Hi there,
I am after some advice please.
My husband and I are first time buyers.
My parents own a very large detached rural farmhouse the have been struggling to sell for 6 years and cannot afford to keep the property much longer. We would like to try and help by purchasing half of the property. It was 2 properties previously with 2 front doors and 2 staircases etc. It seems fairly straightforward. Literally blocking up/sound proofing 2 doors and loft etc.
I need some sort of advice on the route i would need to take before I culd mortgage the property. Obviously planning permission is a first port of call, but what type of permission would I require? Utilities I presume would need to be split before a mortgage could be given. Also deeds changed and building regs etc need to be contacted. We don't have any real money and would be planning on working on the property as we earn. Perhaps putting a makeshift kitchen into the property to make it mortgage able to begin with? It has no bathroom either, only an en suite to the master which would fall into this half of the property. Would this be enough for a mortgage company? I gets more confusing too. The property has been valued at £165.000 (each half) and we would be purchasing the property for £125,000 can this be a vendors gift. Sorry we have so many questions but we really are novices and it's all quite scary but I don't like to see my parents about to loose everything the have ever worked for and really would like to give them their lives back. Scared about the cost of utilities mainly although my husband is plumbing and heating engineer so he is quite hands n. Willing to do as much work ourselves as possible.
Thanks so much in advance
laura
I am after some advice please.
My husband and I are first time buyers.
My parents own a very large detached rural farmhouse the have been struggling to sell for 6 years and cannot afford to keep the property much longer. We would like to try and help by purchasing half of the property. It was 2 properties previously with 2 front doors and 2 staircases etc. It seems fairly straightforward. Literally blocking up/sound proofing 2 doors and loft etc.
I need some sort of advice on the route i would need to take before I culd mortgage the property. Obviously planning permission is a first port of call, but what type of permission would I require? Utilities I presume would need to be split before a mortgage could be given. Also deeds changed and building regs etc need to be contacted. We don't have any real money and would be planning on working on the property as we earn. Perhaps putting a makeshift kitchen into the property to make it mortgage able to begin with? It has no bathroom either, only an en suite to the master which would fall into this half of the property. Would this be enough for a mortgage company? I gets more confusing too. The property has been valued at £165.000 (each half) and we would be purchasing the property for £125,000 can this be a vendors gift. Sorry we have so many questions but we really are novices and it's all quite scary but I don't like to see my parents about to loose everything the have ever worked for and really would like to give them their lives back. Scared about the cost of utilities mainly although my husband is plumbing and heating engineer so he is quite hands n. Willing to do as much work ourselves as possible.
Thanks so much in advance
laura