• Title Splitting

    By Guest on 28th Aug 2020

    We want to purchase a property that has two kitchens. This is making it difficult to find a mortgage provider. How could we go about splitting the title of the property so we could get a mortgage on a property with just one kitchen? Many many thanks for any help. Anna

  • 2 Answers

    By NotaryExpress on 29/08/2020

    Title splitting is at the discretion of HMLR and they are overworked so will refuse - especially trying to split one property. The answer is to either mortgage part of the property or to transfer part of it into different ownership (e.g. to a spouse or family member). Obviously there are implications to this in terms of change of control & ownership, and check with your accountant too for CGT and other taxes. If part of the property is above/below the other then you'd most likely have to create a lease so that the property(ies) are held leasehold. When the ownership/charge of a property is severed the title must be split.

    www.notaryexpress.co.uk

  • By Guest on 29/08/2020

    Thankyou ever so much for your reply. It is actually a cottage attached to a barn so technically it is two separate dwellings. Do you still think HMLR would refuse? Do you think it would be possible to just get a mortgage on the cottage if both properties were still on one title? Thankyou for your help. The properties are next to eachother rather than above. I dont fully understand what you mean in the last sentence. I really really appreciate your advice. Thankyou.

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