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Knocking two properties into one

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  • Knocking two properties into one

    Hi alll, I was after some advice if anybody can give me some.

    I currently own a 3 bed semi which is all now paid for. The house next door is up for sale and we put an offer 6 weeks ago to purchase it with the intention of knocking through to make one larger house.

    We are aware that the one property will not be worth double. We are okay with that as we love the area in which we live and do not wish to move again.

    We have approached various lenders who originally say yes and then when it goes to underwriters it then all goes wrong and they say no. We have a financial adviser trying his best but he obviously does not have the time to go through every single lender. Apparantly this is a "complicated case", as stated by our solicitor and our financial adviser.

    This has been done by other people years ago and I know the laws have got tighter. Has anybody got any ideas as to any lenders that might be flexible to this. We have a letter from District Council stating that we do not need planning permission and we have also spoken to land registry who said there will be no problem merging titles so the mortgage company has ownership of both properties should we default on payments etc...

    Any advice would be absolutely brilliant!

  • #2
    Re: Knocking two properties into one


    I think why the lenders are worried is because of what you have said the properties when knocked together wont be worth double.

    You could look at some bridging finance to get the work completed and then have the new single larger property valued with the titles merged to one and then approach a lender as they shouldnt have a problem as there will have been a valuation done with a confirmed value

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