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Properties divided into flats

  • 13-02-2014 1:57am
    #1
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭


    Will a bank give a mortgage on these. I'm not looking to rent out the flats but live in the house myself and convert it back. Thanks for any insight.


Comments

  • #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    It depends on lots of factors- not least how much it may cost to convert it back to a single residential unit. Many units, akin to the one you're discussing, may find their potential planning applications problematic- however close contact with the Council's planning department may prove highly worthwhile.

    Depends on the lender- but I can't see any obvious reason a property like this wouldn't qualify for a mortgage (depending on valuation, percentage LTV etc etc).


  • #3
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,628 ✭✭✭✭Marcusm


    Check the zoning as well as the individual use. If it's pre 63 (actually pre 1 October 1964) it may not have a current us permission. Check the city council development plan. For the ones I've been interested in, the stated council polic was to support conversion to a single dwelling.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,576 ✭✭✭✭Victor


    You may find the bank reluctant to lend for the renovation and depending on the property, renovation may cost more than the purchase.


  • #5
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,541 ✭✭✭Claw Hammer


    Bepolite wrote: »
    Will a bank give a mortgage on these. I'm not looking to rent out the flats but live in the house myself and convert it back. Thanks for any insight.

    Most such houses have a lengthy and complicated planning history. Many are protected structures. The De-conversion back to a family home will be difficult and expensive. In light of the a bank will be very wary. A low LTV and evidence that the person has the experience and skills to carry out the job would be fundamental requirements.


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