rainbow Posted August 8, 2007 Report Share Posted August 8, 2007 Hi am lost - as things were, brought place,leasehold, did additional bedroom-where before was kitchen diner and bathroom-now is kitchen,bathroom and bedroom-for one reason only-to somehow raise money.talk about bringing trouble on your head. now am lost-is it better to release cash by additional borrowing or remortgage? Am thinking of buying another place as buy to let -as my safe bet for old age-as no one will look after me.Also is it worth renting place to council-they got schemes like 5 years guaranteed rent etc.?Did i needed some permission converting another bedroom?am lost and in need of advice, please.Thanks Link to comment Share on other sites More sharing options...
Matthew Posted August 8, 2007 Report Share Posted August 8, 2007 Hi mate, Hard to follow your post, but it sounds like you have done a lot of re-arranging. I am unsure whether you would need to get planning permission for this, but very likely you would have to involve Building regulations. The main point here is that you would need to get written agreement from the owner of the freehold of the block to do this. I'm guessing you will have broken the terms of the lease. I tried reading mine a while back and my home is like a prison. Technically I am not allowed to do much; no plants on the window seals, only a few guests allowed in flat at a time, nothing whatsever is allowed in the hallway, all areas of flat other than bathroom and kitchen must be carpeted etc etc...the list just goes on. I also can't see what motivation the freeholder has to agree to these changes, the only thing I would thought would be a big wodge of cash, at least 1K I would have thought before he would even think of getting into bed with you. If you let it out and do nothing else, it is likely you will have no problems. It is only when you want to sell or remortgage you may come unstuck. Also remortgaging with the current lender may be dodgey as they will send surveyor round and guess what.... likely to be the same guy - he will want to see some documents for the changes. It may be a better bet to get a loan secured on the property....Or even better read a topic started by Rodent on how to raise 100K on credit cards and pay pretty much 0 interest on it, he has had over 100K on credit cards for 6 years and pays very little. Need a good credit history, but CC tarting is the cheapest way to raise cash, but is for big rodents not little mice! Interested to see others views???? Regards, Mat. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted August 8, 2007 Report Share Posted August 8, 2007 Hi all Little mice grow into big rodents very quickly if they think like a big rodent at the offset !!!!! Hahha LOL As Matt pointed out additional borrowings could attrat problems with getting work certified (or did you do it to building regs ?) I think this is going to depend on the amount of work you have done !! If you have just thrown up a stud wall then iwouldn't worryabout it at all......! I would raise funds on the best deal available which could be on rem or Ad Bor Speak to a mortgage advisor to get some info (just make sure you use a independant one who doesn't charge you a fee ....) If you want a good one call Garth on 02920 257003 ad tell him SIMON gave you his number - he is a LL of a sizable portfolio as well and will speak to you in "Plain english " and probably beat your best deal !! As for asking for permission on this one - i would overlook that as it is internal - My only reservation is Fire safety - Does the person have to leave the bedroom via the kitchen ? If so then look at fire regs as you could get into serious trouble if person has no safe escape in the event of a fire...... Simon Link to comment Share on other sites More sharing options...
rainbow Posted August 8, 2007 Author Report Share Posted August 8, 2007 Hi all Little mice grow into big rodents very quickly if they think like a big rodent at the offset !!!!! Hahha LOL As Matt pointed out additional borrowings could attrat problems with getting work certified (or did you do it to building regs ?) I think this is going to depend on the amount of work you have done !! If you have just thrown up a stud wall then iwouldn't worryabout it at all......! I would raise funds on the best deal available which could be on rem or Ad Bor Speak to a mortgage advisor to get some info (just make sure you use a independant one who doesn't charge you a fee ....) If you want a good one call Garth on 02920 257003 ad tell him SIMON gave you his number - he is a LL of a sizable portfolio as well and will speak to you in "Plain english " and probably beat your best deal !! As for asking for permission on this one - i would overlook that as it is internal - My only reservation is Fire safety - Does the person have to leave the bedroom via the kitchen ? If so then look at fire regs as you could get into serious trouble if person has no safe escape in the event of a fire...... Simon Link to comment Share on other sites More sharing options...
rainbow Posted August 8, 2007 Author Report Share Posted August 8, 2007 Thanks Stud wall only-bathroom was at far end-now it is bedroom,but bigger a bit, then bathroom and kitchen,and little corridor running along. Thanks again, will definitely call the Advisor-am trying to swim-would like to be Newfoundland but am not so thanks for help! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted August 8, 2007 Report Share Posted August 8, 2007 sounds like you may need to make sure that thaey have a fire escape window... I fit fire escape windows in EVERY ROOM when replacing windows .... Simon Link to comment Share on other sites More sharing options...
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