Q. Our home is situated in a small rural hamlet. Between our house and the one next door is a strip of land owned by a person who lives three doors down and who uses it to keep a couple of ponies. We would like to acquire the land as the owner is a very elderly man and we are fearful what might happen should he pass away and leave it to people who do not care about the two houses either side of the land. We currently have a small mortgage on our home so finance shouldn’t be a problem. Would we need to apply for a remortgage or will we have to apply for a separate mortgage on the land?
A. Yes, you could remortgage subject to your having sufficient equity in your home and a good credit rating. Alternatively, if you have had your mortgage for a while and are not tied in to any existing offer or deal, you could ask an independent broker such as John Charcol to take a fresh look at the whole market to find another more competitive deal. It could well be the case that if the land is not prohibitively expensive, a new, increased mortgage particularly with today’s excellent deals, actually costs less than you are currently paying. In the first instance though, you will need to try and strike up a dialogue with the land owner. Given the circumstances you present, this could be a tall order!