hi all <waves> Just wanted to run something by you. We are buying a house that is pretty big (1400 ft2) and I have been toying with the idea of converting it into two flats when we retire, so that we can have the downstairs and rent out or sell the upstairs. The properties either side of the house have been converted into flats already, so hopefully planning shouldn't be an issue... I know there would be costs involved/planning permission to be applied for etc, but has anyone done this?
I havent done it, but have researched doing similar (house into several flats) before. As you say PP is the biggy, a chat with the council will let you know if its a maybe or a def no. I think as long as similar in the street, then provision of parking spaces is the decider. Think the most costly (and takes alot of time) is splitting the utilities and soundproofing. Then theres the legal fees involved in splitting the house title into 2 flat titles, not too expensive, just lots of decisions. There are several blogs of people who do it for a living as property developers, try and find a few of them for ideas of the task involved. I think its a very good idea and takes away a lot of the hassle that BTL can bring. I was just wondering whether actually you'd need to go the whole hog and split title, utilities etc, perhaps theres a half way house (pun!) where its more tax efficient as well to have a 'rent a room' type arrangement - albeit very seperate. Although by completely seperating it you do then have the option of selling quickly if needs must.