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Converting a house to flats while still resident?
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Lionel_Thinkbag
Posts: 217 Forumite
Just saw a largish house over 3 floors, mid terrace. I'm pretty sure that the neighbouring properties have been converted to flats (lots of bins outside)
Would we be able to convert them to flats to rent out/resell? The thinking is we would live in one of the flats ourselves and convert in stages? Would a mortgage lender (other than buildstore) even consider this?
It's also possible for us to move in with my parents in which case I assume I would need a BTL mortgage, but as FTB I get the feeling that isn't possible?
Would we be able to convert them to flats to rent out/resell? The thinking is we would live in one of the flats ourselves and convert in stages? Would a mortgage lender (other than buildstore) even consider this?
It's also possible for us to move in with my parents in which case I assume I would need a BTL mortgage, but as FTB I get the feeling that isn't possible?
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Comments
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If you are willing to you could rent the rooms out rather than splitting it into flats at this stage. It will be expensive splitting it into flats and you'll need the money upfront for that.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
It can be done but I more expensive than you think. I priced a house-to-2-flats conversion last year. One floor obviously needed a new bathroom and the other a new kitchen. It came to app. £35k. The biggest proportion of these costs tough was for the separation and installation of services ( gas, water and elect) and the associated re routing of pipe work.
With 3 flats it would obviously be higher.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
And you'll need to get planning permission. In some areas local authorities are not keen to grant this.0
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