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by Peter Davies on 7th September 2022


Client details: Private individuals with no previous large-scale property development experience were looking to purchase a high-value office building to convert into a main residence, requiring property development finance.

Property details: The property was a stunning five-story, Georgian end of terrace house. As the property was most recently used as an office space, there were no bedrooms. The property was extensive, however, with a study, 3 reception rooms on the ground floor, 7 further rooms over the lower ground and first floors, 4 rooms and a bathroom on the second floor, and 4 rooms with 2 bathrooms on the third floor, totaling a whopping 6,630 sq ft (gross internal floor area).

Reason for finance: As the building had been empty for a long period of time it had effectively become a shell and required complete refurbishment and modernisation. The estimated cost for the work was in excess of £1.1m, with work expected to take in the region of 44 weeks.

The converted property itself would then provide an extensive 7 bed house, 6 en-suites, plus further dining and reception rooms.

Challenges faced: Whilst the property had previously been granted planning permission for conversion to a residential home, this had lapsed and new planning permission was required. The building itself was located within a conservation area and is listed. It, therefore, required a Heritage Assessment report because of the architectural and historical significance of the building and area.

Due to delays in the planning process, there was a requirement to maintain the validity of the mortgage offer and valuation over an extended period of time to enable completion.

Solution: We provided an initial interest-only, two years fixed rate to allow for the construction phase, with a total term for the mortgage of 10 years. It was also agreed with the bank, that the borrower’s solicitor was able to represent the bank which provided for a more streamlined process through to completion.

Special thanks: Tandem Bank


Written by Peter Davies


Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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