Unofficially converted flats & Buy to Let

Hazel_Eyes_Fella

I'm looking to buy a whole building including the freehold. The building has been converted into two flats unofficially (Council has not been told). Tenants have been living in them for the last year and a builder has checked that the structure is sound.

I wanted to know who would give me the cheapest 5 yr fixed interest only buy to let mortgage on this property. Bristol & West will cater any others?

I'd appreciate Payless & co to help find me the best deal asap!

Thanks all.

Ps: Martin's a legend!

EdInvestor

Hi fella

I would steer clear of any such property and I suspect lenders will take a similar view.It's not just council planning permission - separate dwellings need separate access to services like water,gas and sewage, each flat needs its own lease, etc.Seems unlikley to me the property will be marketable until the position is regularised.

Hazel_Eyes_Fella

Yep many lenders will not lend on it due to no seperate leases being present for each of the flats, however water meters, gas and electricity is all seperate...And the price of the building is reasonable...

payless

Hi

Thanks for your confidence , to be honest IMO the lenders with the best B2L rates are likely to be scared off if its split, Does your rental yield calculation needs the 2 sets of rent ( instead of a single rent) to obtain the loan?

You mention B&W- they actually state - no multiple teancies in their criteria. There are some niche B2L players , but otherwise I wonder if this is more of a commercial proposition

That said I will be totally honest and say my exposure to B2L business is very low, and
those that I do are generally very straightforward and often taken on at residental rates anyway due to the type of property / client involved