With the rising popularity of rented office space, pop up shops, bars and restaurants, and HMOs, property developers may be considering the possibility of renovation or conversion.
Converting a property from a residential to commercial premises (or the other way around) is possible provided you have planning permission and undergo the proper legal process.
Alternatively, if you want to convert an existing property into an HMO property or more than one residency then it can be relatively straightforward.
Here at Hunter Finance, we believe that property development finance should be as quick and simple as possible. Check out our loan process.
Discuss your eligibility for a loan today by calling us on 01825 749 721.
If you are considering converting the purpose of your property, then here are 5 steps to help you through the process.
The most important first step is to contact your council regarding your property’s change of use.
By contacting your local council, you will be able to be made aware of any regulations will be applied or if an inspection is needed.
If you are converting to a commercial property will mean that your council will have to grant you permission to change its use.
See our guide to commercial property funds.
Even if you are not planning to make any interior or exterior changes to the property, you will still need to consider building regulations.
These will usually be set out by your local council.
This is a vital step, because if you fail to let your council know or comply with regulations then this could be very costly in the long-term.
When a commercial property is listed, it must conform to all health and safety regulations. Your property must comply with such regulations to ensure the safety of your clients and customers.
Elements like disabled access, fire and carbon monoxide alarms are usually compulsory in a commercial property.
Appointing a solicitor will help you with surveyance and conveyancing, and ensuring everything is in place legally for the conversion of your premises.
As well as legal advice, it can be helpful to talk to property specialists and finance lenders should you need a loan to help with your conversion.
Finance for renovation is usually called refurbishment finance and is split up into two categories: light and heavy refurbishment. Read more here.
When considering renovation, it is vital that you apply for planning permission, and get your plans approved.
Once approved, you will be able to apply for a loan.
See our renovation and conversion case studies:
With the growing popularity of HMOs, many property developers tend to think about changing their property to include two separate residencies.
Again, if you are making physical changes to your property to accommodate two properties, then make sure you seek planning permission.
Our trusted team at Hunter Finance are unregulated lenders, meaning that we specialise in loans for properties that will be sold or let upon completion.
If you have planning permission to convert an existing property into more than one residency, then we can provide the finance you need to get your project underway.
If we can help we will say so, if we can’t we will be able to point you in the right direction or suggest alternative financial vehicles.