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freehold on mortgaged property

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  • freehold on mortgaged property

    This question is from a friend which i found interesting so I'm going to ask your views on it if you will please .

    Jo Blogs buys a house he has a mortgage . The property is freehold .
    If he paid for the freehold outright can he then live on the land and not in the mortgaged house and in effect stop paying the mortgage .
    Then live in a caravan on the land ?

    thanks
    _______________________________________




  • #2
    Re: freehold on mortgaged property

    Interesting thought I would imagine it would depend on what the mortgage was secured on, as in is the title to land and house, or, is the title to the house and only the land it is standing on plus whatever garden or outside space is included.
    I guess it would be possible if the property was split and perhaps half a long garden was given a separate land registry identity, had its own access and the council gave permission for a lived in caravan but otherwise sadly I cannot see it working, would be nice though
    When you have nothing you have nothing to lose

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    • #3
      Re: freehold on mortgaged property

      The land registry has an outline map of the property with coordinates. This identified in the conveyance. So as Susie says you could split a large property with the permission of the bank and sell on the other part with the house on it. Loads of London house have parcelled off and sold their gardens for development.

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      • #4
        Re: freehold on mortgaged property

        Friend of ours, bought a house with a very large garden, the garage (plonked in the middle of a field) had its own entrance and had been convrted into a Granny pad, they extnded the granny pad into a 3 bedroom bungalow ,then sold off the house and moved into the bungalow,
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