Planning Permission Question

Doozergirl

Ah well, moving to the position of buying with your head, not your heart is probably a good thing.

lincroft1710

HARSA wrote: »

1) a big hole in the one of the bedroom ceiling so problem with the roof

Repairable

2) a big hole in the floor board in he other bedroom - they reckon that it was water from the washing machine

Again, repairable

3) again floor board in the conservatory had a hole.

Still repairable

4) the whole bungalow stank - took over an hr for it to leave the back of my throat

Most smells can be removed, given time and effort

Who ever buys it has to pull the whole building down and rebuild.

Not necessarily, but if finance permits, that's what I and many others would do.

Making it very clear that how his wife who wasn't there hated houses and will not allow any house been built there.

If planners allow a 2 or more storey dwelling, her objections will be futile

You have to be a property developer who is ready to knock it down and rebuild a bungalow as the neighbour's wife is demanding.

She can't demand anything

Now this has not put me off at all but not for £145k. I intend going to the auction and be a cash buyer using savings and shares but has to be within the guide price or less.

But there's an offer in of £140K

What you've got to hope is that Mr £140K is no longer interested and nor are any of the other viewers. A seasoned developer won't give a ff about the opinions of Mrs Next Door and when he does get pp, will probably delight in making more noise and mess than necessary.

If you had got it for £145K then with demolition etc, you'd only be left with £100K for a rebuild, not much money really.

HARSA

lincroft1710 wrote: »

What you've got to hope is that Mr £140K is no longer interested and nor are any of the other viewers. A seasoned developer won't give a ff about the opinions of Mrs Next Door and when he does get pp, will probably delight in making more noise and mess than necessary.

If you had got it for £145K then with demolition etc, you'd only be left with £100K for a rebuild, not much money really.

Agree 100% with everything you have said above.

I have been reading about self build on the internet and a knock-down andbuild a new property seems a much better idea and will definitely opt for thatthan to renovate

I understand that I can claim all VAT on materials. So am I right in sayingthat if I were to up my build budget to £140K I can get several £000s back.

I know this is one of those questions 'how long is a piece of string' but doyou think £140K can build me a 4 bedroom house? I have read that as long as youdon't go crazy with expensive kitchens and fittings this can be managed. I amhappy to do exactly that and to use reclaim materials

Also another questions I have is;

1) The properties behind this property are all two storey high. So one ofthe ideas I have is to build the 4 bedroom house at the end of the land withjust a small back garden. This will increase my chance of getting a planningpermission as the build will be away from the two bungalows. Also not to ableto look into the neighbours house through his roof windows. Is this doable andwill it improve my chances of been granted pp

2) Considering that the bungalow with much bigger land next door sold for£350K in July 2013. How much do you think it make an experienced propertydeveloper to bid £145K and spend more money to either build or renovate to makea decent return? It's just my opinion that a good 3 bedroom bungalow will sell for£250-£280 taking into that next door was £350K. So with this in mind will aproperty developer consider bidding £145K and spend more money only to sell for afew £000s profit?

3) If the answer to the property developer scenario is no then this leaveonly residential property buyers. Cash builders such as myself and ones who arebuying with a mortgage which leads me nicely to my final question

4) Will banks lend on a property that needs the floor boards, ceiling andeither roof repair or replacement. They will send a surveyor before lending.What is a surveyor likely to put on his report? Bearing in mind the state ofthe property nevertheless a drunkard guy having lived there until six monthsago is it possible the bank surveyor will deem the property as inhabitable?

Apologies for the very long post - will appreciate answers on all or somethe questions I have asked. Also please let me know of your views and opinions.

Many thanks

lincroft1710

Over 10 years ago I was quoted £60K for a 1 bed bungalow, I think £140K could be stretching it for a 4 bed. An architect could very easily give you a ball park figure.

Whereabouts on the plot a new dwelling can be built will depend on local planning policy.

A serious developer will look at building a 4 or 5 bed to maximise profits. Their current financial position will determine how much or how little profit they need.

As with any mortgage, providing a property is worth more than the amount of the loan, a lender won't care too much if that property requires repairs.

HARSA

I guess I can forgot about doing a 4 bedroom for £140K then and just renovate and extend the bungalow to a 4 bed :mad:

I really don't know what to do now whether to fork out about £500 for a full survey and then put an offer of £145K on the basis that the survey comes back with no serious structural defect.

Or wait until the auction and see if I can get it under 145K but risk missing out at the auction or the property is withdrawn before the auction date.

Either way I lose the £500 I spend on survey fees. I really want to get this property as the land is a good size and my family and I are very settled in the area. It will be good family home.

Any views?

Once again thanks in advance

HARSA

Will you offer £25k more than the maximum guide price. (100-120k)

Raising an extra £25k will be a stretch for me and may mean borrowing £25k to fund a cash buy.

Or will you just wait for the auction that's if it ever gets there

Doozergirl

What are your other choices for purchase? Is there anything else that you're interested in or are you really wanting to do the work to create the perfect house in that area?

My personal opinion is that, with a really good design, that the plot could be worth very close to next door. It puts the plot itself close to the sort of price you've offered, regardless of the condition of the building.

If you're telling us that it's yours at £145k, I'd give it some very serious thought, especially if this kind of opportunity is pretty unique.

Have you looked at self build mortgages? Where is the money coming from to do the work if you buy in cash? Indeed, is there enough to pay for all the work to be done before you can remortgage on the fully finished project?

HARSA

Thanks Dgirl

Yes I really want the property. 145k will mean all my savings borrowing 25k as personal loan.

If I buy the property, pay stamp duty, auction fees then I have no money left other than £70k equity I have in my current property.

So not sure if that will be enough to renovate and extend or to build from scratch.

Thanks

Doozergirl

I think you should look at a self build mortgage. Even if you buy in cash, you could remortgage it quickly, but you need to ensure that you don't get stuck halfway on the work.

Did you get any pics of the inside when you went?

HARSA

Doozergirl wrote: »

I think you should look at a self build mortgage. Even if you buy in cash, you could remortgage it quickly, but you need to ensure that you don't get stuck halfway on the work.

Did you get any pics of the inside when you went?

No I didn't. Going back on Friday so will take some and post it here. That's if it hasn't been withdrawn by then.

But trust me the property is terrible. Will need a lot of work doing to it,