder to obtain. There may also be tax advantages.

    Very often a solicitor is printed with “ I am buying X” and does as the client asks assuming that they have worked out all the angles.. This is especially true in cut price services.

    In such a situation above it is important to say I am buying x and plan to do……” that can mean, as above, a very different approach.

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  • jordo
    replied
    Thanks for the reply. Can you explain what you mean when you say "This will be important if you are planning to borrow to purchase the property."

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  • leaseholdanswers
    replied
    As long as there is a clear vertical division and the existing tilte has no restrictions or charges, you can, its a few forms, but if you plan to sell the flats you will have to create leases for those. Unless you are doing your own conveyancing your solicitor can do the paperwork, and advise you on any tax liability. This will be important if you are planning to borrow to purchase the property.

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  • jordo
    replied
    Sorry, should have made that a little clearer! Plan would be to separate the semi from the flats, so the semi as one freehold and the two flats as the other.

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  • Ad1
    replied
    What do you wish to split them into?

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  • jordo
    started a topic Splitting Freehold of detached house

    Splitting Freehold of detached house

    Hi

    I'm looking to purchase a detached house which is currently arranged as a semi and 2 flats, but is still one freehold title. The three properties are recognised by Land Registry and the local council. What is the process for officially splitting these?

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