I am planning to convert some outbuildings into a new dwelling for my own occupation. I own the current title which includes the main house, the outbuildings for conversion and 3 acres of garden.
When complete there will be 2 dwellings with 1.5 acres garden each and I will sell the current dwelling.
There is a mortgage on the current title.
I expect to have to pay a S106 contribution on the extension involved in the conversion.
I will need to borrow to funds for the conversion. My current lender will not lend for a self build.
Should I split the title before I enter into the S106 agreement?