Amalgamating two flats into one!

HampshireH

That is true. On the basis that couple stay together forever and continue to have each other's interests in mind.

jabfish

franklee wrote: »

You may not mind about the value but the mortgage lenders will. Each flat is security for each mortgage, you can't devalue them without the lender's consent.

I would suggest reading your mortgage terms and conditions. I'd suspect they say you require the lender's consent for works like you propose.

Also the final value will affect the size of mortgage you can get.

Thanks. I currently have 50% equity in my flat and my girlfriend would potentially put down 40% deposit in upstairs flat so the LTV is pretty good.

jabfish

davidmcn wrote: »

They undoubtedly would. You'd probably have to find some temporary source of funding while you do the development.

And no, having each floor of the flat in a different name is not going to be acceptable to any lender! Unless either of you can afford it in one name then you'll need to put the whole thing into joint names.

Happy to put the whole thing into joint names.....but I'm not clear on how we get to that point! That's the tricky part.

silvercar

jabfish wrote: »

Happy to put the whole thing into joint names.....but I'm not clear on how we get to that point! That's the tricky part.

Friends did this, but it was many years ago. I think they bought one property with a high mortgage and the other for cash. Then they did the work and sorted the deeds. The lender was happy because the LTV dropped on the amalgamated property.