Buy to let and live/work units.

[AdvocatusDiaboli]

I have spotted a brilliant property I am thinking of buying. It is large and spacious, with a parking space to boot!

However, it is designated as live/work (60/40 split).

Could anyone tell me:

(1) Are there properties not the best things to buy for any particualr reason/
(2) Are the laws on live/work units likely to change soon?
(3) What should I look out for?
(4) Can I rent it out should I want to stop living there?

Is there anything I should know that I don't? Assume I know nothing!

Many thanks!

Look forward to hearing the answers.

If anyone has a good 2 bed for sale, in zone 1 or 2 with parking, please let me know!

[mutt k]

Rather depends on where it is. Some local authorities are trying to ensure that live/work units are actually being used as such, and taking action for breach of planning consent if not, so tread carefully!

[AdvocatusDiaboli]

Thank you. Its in Stepney Green.

With regard to selling these properties on, is there a problem?

Are they not very attractive to buyers?

[mutt k]

Am I right in thinking that's in the LB Hackney? If so, Hackney iirc was one of the first boroughs to start getting arsey about live/work units not being worked in. The values of such units are not as high as full residential units, but as long as you comply with the planning consent, you should not have any issues with a sale in due course. I would try and find a sensible local agent or solicitor if there is such a thing to advise though before you pile in.

[AdvocatusDiaboli]

Thanks again! I will take your advice and look into it deeper. The place is on at 275 and is large!

Its a 60/40 split and I reckon I could possibly do some work from there.

However, I would want to rent it out eventually...