Bill der Posted December 27, 2005 Share Posted December 27, 2005 I have found a property that i wish to purchace. A brief description. Three bedroom end terrace, shop below with possible A3 use ( May have expired ) Property has been empty for a few years now. Vandals have been in and smashed every window. Total renovation is required. My intention is to renovate and then sell on. Alternative would be to let out. I may even live there myself The problems start when I want a mortgage. The property can not be purchaced on a Buy To Let because of the commercial aspect. The property can not be purchaced on an Improvement Mortgage for the same reason. I need planning permission for change of use. This will take a minimum of 8 - 10 weeks A major problem is the vendor wants a quick sale and can not wait till change of use comes through Mortgage required 15% or less deposit Residential - Improvement - Buy To Let preffered Any replies Sensible or humerous are welcome Quote Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted December 27, 2005 Share Posted December 27, 2005 I have found a property that i wish to purchace. A brief description. Three bedroom end terrace, shop below with possible A3 use ( May have expired ) Property has been empty for a few years now. Vandals have been in and smashed every window. Total renovation is required. My intention is to renovate and then sell on. Alternative would be to let out. I may even live there myself The problems start when I want a mortgage. The property can not be purchaced on a Buy To Let because of the commercial aspect. The property can not be purchaced on an Improvement Mortgage for the same reason. I need planning permission for change of use. This will take a minimum of 8 - 10 weeks A major problem is the vendor wants a quick sale and can not wait till change of use comes through Mortgage required 15% or less deposit Residential - Improvement - Buy To Let preffered Any replies Sensible or humerous are welcome i think you should go out for a run and work off some of the xmas excess - its dulled your senses. Quote Link to comment Share on other sites More sharing options...
Bill der Posted December 27, 2005 Author Share Posted December 27, 2005 Not when the property has the potential to be split into three units. Upstairs already has three bedrooms and the downstairs could easily converted to a two bed flat. Even better, there is a two storey outbuilding that has conversion potential. It will be a two bed detached property by the time I am finished. ( Wishful thinking ) The icing on the cake is the price £ 40K Yes Fourty Thousand The property is not advertised anywhere on the internet. ( Big Mistake by the vendor ) I accidently found it whilst viewing the house next door. The vendor is in need of a quick sale ( Due to the poor condition of the place ) There must be a Mortgage company out there that will give me the money! When finished the profit would be Downstairs 1 or 2 bed flat Sell for Min 35K Upstairs 2 or 3 bed flat Sell for Min 35K Outbuilding 1 or 2 bed detached Sell for Min 40K Cost of converting 15K Gross profit 55K As you can see I have drasticly undervalued the sale prices and there is still a huge profit margin. This will be my second step on the property ladder. Unless someone else finds it first Quote Link to comment Share on other sites More sharing options...
Once in a lifetime Posted December 27, 2005 Share Posted December 27, 2005 Try... Hard Money Lenders, or Loan Sharks... ...good luck Quote Link to comment Share on other sites More sharing options...
Bill der Posted December 27, 2005 Author Share Posted December 27, 2005 (edited) Love the CRASH Avatar Edited December 27, 2005 by Bill der Quote Link to comment Share on other sites More sharing options...
AteMoose Posted December 27, 2005 Share Posted December 27, 2005 40k.... why not just get a bank loan? or raise part of it on credit cards? Bill Der, i would suggest you try a different forum for this kind of advice... http://www.singingpig.co.uk/discussion/forum/ Quote Link to comment Share on other sites More sharing options...
Bill der Posted December 30, 2005 Author Share Posted December 30, 2005 Am all banked out Have all my money in recent investment which is due to be completed 5th Jan 2006 Even a small loan from my building society was refused. They will lend me the money I require in three months when my credit rating goes back up. The property will belong to someone else by then. It is frustrating watching a real bargain slipping through my fingers. Will put this one down as a lesson to be learned. Thanks for all the advice though. Quote Link to comment Share on other sites More sharing options...
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