Converting My Property into 2 residential lets

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    Converting My Property into 2 residential lets

    Hi I hope someone could kindly advise...

    I own a 3 floor Edwardian house and am looking at converting the basement floor into a one bedroom self contained flat for a residential let.
    The remaining 2 floors I am also looking to rent as a 3 bed residential let. I am looking to use some equity from the house to purchase another
    property whilst using the income from the rent to cover my buy to let mortgage. Therefore I would like to know the following

    What is the best way to achieve this in terms of obtaining the right mortgage?

    What are the legal obligations?

    What's the best way to meter the electric and gas usage for each tenant (currently the gas boiler is in the basement)

    Any other advice and pointers would be greatly appreciated.

    Many thanks
    Ross

    #2
    Presuming it is currently one dwelling, you will need full planning permission before you convert the basement.

    You will also need to satisfy building regulations in particular with respect to sound insulation - special acoustic ceiling and floor construction - and fire escape routes. Location of the bedroom woth respect to the kitchen and the escape route can also be tricky if there are no escape doorsw/indows at the back of the basement.

    You should separate the utilities which can cost as some suppliers are expensive.

    You may also need to provide a parking space, bike space and outdoor 'amenity area'.

    Oh and don't forget the bin store!

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