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house/office change of use & mortgage
Wig
Posts: 14,139 Forumite
where a house has been previously changed into offices, changing it back to a house is going to be very easy. And in the situation I am looking at the council has already suggested there would be no objection.
What I am wondering is at what stage would a mortgage lender be willing to lend on such a property?
Would the type of mortgage depend on it's current status commercial/residential, i.e. I could get a commercial mortgage straight away, but if I wanted a residential mortgage would I have to wait until the council has changed some sort of paperwork?
If I got a commercial mortgage, and the property remained empty whilst renovation works (to convert back to a house) were ongoing, is it right that there would be no council tax to pay for as long as it takes? But if I changed the use to residential, the council tax would be payable at 50% for the first year then it would be 75% after that until it is occupied. As far as Council Tax is concerned it's better to leave it as commercial then.
Where can I see a range of commercial mortgage rates?
What I am wondering is at what stage would a mortgage lender be willing to lend on such a property?
Would the type of mortgage depend on it's current status commercial/residential, i.e. I could get a commercial mortgage straight away, but if I wanted a residential mortgage would I have to wait until the council has changed some sort of paperwork?
If I got a commercial mortgage, and the property remained empty whilst renovation works (to convert back to a house) were ongoing, is it right that there would be no council tax to pay for as long as it takes? But if I changed the use to residential, the council tax would be payable at 50% for the first year then it would be 75% after that until it is occupied. As far as Council Tax is concerned it's better to leave it as commercial then.
Where can I see a range of commercial mortgage rates?
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