Converting 2 properties into one (mortgage implications)

lizziecassmaran

My mortgage broker's being very vague; hence the post here. Maybe I need to speak to someone else.

foxy-stoat

lizziecassmaran wrote: »

My mortgage broker's being very vague; hence the post here. Maybe I need to speak to someone else.

Thats because you cannot do what you are intending. I dont think any residential mortgage will suit your requirements.

molerat

Who is the freeholder and what do they say about the plans ?
What do the local council planners say ?

MortgageMamma

I think your first port of call is a conveyancer or solicitor to explain the legalities of title. You then need to speak to local planning department to get info on permissions and building standards. You then need permission from free holder who owns the land flats is built on. Then you need an architect to do building plan and submit to planning dept for approval.

In terms of financing there isn't a residential lender who would touch this you would need heavy refurbishment bridging finance which is not cheap.

Be very careful if you proceed with this project you need to know what you are doing its not for the feint hearted but if the figures stack up and you are prepared to listen to professional advice and pay for such advice it could be done with a lot of effort on your part.

MM