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Mortgage for Building Conversion with Conditional Planning Permission
bpbpbp
Posts: 7 Forumite
Today I saw a detached single-storey barn in a walled courtyard configuration, with conditional planning permission to convert to a dwelling.
The conditions state only that one area of the development be barricaded to prevent motor vehicle access, and that development works begin within 3 years, by July 2020.
It also includes some additional buildings within the site, and a detached garage separated from it.
The conversion work involved looks well within my capabilities, and the existing corrugated iron roof is watertight too.
The asking price is 2/3rds what I can borrow based on a traditional mortgage in principle I had already obtained, with 10% deposit.
My questions to you fine fellows, are:
- Can anyone recommend a lender that would give me a mortgage?
- What actions must I take before the 3 years is up, for the development to be considered underway? And how long do I have in which to complete the development works?
- How best to estimate costs of essential building works required to achieve any final mortgage release payment, and sign-off of work complete by local authority?
Thanks!
The conditions state only that one area of the development be barricaded to prevent motor vehicle access, and that development works begin within 3 years, by July 2020.
It also includes some additional buildings within the site, and a detached garage separated from it.
The conversion work involved looks well within my capabilities, and the existing corrugated iron roof is watertight too.
The asking price is 2/3rds what I can borrow based on a traditional mortgage in principle I had already obtained, with 10% deposit.
My questions to you fine fellows, are:
- Can anyone recommend a lender that would give me a mortgage?
- What actions must I take before the 3 years is up, for the development to be considered underway? And how long do I have in which to complete the development works?
- How best to estimate costs of essential building works required to achieve any final mortgage release payment, and sign-off of work complete by local authority?
Thanks!
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