Buying 2 properties in one house

daninmanchester

I am looking at a property where the house is split in to 2 flat each with 50% of the freehold.

I want to buy the entire property for myself to live there.

It is currently tenanted on a shorthold agreement with 6 months left to run.

There is only 69 years left on the leasehold, but buying both properties would get the Freehold.

Given the property is tenanted and will be for a further 6 months, is a mortgage lender going to give me a personal mortgage or would I have to get a buy to let?

Am I going to be able to make a single purchase or is it going to have to be 2 mortgages / purchases?

Yorkie1

A residential mortgage will require vacant possession to be granted by the current owner, so you will not get one whilst there is a tenant still in situ.

I suspect that as there are currently 2 properties, you will not be able to combine them into a single mortgage initially - but hopefully someone with more experience will answer this point for sure.

Owain_Moneysaver

The second flat would have to be on a buy-to-let mortgage.

If you wanted to cover then whole house on one mortgage then you would have to combine the two flats back into one house, and this would need planning permission. Also in many cases (not all) 2 flats are worth more than one house, so loan-to-value may be affected.

ACG

There are a lot of things to check - do they have separate gas and electic meters?
Are they both up for sale with the same person?

You might be best looking at something like a briding loan to enable the purchase, combine them back in to one property and then remortgage on a residential?

It could be worth speaking to a broker.