• Can I Split A Freehold Title?

    By Guest on 16th Mar 2020

    I own a house and garden, but included in the title is a small area of land (not attached to house and garden) which currently has a forfeit lease on it. (I own the freehold of the patch of land). There are issues around removing the lease - which caused my house sale to fall through last year - and I was wondering if it would be possible to split the title and just put the house and garden on the market, fairly shortly.

    If anyone could help with this kind of transaction, and give me some idea of cost, I'd be very grateful!

  • 2 Answers

    By NotaryExpress on 17/03/2020

    Use a TP1 to transfer part of the property to another entity such as a friend, company or so forth. Bear in mind SDLT may be payable as well as CGT, and if there's a mortgage you need lender consent. Consider selling to the buyer under a TP1 so it splits on completion of the sale. Bear in mind another buyer may not raise the same queries as the first one. Your conveyancer will give you all these options and advise you through the process.

    www.notaryexpress.co.uk

  • By Guest on 17/03/2020

    Thank you NotaryExpress!

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