What are my options????

salim_shady

HI Guys,


:beer:


It's been a while since posting here and was a newbie the last time I posted...


Anyway I wanted to research what are my options with regards to my situation as I'm unsure what to do.


The Situation:
I'm currently renting with my wife and we've decided to move back in with my parents and grandmother. The house belongs to my grandmother and it is quite a large house. I had the idea of doing a Loft conversion which includes 2 medium bedrooms, lounge/dining area, kitchen and a bathroom - so we can have our own space but still 'live' together. I've spoken to my grandmother and parents and both are happy with the idea. The cost of the project is estimated at 70-80k


My problem lies in financing this project.....what are my options...Can I get a mortgage as I don't own any property and the house is in my grand mother's name??,

How would this effect the benefits that she receives???



What about a secured loan???


Thanks - any advice would be greatly welcomed - right now it feels like I'm staring at a black hole - cant see solution

amnblog

salim_shady wrote: »

My problem lies in financing this project.....what are my options...Can I get a mortgage as I don't own any property and the house is in my grand mother's name??,

Not secured on a property you do not own.

How would this effect the benefits that she receives???

You moving in? Would you not expect it to?

What about a secured loan???

Not secured on a property you do not own.

salim_shady

Thanks amnblog, very constructive.....any body else have any thoughts on this

Foxy-Stoat_3

I do not think you will get finance for £80K to carry out a loft conversion on someone else's property.

Maybe best you consider other living arrangements, would be cheaper for instance to purchase a £40,000 motorhome and park it on the drive, or a caravan for a tenth of the price.