Refinancing – Creating new leases
As a collection, your new leases will all have their own titles. As a result, your bank or lender is likely to lend you more than they would have done against the single title. This is because typically, the cost of four self-contained apartments will be greater than the single property (title).
However, some banks will also take into consideration the time of ownership. Meaning you may have to own the new leases for over 6 months. There could also be other conditions such as the size of the self-contained apartments. Some banks will require them to be over 300 square metres. Therefore we would always recommend you seek financial advice prior to splitting the title if this is your intention.
Splitting a freehold title & lease creation – Property law experts
Attwells Solicitors is a law firm specialising in property law. We help medium-sized property developers and investors throughout Suffolk, Essex, and London. Our fixed fees and transparent pricing allow for certainty over cost, while our team of commercial property solicitors have the expertise required to achieve the creation and refinancing of your leases quickly and effectively.
We are rated 4.7 on Feefo and ‘excellent’ on Review Solicitors. Many of the reviews comment and relate to our service promises, use of plain English language, good communication, and price transparency. You should expect one point of contact and communication your way.