2 story extension and conversion into 2 flats of a victorian house

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    2 story extension and conversion into 2 flats of a victorian house

    Hello everyone,

    I just want to make sure that I factor in all the costs involved in undertaking the project.

    The total refurb costs estimated by the builder is GBP110k. Apart from this, I would like to know if I have missed something else. The items below are what we considered:

    Refurb £110k
    Holding cost (6 months mortgage + bills) £15k
    Architect Fees £7.5k
    Project Manager???

    Appreciate your inputs. Also, I will be negotiating a fee with a project manager. Do they work on a percentage of refurb basis? If yes, what sort of % do they charge?

    Do they usually have a scale? For example for projects less than £20k, they will charge 20% of building costs and fore everything above £50k, they only charge 10% then potentially dropping to 8% if the cost is more than £100k?

    Very many thanks

    #2
    Assuming the projects in England or Wales.

    For putting together budget costs I'd allow 15% for Profeesional fees - (Planning Consent, Building Control, Spec of Works and Project Management). A job of this size a local Buildig Surveyor or Architect or Structural Engineer should be able provide all these services. There will also be application fees for Planning and Building Reg approvals.

    You may also need to serve notice under the Party Wall etc Act 1996 which may lead to Awards being compiled. Assuming two Adjoining Owners budget £2,500.

    On a job of this size a time-speant basis would probably be cheaper that a percentage fee.

    Contingency figure - allow 10%.

    Then add VAT on to all of it.

    Finally, are you going to keep the flats and rent them out for the next 10-years? Or are you going to sell them on Long Leases? If the latter then you'll need to add legal fees for drafting the leases and handling the sales. That's assuming you retain the Freehold.
    There is always scope for misinterpretation.

    If my posts can be interpreted in two ways, one that makes you feel angry and one that doesn't, I meant the latter.

    Everyday is an opportunity to learn something new.

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