Financing buying next door and converting

moanypoo

hi all. Read as much as I can about this but haven't found any answers.
Before every one tells me, I'm aware it'll be worth less than two separate. 

Looking to buy the house next door. It needs refurbishing and isnt in great condition,  and the house used to be one in the 1950s, the job dividing them isnt great.
The house we live in is owned by my partner, she has only lived there 2 years and put 10% down and bought it for 150k.
Next door should be worth about 120k..... ish in the condition it is in.
I own another property , owe 125k and is worth about 200k. Have been told I'm able to pull about 30k by remortgaging if required. This house is currently being let out.

How do we finance the purchase of next door. Combined with savings we have approx 45k unless i sell my house in which we would have 70/80k
Cheers 

Rick

-taff

Will both of your incomes support a combined mortgage? The difficulty is the mortgage lender mght not  look too happily on your plans to make two into one again unless the value of the property exceeds or is roughly equal to the value of both now.

TELLIT01

If the house is currently tenanted you would need to get a 'Buy to Let' mortgage.  So you would need to investigate all the costs of that.

moanypoo

The house we want to buy is not currently occupied. The owner is now in a care home and her sons are looking to sell it.
My house I'm renting in another city is the one that's being let out. That is not of concern.
Our combined incomes are approx 92k, the house combined would be worth aprox 250+
We need to find a means of financing this purchase of the second property. Either via a mortgage or a viable loan etc that could be paid of once remortgaged as a whole property.

JIL

Go and see a mortgage broker, I'm sure they will find a way and they will know the requirements of each lender, which always helps.

sharpe106

See a mortgage broker, on your combined incomes and the amount outstanding on your current property. Affordability should not be an issue. The only issue you will have is that you are basically lowering the value of both properties. But if your partner has enough equity in the current house should not be too much of an issue.

ComicGeek

And don't forget all the costs involved with converting back to 1 house - lots of Building Regulations to follow!

moanypoo

ComicGeek said:

And don't forget all the costs involved with converting back to 1 house - lots of Building Regulations to follow!

From reading there isn't that many costs involved to be honest.  Nothing that is extremely expensive that didn't forsee.

The only thing stopping this happening is finding some one, be it bank or what ever, that will lend us with the intention of converting back into one

ComicGeek

moanypoo said:

ComicGeek said:

And don't forget all the costs involved with converting back to 1 house - lots of Building Regulations to follow!

From reading there isn't that many costs involved to be honest.  Nothing that is extremely expensive that didn't forsee.

The only thing stopping this happening is finding some one, be it bank or what ever, that will lend us with the intention of converting back into one

1950s building so no insulation when originally built - are the walls, floors, roof and windows/doors all up to bldg regs standards for conversions? If not, then major work involved.

Existing utilities to one side would need to be disconnected - are the supplies on the other side sufficient and/or in suitable condition?

Existing heating systems - one side would be disconnected, so what work is required to refeed from the other? Does this system meet bldg regs standards and efficiencies, as bldg regs will look at this as a new conversion, you can't just keep an old boiler.

Electrics rewire required, as one half would be disconnected anyway.

Having done many of these myself it just makes me nervous when people say it's not expensive...

TELLIT01

If this was originally a single dwelling, the most basic conversion would presumably be just to open up the previous doorways between the two halves.  Can a single property have two gas and or electric meters?  I understand what ComicGeek is saying about the full refurb not being cheap - it will be far from that for the reasons they give.

moanypoo

ComicGeek said:

moanypoo said:

ComicGeek said:

And don't forget all the costs involved with converting back to 1 house - lots of Building Regulations to follow!

From reading there isn't that many costs involved to be honest.  Nothing that is extremely expensive that didn't forsee.

The only thing stopping this happening is finding some one, be it bank or what ever, that will lend us with the intention of converting back into one

1950s building so no insulation when originally built - are the walls, floors, roof and windows/doors all up to bldg regs standards for conversions? If not, then major work involved.

Existing utilities to one side would need to be disconnected - are the supplies on the other side sufficient and/or in suitable condition?

Existing heating systems - one side would be disconnected, so what work is required to refeed from the other? Does this system meet bldg regs standards and efficiencies, as bldg regs will look at this as a new conversion, you can't just keep an old boiler.

Electrics rewire required, as one half would be disconnected anyway.

Having done many of these myself it just makes me nervous when people say it's not expensive...

We are yet to get an expert in to confirm all of this, as there's no point if we can't even buy it.
The door ways etc are all there already, which just req opening up, next door needs refurbishing/renovating as well. 
From what I've read, which after reading what you've wrote I may have interpreted wrong it just has to meet building regs for the work done? I wouldn't have to insulate the entire house etc and bring it all up to modern standard? That would only be done if we were going from 1 into 2? And one of them would remain the original so only one half would need to be mordenised as such ?