Hi Guys
I've just sold my house and looking for a new one but having trouble finding what we want. I've just found a barn with planning permission granted to convert into a house. Now my question is can i get a mortgage to buy the barn and also pay for the conversion or would i only get a mortgage for the purchase of the barn then have to fund the converion another way? I guess this is a bit pie in the sky but would love to have a crack as would love to live in a house with this much character. Any info/opinions welcome. [img]http://www.fuelly.com/driver/rob2529/range-rover[img/]
04, 4.4V8, Vogue Oslo Blue with LPG.
"You can sleep in your car, BUT you can't race your house!!!!"

If something can't be fixed with a hammer....... You have yourself an electrical fault!

We've done this, albeit not on a barn.

Obviously all depends on your particular circumstances, but in principle the bank will initially lend against the value of the barn "as is" taking account of teh land value and the planning permission; and would then agree releases of further money as the conversion / build progresses, because the value of the house at each stage will be higher. You'll need an understanding bank. And a great architect.

The more you can put in (in percentage terms) the more likely the bank will accommodate you.

Mad or unrealistic plans / schemes that anticipate bonkers future values / design nightmares / etc will be unlikely to achieve big loans. The banks want to feel secure...


Also, in my experience, it will cost you two / three times as much as you think. So be prepared.  Graham

____
Gone: 10MY L320 RR Sport HSE, Ipanema Sand
Gone: 20MY Jaguar iPace HSE, Silicon Silver
Gone: 17MY RR Evoque SE Tech, Loire Blue
Gone: 08MY Discovery 3 XS, Stornoway Grey
Gone: 07MY FFRR TDV8 Vogue, Stornoway Grey

cue 'grand designs' theme....  ... - .- -.




Y. O. L. O.
.

scarey wrote:

cue 'grand designs' theme....

Or Builders from Hell

Or DIY SOS......

Love the idea of a converted barn but ..

I would stick to something thats complete or almost complete Rob these things can turn out to be a bottomless pit for money. Present :2008 TDV8 HSE
Gone Audi A5 2.7TDI
Gone Discovery 3 HSE
Gone Mercedes CLK
Gone Range Rover 2.5 DSE

The dream is over for now. The barn I was looking at sold in 3 days! Maybe next time. [img]http://www.fuelly.com/driver/rob2529/range-rover[img/]
04, 4.4V8, Vogue Oslo Blue with LPG.
"You can sleep in your car, BUT you can't race your house!!!!"

If something can't be fixed with a hammer....... You have yourself an electrical fault!