Trying to buy ground floor flat to convert back to full house!

emsfindar

We own a duplex apartment which is the top 2 floors of a Victorian conversion and now have a chance to buy the ground floor apartment to convert the property back into a full house.
We are having a lot of trouble trying to get someone to advise us on how to do this....Does anyone have any ideas?!


Our current lender wont top up our mortgage as out loan to value is only 85%. We could possibly get a second home mortgage....but how do we go about consolidating 2 mortgages on only 1 home when we have completed our works?


I would appreciate any advice/help/similar experiences anyone can offer!

loubel

You will need consent from both lenders before beginning any conversion works, otherwise you would be in breach of your mortgage terms.

I am assuming you already own or are purchasing the freehold?

Hoploz

Sounds like a great idea. Such a shame when beautiful buildings are carved up, it's good that you are planning to convert it back. I have no advice whatsoever. Hope you can manage it.

Maybe speak to a broker and see what they suggest?

twuble

The Evening Standard had a story about that a while ago in their property section about some people who had done that. Maybe have a google for the story.

agrinnall

What would your LTV be on the mortgage needed for the single property after conversion? I think you may need to redeem both your current property mortgage and you second property one (if you can get it) once the conversion is complete and take out a completely new one.

Conrad

Hoploz wrote: »

Such a shame when beautiful buildings are carved up,

Massively rising population, a shortage of homes, many people priced out and you think the solution is to turn multiple dwellings back into houses and so constrain supply even more?


OP> this is a very tricky process. You will need someone to oversee everything without a guarantee it will be a success (there are many possible pitfalls).


Expect to pay by the hour unless you know someone that likes working for the fun of it!

laidbackgjr

It can be done, but you'll need deep pockets as you are likely to find that the single property is worth less than the two separate properties. Plus of course it will cost you money to do the conversion.

For the mortgages, then assuming you have sufficient deposit and earnings, then a second mortgage on the ground floor flat would allow you to buy it. Then you would need to find a mortgage provider that will allow you to redeem the two mortgages into a single one based on the planning approved plans for the conversion. I'm sure these products exist, but can't help. The only person I know who's done this was able to buy the second property for cash. In their case they lived in a semi-detached house worth about £300k and bought the smaller run down semi next door for £220k, spent £40k converting into one property that was then valued at £450k - so effectively they lost £110k of value by doing the work, but had the home they wanted.

jamesnew

Just a quick add.
I wanted to buy the ground floor flat below my flat to convert it into a nice house.
After phoning my council re can I do it,i was (after an age) passed to planning department and they told me I need planning permission,something to do with material change of two properties and a few other excuses.
Luckly I had a local councillor who drinks in same pub.i asked him re planning permission,his very quick reply is you wont get council permission,something about reducing the local housing stock and the planning decision would go to a high council level-committee.


He did state if it was made into a HMO it would be no problem with the council.


Poxy London council.


I sold and moved away.


Best of luck,with your project.