inheriting house, needs renovation

mamitetoastie

Ok thanks, I'll start researching. Can't let them as they are, need rewiring, amongst other things. I did work as a property manager prior to having kids, for one of the Oxford colleges. I managed student lettings and a small scale renovation and repairs. So while I'm a beginner, I have some experience (of being done over by builders). But I didn't have any responsibility for raising the finances, I just had to keep the project within it's budget.

Thanks for replying.

planning_officer

mamitetoastie wrote: »

Well the house can be divided into flats, it already is.

In terms of whether it needs planning permission, it's the existing lawful use that matters - it sounds like it is currently in use as a single dwelling, therefore to use it for two independent flats will require planning permission. Whether permission would be granted depends on what your Council's planning policies are - and on things like availability of car parking, garden space, character of area, etc.

mlz1413

OP start with your own bank manager and also your mothers bank manager. These will give you a starting point for what questions they ask and what they can offer.

Once you know if this project is viable then you can go to independant finiancial advisors for comparable deals.

olias

If you can't raise the £100000 you are after, then what makes you say that you will have to sell? You say the property is tidy and well maintained, surely you could, once the tenant has gone, spend a minimal amount on wiring and redecoration to make it lettable (say £10000). You would then have a property which by your own admission will have doubled in value to say £400000. you will also then be able to let it as a single dwelling for, what, £1000-£1200? What's wrong with that scenario?

Olias

Jowo_2

McKneff wrote: »

First things first, your parent cant just sign the house over to you. Its not as simple as that. Try googling 'deprivation of assets'

Deprivation of capital? That's an area where the aged can hit problems when they apply for means tested benefits and care home costs if they transfer their property into their childrens names.

The DWP and the local authority (looking into a care home application) will apply 'notional capital' and treat the parent as if they still have the capital, even if they don't.