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Can anyone answer this?
tommyedinburgh
Posts: 452 Forumite
Needing some help/advice.
A property has come on the market that is currently an office near us having previously been a home, then and B and B, then a medical centre and now an office - all over the last 25 year.
We would really likely to try and buy it to live in as our home.
Are there any lenders that would lend on it with a view of changing it from a commercial property to a residential?
I can only see stuff online about semi-commercial, ie with living section as well as a commercial, for example a pub with a flat about etc.
Head is spinning.
A property has come on the market that is currently an office near us having previously been a home, then and B and B, then a medical centre and now an office - all over the last 25 year.
We would really likely to try and buy it to live in as our home.
Are there any lenders that would lend on it with a view of changing it from a commercial property to a residential?
I can only see stuff online about semi-commercial, ie with living section as well as a commercial, for example a pub with a flat about etc.
Head is spinning.
0
Comments
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You would probably need to use a bridging loan to purchase the property and then apply for change of use.
Then you could remortgage it to a residential mortgage assuming it fits criteria (ie kitchen, bathroom, habitable etc).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Are you saying you'd be willing to take the risk of buying it before getting planning? Normal way of doing it would be a contract conditional on you getting planning - then you can use a residential mortgage (assuming the property doesn't also need physical work done to make it habitable).1
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Wow - yes it it!getmore4less said:0 -
Oh my god thats literally 2 mins along from me haha0
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It’s a very well connected area with the express bus to Glasgow and the train station 2 mins away. Not far from the bypass either.Jen271626 said:Oh my god thats literally 2 mins along from me haha0 -
Yip lived (and work now) 2 mins away my whole life its a great area. My dad stays straight across from the garage and has done for 40 years now. That would be amazing turned back into a house, best of luck with it.tommyedinburgh said:
It’s a very well connected area with the express bus to Glasgow and the train station 2 mins away. Not far from the bypass either.Jen271626 said:Oh my god thats literally 2 mins along from me haha0 -
We got a quote for a bridging loan yesterday basing it on having it for one year to give us time to return it to a residential property before remortgaging to a high street lender.Jen271626 said:
Yip lived (and work now) 2 mins away my whole life its a great area. My dad stays straight across from the garage and has done for 40 years now. That would be amazing turned back into a house, best of luck with it.tommyedinburgh said:
It’s a very well connected area with the express bus to Glasgow and the train station 2 mins away. Not far from the bypass either.Jen271626 said:Oh my god thats literally 2 mins along from me haha
It was quite expensive, gathering our thoughts for a bit. Such a pity there aren’t any products available other than a bridging loan.0 -
Little MSE hobby of mine can I find a property from very little information. Might worth seeing if the current sellers would work with you to get change of use to reduce the risk. There is a kitchen and toilets, from previous use there may even be(working?) plumbing for bath/shower to complete bathroom facilities with a standalone unit that just needs plumbing in which would be quick. something like this that could also be moves around while a full refurb was going on. https://www.jtspas.co.uk/shower-cabins-372-c.asptommyedinburgh said:
Wow - yes it it!getmore4less said:0 -
Great minds think alike.getmore4less said:
Little MSE hobby of mine can I find a property from very little information. Might worth seeing if the current sellers would work with you to get change of use to reduce the risk. There is a kitchen and toilets, from previous use there may even be(working?) plumbing for bath/shower to complete bathroom facilities with a standalone unit that just needs plumbing in which would be quick. something like this that could also be moves around while a full refurb was going on. https://www.jtspas.co.uk/shower-cabins-372-c.asptommyedinburgh said:
Wow - yes it it!getmore4less said:
I asked that very question. They want to have a go at selling as is but will come back to us in due course.
If we bridged for a year it might cost around £6-8k. I simply don’t want to pay that.0
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