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Hi all,
I wonder if you can help,
We have a garage in a block of garages behind our house. unfortunately ours doesn't back onto our back garden so to get to it entails a walk around the block.
A few sets of neighbors have done garage swaps and as such we have contacted the people who own the garage directly behind our house and and they are more than willing to do a swap.
Ive contacted a solicitor and he has started working through the paperwork but has now sent me this message:
We have obtained copies of the Land Registry documents. You have a mortgage with Halifax by the looks of it. They will need to be involved- have you already approached them ?
They will have to AGREE to taking off their charge on the existing garage on the basis that they take a new charge on the new garage. There should be no problem in them doing this but it will add to the costs and they may charge an admin fee for dealing with this. I cannot speak for them but our costs will be another £250+VAT.
No mortgage on No 42 and so that is straightforward.
My question is: Is it likely to be straightforward with the mortgage company as tis a like for like swap? It may even add value to our house as we would then be able to access our garage direct from our garden.
Is there any other way around it?
have you asked them?
There is no way around it. Any changes on a mortgaged property will have to be approved by the mortgage company. There is likely to be a fee as well as a revaluation of you property, which will also cost you. It's unlikely to be a problem however I doubt it will increase the value of your house however it might make it easier to sell at the same pric.
Involving the solicitors is what will add your costs. Its a pretty easy thing to DIY if both parties are friendly. You go to the land registry in person with your passports and a couple of forms; ID1 and TP1 IIRC. Give them a small fee, around £40, and it's done. The mortgage does complicate matters a bit but it's all solvable. Worth doing, though. An adjoining garage will be great.
£250 sounds in right region for remortgage fees, does it not?
Having lived in a place with a non-adjoining garage, in your position I'd jump at the chance to swap, even if it cost a few quid.
Is the garage mentioned on the main deed? I bought one just recently and deliberately kept it as a separate deed.
nickjb
Free Member
Involving the solicitors is what will add your costs. Its a pretty easy thing to DIY if both parties are friendly. You go to the land registry in person with your passports and a couple of forms; ID1 and TP1 IIRC. Give them a small fee, around £40, and it’s done. The mortgage does complicate matters a bit but it’s all solvable. Worth doing, though. An adjoining garage will be great.
Great idea, mess about with your main and probably most valuable asset without the benefit of professional advice.
I'd have thought £250 for getting this sorted (and with insurance to claim on if it didn't work out properly) would be a bargain...
