Her mortgage lender is refusing to allow the sale. Is there anything she can do about it?
Q My daughter-in-law has been approached by her neighbour who would like to purchase her garage which is in a small compound. She asked her mortgage lender whether she could have the garage removed from the deed so she could sell it privately. They refused saying that the mortgage was granted on the whole property which includes the garage. The value of her home far exceeds what she owes. Is there anything she can do?
JL
A Unfortunately, if you have a mortgage on a property, you can’t sell part of it – whether that’s a garage or outhouse or part of the garden – without the consent of your lender. That’s because a lender has a charge over the whole of the property and if you were to sell off part of it, the lender would have to agree to release that part of the title to the property (what you call the deed) from the charge which is what they have as security for the mortgage loan.
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