Partial Release?
Hello everyone,
I am looking to purchase a home that has enough land to split and create another lot. The neighbors backyard abuts the home/land I am looking to purchase. With the neighbors land I will have 3 building lots. The neighbor is willing to sell a portion of his land but he nor I know how to go about doing this. The neighbor has only owned his property for 6 months.
How likely will his mortgage company accept this transaction?
What steps need to be taken?
I have discussed everything with the building dept. and they tell me all of the lots will be splittable if I acquire the neighbors land.
I am looking to purchase a home that has enough land to split and create another lot. The neighbors backyard abuts the home/land I am looking to purchase. With the neighbors land I will have 3 building lots. The neighbor is willing to sell a portion of his land but he nor I know how to go about doing this. The neighbor has only owned his property for 6 months.
How likely will his mortgage company accept this transaction?
What steps need to be taken?
I have discussed everything with the building dept. and they tell me all of the lots will be splittable if I acquire the neighbors land.
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