Co-purchasing £1-1.2m Rural House in Barnsley/Sheffield/Peak District

[danfre]

Planning permission would be needed .gas and electrics could be a problem, separating existing supplies like wiring and water / heating. building regs to comply.
Don't underestimate the cost of all of this

 

[pete01]

What could possibly go wrong

 

[pete01]

I had an extension built on my last house, the neighbours were a nightmare we never spoke after that......imagine we were part owners....

OP.....don't do it.

Be happy in a smaller house.

 

[mikehammer69]

This is not a good idea

 

[blup]

Really???
I would've thought that after the purchase you would throw a stick on the plans and mark the division boundary wherever it landed...

The op wants to buy with another couple and legally separate the house in 2.
That's why it's usually done at same time as purchase.

That needs planning approval so they would have to buy jointly in the first place. Far too complex mortgage and planning wise

 

[johnny2007]

That needs planning approval so they would have to buy jointly in the first place. Far too complex mortgage and planning wise

I didn't say it was easy.
I said it can be done but you need a proper clued up solicitor.

 

[blup]

I didn't say it was easy.
I said it can be done but you need a proper clued up solicitor.

You would not get a mortgage before planning was sorted plus the complexity of the contractual arrangements. It would work with cash up front and trust, or as a scam

 

[jj4091]

You said the boundaries will need to be set beforehand.
Of course, unless the op wants to get in a dispute after the purchase.
And of course there would be 2 sets of legal fees.
Solicitors don't work for free.

Eactly what I was saying all along

 

[johnny2007]

Eactly what I was saying all along

???

 

[johnny2007]

You would not get a mortgage before planning was sorted plus the complexity of the contractual arrangements. It would work with cash up front and trust, or as a scam

Some money will have to be invested before purchasing.
You would need an accomodating seller willing to draw a pre sale contract pending planning approval.
Then pay costs for planning.
If planning is rejected money will be lost.
If planning is approved, you'll need to get a contract drawn between the 2 buyers and get money down as deposit.
Then get 2 separate mortgages.
If same lender is easier.
Finally complete the sale.
Not easy, but my friend did it, although with his brother, not strangers.

 

[danfre]

You can apply for planning permission on any property
You do not have to own it

 

[blup]

Can’t see it working with complete strangers, sounds dodgy and or naive. Especially in the Peak District as you would effectively be increasing the air b’n’b stock , almost certainly against policy. A big city , yes. As for planning the owners have to be notified and their views will be taken into account. I would want a premium for the hassle. Best bet is to sound out the planners informally and check out the policies, then just buy, if all is good.

 

[freddiemercurystwin]

It's absolutely pipe dream nonsense.

 

[samwise-zambeezi]

Thanks for anyone providing useful feedback and/or constructive criticism. I understand this isn't typical and, as I said before, I appreciate it would have complications over a regular purchase, but am quite happy just to ponder and consider people's thoughts and opinions.

There's an absolutely perfect example currently for sale which is more or less already split. It's advertised as a 4bed main house and 3bed annexe, it actally says "lends itself to letting or annexe potential". It's kind of an L-shape with two seperate wings, each already with their own stairs etc. It would literally want a single door blocking on ground and 1st floor and maybe some insulation adding to the party wall. Also, it's been for sale for over a year so the seller might be open to it.

Let's say we found someone who was happy with the layout, and we agreed how much £££ we would both pay for our halves. I understand that we could make an offer on the house subject to planning permission.

My question is, how would this then differ from a normal house purchase? Does anyone have any experience with mortgages involving multiple parties? This seems to be the biggest hurdle, I'm sure the solicitors could sort the legal bit easy enough.

Thanks again