How can we convert our two flats into a single dwelling?

Answered on 30 March 2017 by Nick Morrey

We currently own a double fronted Victorian house, which is split into two flats. We own both flats and the freehold. We have a mortgage on each flat with different lenders. We now want to convert the two flats into one house and borrow additional funds for a new kitchen. We've had some resistance from our existing lenders to discuss how we can effectively only have one mortgage on the property. Most lenders seem happy to lend if there is a single deed on the property, however we are in a catch 22 situation as this requires our lenders to agree to releasing deeds and a single deed being set up.  We would really appreciate some advice on how to resolve this situation. 

Converting two flats into a single property

You're right in that for most lenders this is a 'catch 22' situation. We get quite a lot of this type of enquiry, and typically the way to move forward is that we need to look at taking out a mortgage for development finance / bridging which will allow you to repay both of the current lenders, create the new single title, and convert the two flats into a single dwelling. Once the works have been completed, we can then look to remortgage you back on to a standard residential deal.

Next steps

We have excellent relationships with those lenders that provide this type of finance, and in the main they are very reasonably priced.

I think it would be worth having a chat with one of our consultants, to run through your options as to how this would work and to answer any queries you may have.

If you'd like to do this, then please let us know by submitting an enquiry and we'll arrange a convenient time for one of them to contact you.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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