Pondering A Purchase....advice required please.

Mustbeananswer??

A number of questions to ask.


Property is cheap round here so the potential purchase is a 4 storey(using the cellar and the attic)comprehensively split into two flats.Each flat has its own electric and gas meters.The purchase price is only 70k for the two.... I am a cash buyer so I will be bidding with that in mind.

The questions....

1) IF in later life I fall on hard times would I be able legally to sell one of them.I'm buying it as two flats ...does that mean I have to sell them as two flats??

2)The bottom flat was formerly licensed as a shop.....im still able to live in it I assume???

3)It is already tenanted at £325 monthly...both are out at the moment for six months.I fancy the bottom one for myself...legally can I kick the bloke out thats in it at the moment.

4)The cellar rooms could be bedrooms but they have no windows in them......is it safe and legal to sleep in them??


Sorry for all the questions??Can anyone help please...want to go in with my eyes open...???:D:beer:

TranceNRG

Sorry I can't answer your questions but just curious to know where you live?
70K for 2 flats?? You can't even buy a garage for that price here in London

G_M

Is this England? Wales? Scotland? N Ireland?

Mustbeananswer?? wrote: »

The questions....

1) IF in later life I fall on hard times would I be able legally to sell one of them.I'm buying it as two flats ...does that mean I have to sell them as two flats??
Probably. But I advise you not to do the conveyancing yourself, use a solicitor and direct this question to him.

Are they being sold with two seperate Titles, or are both 'flats' on a single Title?

Is there a seperate Freehold Title with two leases? To sell one flat you would need to sell one with its own lease lease.

2)The bottom flat was formerly licensed as a shop.....im still able to live in it I assume???
'formally'? That is irrelevant - what is the current planning designation?

3)It is already tenanted at £325 monthly...both are out at the moment for six months.I fancy the bottom one for myself...legally can I kick the bloke out thats in it at the moment.
Not until the 6 months is up, and even then it could take another 3-4 months. If you buy this property you will immediately become a landlord with two tenants. Read:
* New landlords: advice, information & links

4)The cellar rooms could be bedrooms but they have no windows in them......is it safe and legal to sleep in them??
Not safe. I'm not sure about legal. Probably.


Sorry for all the questions??Can anyone help please...want to go in with my eyes open...???:D:beer:

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Mustbeananswer??

I'm situated between Wakefield and Barnsley....Trance.If you want to move here I also have a substantial property to sell ....at a knock down price??

Mustbeananswer??

Thanks for the comprehensive answers G-M.....it lost me a bit on the leases issue though ......will check with the Estate Agent.....