Posted on: 09th May, 2010 02:54 pm
My parents own two adjoining lots. There house is currently on one of these lots. They want to subdivide and give me the other lot. However, they currently have a mortgage for these as one property. How do we go about transferring the title of one of these lots into my name?
Hi DandB,
It will be difficult for you to subdivide the property and get one of the lots in your name as there is a mortgage on the property. The lender will not allow you to subdivide it as it will change the collateral for which he had given the loan.
It will be difficult for you to subdivide the property and get one of the lots in your name as there is a mortgage on the property. The lender will not allow you to subdivide it as it will change the collateral for which he had given the loan.