Trying to buy the house next dor

Ditzy_Mitzy

Would there be planning implications?  Converting back to a single property will remove an 'affordable' house from the local area.  I appreciate it's now a private transaction, but would the planning department approve?

silvercar

If you have enough equity, would it be possible to increase the mortgage on your property to buy next door outright?

K_S

Louise129 said:

So this property was originally converted as one house in a barn conversion, the original buyer died and the builder submitted amended planning and split it in two, making two affordable houses rather than one large one. Only blocked up connecting doorways in the middle (lintels etc still on place as we've investigated from our side of the house). Obviously installed another open staircase in the house thats now for sale. (Easily removed) The proportions are currently 2 thirds  of original property is ours, 1 third  is for sale. Therefore, it would be a simple  knock through as the doirs are in exactlytheright place. The electric supply is back to back with ours as is the water etc, so nothing major. A few minor superficial updates  in the 'for sale' house to make it one property.

A standard/mainstream mortgage is a no go in that case. The road you need to go down is some kind of "short-term" (usually up to a year) bridge/development finance to purchase the property, get required planning permission, do what you need to do and then once it's all done and registered as one property, remortgage it.

Mind you the rates on this kind of finance are significantly higher than standard resi mortgages, require the help of specialist brokers/lenders and if you have a mortgage on the current house, that would be an additional complication. 

Brokers/lenders in this space are outfits like Shawbrook, Together, Crystal, Brightstar, etc.

Louise129

Affordable term I used it as meaning not as expensive, (as it was a big property initially just as interest rates started to soar) not how its used now as a registered 'Affordable'  this was in the 1980s, we have no mortgage on the house we own so a remortgage could be the way forward  or equity release. 

Louise129

Affordable term I used it as meaning not as expensive, (as it was a big property initially just as interest rates started to soar) not how its used now as a registered 'Affordable'  this was in the 1980s, we have no mortgage on the house we own so a remortgage could be the way forward  or equity release. 

davidmcn

silvercar said:

If you have enough equity, would it be possible to increase the mortgage on your property to buy next door outright?

That's not going to solve the lender's likely concerns described above, about significant works going on and not having security over the whole of the end product.

K_S

Louise129 said:

Affordable term I used it as meaning not as expensive, (as it was a big property initially just as interest rates started to soar) not how its used now as a registered 'Affordable'  this was in the 1980s, we have no mortgage on the house we own so a remortgage could be the way forward  or equity release. 

In that case, you *could* try to mortgage your currently unencumbered property to release capital and purchase the next door property outright. Mind you, the lender will need to know the purpose of the funds released and the purpose as described is not likely to be considered an acceptable one to mainstream lenders. For capital raised to buy a property, lenders often will release the cash only upon sight of the memorandum of sale.