Title deeds

[Chesterlandlord]

Can anybody throw any light on this please.....

I have FIVE unencumbered properties under ONE title deed... I want to raise about 30%LTV on the current valuation of about £600,000.

All the lenders say they want separate title deeds to lend against but my solicitor advises me a separate title deed can only be formed by the lender lending when a separate title deed shall then be made.

CATCH 22 or what !!

[Mortitia]

So did you have one property and split it into 5? Surely your local Land Registry is the place to start to get invdividual leasehold titles.

Mortitia

[russ295]

hi chester

i have 4 props under one title, i looked into splitting into individual leases, even paid for the drawings to be drawn, my solicitor was going to sort it without any mention of what you state, the prop consists of 3 shops and a flat, i have sorted a commercial loan to cover the lot at 70%ltv instead.

i would maybe get a 2nd opinion.

russ

[Chesterlandlord]

So did you have one property and split it into 5? Surely your local Land Registry is the place to start to get invdividual leasehold titles.

Mortitia

No Mort,

It used to be a builders yard in Chester city centre with outbuildings which I turned into residential units.

Have tried the Rosebrae office of the land registry and they said 'no can do'.

I cannot lease to myself what I own. They are five separate households built on one piece of land.

I own the freehold on the land and the properties.

[Chesterlandlord]

hi chester

i have 4 props under one title, i looked into splitting into individual leases, even paid for the drawings to be drawn, my solicitor was going to sort it without any mention of what you state, the prop consists of 3 shops and a flat, i have sorted a commercial loan to cover the lot at 70%ltv instead.

i would maybe get a 2nd opinion.

russ

Thanks Russ but I believe it is slightly different when you create a leasehold on a shop, these are individual properties let to residents.

Possibly with yours you retained the original title deed on the whole lot then a separate title deed was created on the formation of the lease's.

I too spent over £1k having it mapped out ready for the splittings but to no avail. I also found the commercial lenders rates too high so was looking for 5X Buy to let mortgages.

[Selkirk]

You can't grant a lease to yourself, so the answer could be to transfer the lease to someone else that you trust and who's not a party to the lease as it stands, father, mother, brother etc. Once they are officially the leaseholder get them to grant you a lease.

A solicitor should know this but just in case.

cheers

Selkirk