Hello All the experts
I am looking for the advice but not able to find one, hence creating the new thread.
I have bought a house this year on a big land and continued to stay over there. I have bought it after taking a mortgage loan from the bank
The neighbor approached and mentioned that he is interested to buy a part of the land. I am planning to accept the offer since with that money I can perform some renovations of the house.
Now the questions
After my house, there is around 4.5m vacant land, then the boundary with the neighbour starts and attaching the boundary they have their garage even though on my part there is nothing. Can I sell around 2 m from that 4.5 m? Is there a law that says I need to keep at least x m vacant land between my house and the boundary?
What is the tax implication? I heard if I stay in a house then there is no capital gain tax. But in this case it would be a partial sell of land.
What is the implication from a mortgage loan perspective? Do I need to inform them?
Thanks in advance for your help.