Hello everyone,
We are looking to buy 2 houses which been converted in one and turned into 6 flats (3 of them two bedroom and 3 of them one bedroom).
Conversion been done 7 years ago and all tenants are paying separate bills and council tax, but vendor didn't had permission for conversion 7 years ago.
Vendor is happy for us to take over his mortgage that is left on property's (£470k) and the rest £300k pay upfront.
We are thinking to take out mortgage of these £300 needed and take over his mortgage of £470 which has a very low interest, but we are not sure how to structure it. It would be great if you could help with advice and help.
Thank You!
PPB
Is this a UK or Aus deal?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
It is UK – London.
If it were me, I'd check with the local council to see if it is possible to make the conversion legal. And, if it is possible to make it legal, how much that would cost. Without these facts in hand, I wouldn't spend a penny on the place.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Paul,
Yes we have found out this already and we are getting together all this paperwork required, but it is in our interest to buy it as 2 houses not as 6 flats, as we are buying them for £250k less than market value, and after completion we will register all 6 flats.
Moderators… should we move this thread to the Overseas Deals forum?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi JacM,
Jus to know in future, as I am investing in UK, shall I post all my posts in Overseas deals, even if it is creative financing, commercial or help needed?
Thanks for advice!
Also, if anyone is interested with help of our mentor we have found out answer how to structure this deal.
We will buy it as 2 separate 4 bedroom houses for £600k cash, as on title they are still as freehold houses.
Then we will give notice to tenants to empty all 6 flats, we will gather all paperwork to register them as separate flats. After we will divide freehold in 6 leases. Do major refurbishment and after a year when all work is completed we will sell every single flat in auction for aprox. £990k.
Hope this will help anyone who was facing similar question.
Yes further questions of such nature should be placed in the Overseas Section.
In saying this the posts would be best placed in the UK Forum 'Property Tribe' where you find people speaking the same language.
Whilst i have property in the UK and was born and bred here i find i am out of touch when i return.
Nothing like actually living here and transacting on a regular basis.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Whilst i have property in the UK and was born and bred here i find i am out of touch when i return.
Cheers
Yours in Finance
That's because you are now a true blue 'adopted' Aussie Richard…a bit like myself
Just off topic mate, mind bringing some of that English weather back with you…it's bloody sweltering down here!
Jack
Hi Jack
Ok will see what i can do for you but are you sure.
Sun come out for 15 minutes this morning and then disappeared.
Only seen it twice since December.
Encouraging news is that it will dry for the rest of the week but max of 6 degrees !!!!
Back next week so can you make sure the heat is turned down a tad.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Hi JackOk will see what i can do for you but are you sure.
Sun come out for 15 minutes this morning and then disappeared.
Only seen it twice since December.
Encouraging news is that it will dry for the rest of the week but max of 6 degrees !!!!
Back next week so can you make sure the heat is turned down a tad.
Cheers
Yours in Finance
LOL…..You're bringing back the memories now Richard, Arhhh sunny old England lol.
Second thoughts just come back and leave the weather and warm beer in ol' blighty.
Now how did i know you would say that lol.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thank you Richard for advice, do appreciate!
We might consider moving over there in 10 years time
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