Retaining land on folio

Gazlam

Hi there

We in the process of buying our first home. The property consists of a large site with the house on it and across the road is a smaller site.

The seller has said he wants to retain the small site across the road. I'm not sure how this works because it's part of the same folio.

If I buy the property do we share the folio or what needs to be done?

This doesn't make any sense to me.

Thanks.

mikewest

The folio will be split into two new folios, conveyancing solicitors and land registry tasks. Don't overthink it, happens very regularly.

Gazlam

https://www.boards.ie/discussion/comment/121735303#Comment_121735303

Thank you very much for the information.

Mellor

https://www.boards.ie/discussion/comment/121735714#Comment_121735714

The seller needs to subdivide the land prior to sale, if that's what he wants.

maidhc

https://www.boards.ie/discussion/comment/121737546#Comment_121737546

No, it can be done as part of the sale transaction in the land transfer, probably easier that way.

Mellor

https://www.boards.ie/discussion/comment/121737553#Comment_121737553

That's true. But you are relying it happening correctly. Lots of people buy that way and years later find out there folio is a mess. Subdivision first is clearer, but not the only way as you point out.

Gazlam

This is making me kind of nervous. Is there anything I should be saying/asking before the contract is signed?

muffler

Nothing to be nervous about at all. It's a straight forward procedure and is happening every day of the week around the country.

Mellor

https://www.boards.ie/discussion/comment/121738863#Comment_121738863

Nothing to be nervous about. This is bread and butter stuff for your conveyancing solicitor.

dazzler101

The part of land that you would be buying will be given a new folio number upon Purchase/Transfer.

The remaining bit of land will stay on the current/existing Folio.

Calahonda52

How big is the plot in total.

Iff over an acre Revenue might take a peep at it from a development land perspective so maybe thats why its being split