Mortgage on property with self contained Flat
Discussion
Anyone had experience of securing a residential mortgage on a property with an Granny Flat?
The estate agent has said that getting a mortgage may be an issue as there are two kitchens. Google search seems to back this up.
The flat has separate council tax, utilities and is not internally accessible from the upper floors.
The land registry has both properties listed, but it looks like there is a single title.
The rent from the granny flat would be sufficient to cover a BTL mortagage, so could we get a BTL mortage instead even though we would only be renting out 1/4 of the property.
The estate agent has said that getting a mortgage may be an issue as there are two kitchens. Google search seems to back this up.
The flat has separate council tax, utilities and is not internally accessible from the upper floors.
The land registry has both properties listed, but it looks like there is a single title.
The rent from the granny flat would be sufficient to cover a BTL mortagage, so could we get a BTL mortage instead even though we would only be renting out 1/4 of the property.
Sarnie said:
Is this property for you to live in?
Will it actually be a granny flat? Eg used for a dependent relative or similar?
Or would you renting out formally?
Yes, we would live in the upper maisonette.Will it actually be a granny flat? Eg used for a dependent relative or similar?
Or would you renting out formally?
Short term, it would be a private rental, long term it would be a grandparent flat or we would remerge the units.
Thanks Sarnie.
I'm probably beating a dead horse, but if the seller were to remove the kitchen pre-sale, would that remove all obstacles to a residential mortgage or would there still be concern from the survey about the lack of internal stairs between the floors.
Considering, an secured loan too, but don't know if that is feasible to get the funding in place for completion day, rather than on an existing asset.
I'm probably beating a dead horse, but if the seller were to remove the kitchen pre-sale, would that remove all obstacles to a residential mortgage or would there still be concern from the survey about the lack of internal stairs between the floors.
Considering, an secured loan too, but don't know if that is feasible to get the funding in place for completion day, rather than on an existing asset.
desolate said:
Or the OP could do a deal whereby he pays the costs of splitting the title.
Not sure the seller has the appetite to do anything even though it would probably maximize price to sell as separate units to separate parties.Peculiarly in this instance, the total stamp duty would be reduced if the title were split, despite the 2nd property surcharge.
Gassing Station | Finance | Top of Page | What's New | My Stuff