We are selling a piece of our garden and need to split the deeds. We are keeping the house. Do we have to notify the mortgage company first? We have some mortgage arrears will these have to be paid first or will they be paid out of the sale?

Hi....the lender will have to be informed as they have the legal charge over your property, including the garden. They may wish to revalue the home based on it's new dimensions and this would have to be of a certain value to ensure that their original charge is secure. In regards to the arrears this may be of concern depending on the lender, you have to inform them so get some form of conversation going with them and maybe the sale of the land will enable you to pay the arrears of???

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Regards

Ian

Hi! Thanks for the advice! We don't have much arrears and the house is worth nearly double the mortgage as it stands. The garden is larger than the others on the road and the houses are all priced about the same. Does it sound hopeful that the lender would let us pay off the arrears after the sale? We have an agreement with the lender and are paying the owed sum monthly. It's only £2000 but we can't find it at the moment. We have a cash buyer ready to sign.

Kind Regards

Ann

Hi....it seems fine to me but you have to speak to the lender, they will have the final word.

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Regards

Ian