Buying a house that's been converted into flats

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    Buying a house that's been converted into flats

    Hi All,
    I am looking at buying a house at auction that is currently demised as 3
    flats with a view of converting two flats to a maisonette for my own personal occupation and keeping one (basement with separate entrance) as a rental.

    My Questions is what sort of mortgage would I need? 3 separate ones then go through planning office for conversion or a single mortgage.

    Are there any other issues I might encounter?

    Originally posted by 250lm View Post
    My Questions is what sort of mortgage would I need? 3 separate ones
    then go through planning office for conversion or a single mortgage.Ben
    Am no expert, but you are buying a whole house, so it's one mortgage for the one house.
    What you do to it after you have bought the whole property is up to you.


      Are they selling the freehold of the whole building subject to the leases of the flats? If so you can only collect the ground rent, it isn't worth much and you can't occupy the flats!

      Or perhaps the three leasehold flats but not the freehold? Then you would probably need the freeholder's consent for any works involved in physically joining two flats. You would need the consent of the mortgage lender to unite the two flats because it would affect its security.

      Or the freehold and the three leasehold flats? That's the best position. Simplest if the leases end by merger and you get a mortgage on the whole building but you may find BTL lenders are reluctant to lend on more than one residential unit in the same loan.

      And of course you need formal mortgage offers before you bid at the auction so that your solicitor who you will get to check the paperwork before the auction can be sure that you can comply with the mortgage conditions and all the legal stuff they have to check. Just getting an offer doesn't necessarily mean that you get the money - solicitor has to certify the title etc meets lender's requirements and he might not be ale to do this if he hasn't looked at it all first.

      As a conveyancing solicitor I believe the information given in the post to be useful (provided it relates to property in England & Wales) but I accept no liability except to fee-paying clients.


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