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Another Example Of How The Market Is Broken

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Im sure hes a nice bloke and all but its really saying something that people can access this sort of borrowing with not a clue as to steps 2,3 (4-50?) before PROFITS!

And asking if he has to tell the bank before he can knock down a mortgaged property beggars belief.

http://www.ukbusinessforums.co.uk/threads/property-new-build-approved-finance-and-mortgage-advice.341206/

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How about telling the bank he lied about his intentions when he applied for a BTL mortgage to buy it with, for a start?

I guess that's why he's worried he might have to tell them he's knocking it down!

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The property was in need of minor work and I managed to get a good deal at the time of purchase. I paid £325,000 and now the property WITHOUT the planning permission is worth around £400,000/£425,000.

WITH the planning permission its worth around £500,000.

In the current market each house would sell for between £425,000 - £450,000

Easy money. Half the land, double the house!

I agree with GinAndPlatonic! People seriously need a reality check!

Edit: I just had a brainwave, why didn't I think of it before! He needs to get new planning permission to build a tower block. The flats will have to be, at least £200k a piece! I really don't know why he is lacking this foresight! :P

Edited by renting til I die

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