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  • FIRST POST
    • Zep
    • By Zep 9th Nov 18, 5:30 PM
    • 4Posts
    • 0Thanks
    Zep
    Can flat refurbishment be classed as a new build?
    • #1
    • 9th Nov 18, 5:30 PM
    Can flat refurbishment be classed as a new build? 9th Nov 18 at 5:30 PM
    Hi all,

    I purchased a leasehold 2 bedrooms flat about 6 months ago and it was in need of renovation since it was empty for almost a year and I couldn't move in until it was done to a reasonable/liveable state. The flat is in a block with 13 other flats and it was built in 1940s or 1950s I think.

    So, before moving in, I hired builders to renovate the flat by creating extra sockets in the rooms, add spotlights, plaster the ceilings and walls (it really needed plastering after wallpapers were removed due to cracks etc.), re-plumbed some of the old pipes since the downstairs neighbour complaint about leaks due to old copper pipes (not full re-plumbing) and rewiring since the build told me it would be best while they are at it and due to the spotlights, new bathroom and kitchen. I must admit, it looks pretty amazing now but not so good for my pocket.

    The flat was in a pretty bad state and to be perfectly honest, the whole flat was dirty, old and me being a bit of a gramophone, couldn't live in that flat, use the kitchen and bathroom until it was in a better condition.

    A friend of mine is an estate agent and said if I was to sell the flat for whatever reason, it might be classified as a new build? Is he talking rubbish or has he got a point? The building and flat is old so how can this be?

    Thanks
    Last edited by Zep; 09-11-2018 at 5:33 PM.
Page 1
    • RichardD1970
    • By RichardD1970 9th Nov 18, 5:43 PM
    • 3,067 Posts
    • 4,570 Thanks
    RichardD1970
    • #2
    • 9th Nov 18, 5:43 PM
    • #2
    • 9th Nov 18, 5:43 PM
    No expert but I would say he is talking rubbish.

    But then he is an estate agent so not unexpected.
    • Zep
    • By Zep 9th Nov 18, 5:45 PM
    • 4 Posts
    • 0 Thanks
    Zep
    • #3
    • 9th Nov 18, 5:45 PM
    • #3
    • 9th Nov 18, 5:45 PM
    I hope he is talking rubbish (he usually does) because it doesn't make sense to me
    • davidmcn
    • By davidmcn 9th Nov 18, 5:47 PM
    • 9,077 Posts
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    davidmcn
    • #4
    • 9th Nov 18, 5:47 PM
    • #4
    • 9th Nov 18, 5:47 PM
    It doesn't sound a newbuild to me. "Classified as a new build" in what way?
    • Zep
    • By Zep 9th Nov 18, 5:50 PM
    • 4 Posts
    • 0 Thanks
    Zep
    • #5
    • 9th Nov 18, 5:50 PM
    • #5
    • 9th Nov 18, 5:50 PM
    "Classified as a new build" as in if someone was to buy the flat, they'd have to put more deposit down and banks wanting about 15 to 20% deposit.
    • ACG
    • By ACG 9th Nov 18, 7:17 PM
    • 17,839 Posts
    • 9,622 Thanks
    ACG
    • #6
    • 9th Nov 18, 7:17 PM
    • #6
    • 9th Nov 18, 7:17 PM
    There are some lenders who will treat it as a new build if newly renovated.

    Off the top of my head I cant think of any but I do recall seeing some lenders who would treat it as a new build.
    I am a Mortgage Adviser
    You 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.
    • amnblog
    • By amnblog 9th Nov 18, 8:00 PM
    • 10,838 Posts
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    amnblog
    • #7
    • 9th Nov 18, 8:00 PM
    • #7
    • 9th Nov 18, 8:00 PM
    Your friend’s professional training means talking rubbish is second nature to him.

    A newly converted flat will be considered new build not a refurbished one.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Mr.Generous
    • By Mr.Generous 9th Nov 18, 9:02 PM
    • 1,836 Posts
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    Mr.Generous
    • #8
    • 9th Nov 18, 9:02 PM
    • #8
    • 9th Nov 18, 9:02 PM
    For fully refurbished you'd imagine new windows, doors, kitchen, bathroom, electrics, flooring and fully decorated.


    New build for an existing building would be more like a conversion of a house to 2 flats, or an old mill made into apartments.
    • Zep
    • By Zep 9th Nov 18, 10:02 PM
    • 4 Posts
    • 0 Thanks
    Zep
    • #9
    • 9th Nov 18, 10:02 PM
    • #9
    • 9th Nov 18, 10:02 PM
    Amazing, thank you all for your help.

    My friend is clearly an idiot and I'll need to be having a word with him
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