Buying a garage

[Riknos]

Not sure if this is the right section - I've had a search and a Google, and couldn't find anything.

Basically I'm trying to buy back the original garage from a neighbour who bought all of a garage plot that were allocated to myself and the other maisonettes in the area.

No price has been agreed yet, but I was wondering if you are able to take out a mortgage for a garage? Is it treated like a property? Or can I add it to my existing mortgage? Or will I be made to pay cash?

Any help, much appreciated.

Thanks.

[scotal]

Depends on your lender, but assuming you've got enough equity, and won't breach LTV limits on your current mortgage, you should be able to take a further advance from your lender to buy the garage.

[baysis]

Depending on your location in the UK it should add value to your property - as long as it is added to the deeds of the house (extra cost involved changing deeds) and you can get a surveyor's valuation to show the difference your lender should be open to considering this - However your lender will charge you for re-mortgaging and making changes to the deed - get a fixed price from the solicitor and mortgage company up front as these things can get a bit difficult. It is unlikely the individual garage is on its own title deed so someone (you) will have to pay for that to be changed as well!