Flat to use as Serviced Apartment
6:17 PM, 8th July 2014, 12 years ago
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I’m thinking about getting a flat with the sole intent of handing it over to a managing agent for the use of a short term serviced apartment.
Will I be able to get a normal buy to let mortgage for this?
Thanks
Craig
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Member Since January 2011 - Comments: 12194 - Articles: 1396
6:20 PM, 8th July 2014, About 12 years ago
Hi Craig
I suspect that plenty of lenders, but not all, will be happy with this arrangement.
Several of our sponsors at Property118 are mortgage brokers and whilst we do not allow contact details to be posted on our forum threads we do add contact forms to sponsors member profiles so you can get in touch with them that way.
Good luck and please let us know how you get on.
.
Member Since June 2013 - Comments: 646 - Articles: 1
7:05 PM, 8th July 2014, About 12 years ago
many leases will have a restrictions preventing such useage. it is also likely to require planning permission.
Member Since July 2013 - Comments: 293
8:19 PM, 8th July 2014, About 12 years ago
I doubt a normal BTL mortgage would suit for this purpose, but my main point is ensure you check with the local council as some areas (eg. Westminster) do not allow short term lets of less than 90 days.
Member Since February 2011 - Comments: 3453 - Articles: 286
8:51 PM, 8th July 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “08/07/2014 – 18:20“:
Mark is correct.
The devil will be in the detail and criteria which we will not have until a broker does a full fact find and whole of market search.
An old criteria for BTL lenders that consider holiday homes is that they get a reference from a national holiday company for likely annual rent. However it is not clear from the description that this property will fall under a traditional holiday let criteria.
Member Since October 2013 - Comments: 14
12:10 PM, 10th July 2014, About 12 years ago
Thanks for all the comments.
Member Since July 2013 - Comments: 1264 - Articles: 1
1:18 PM, 13th July 2014, About 12 years ago
You’ll probably need a commercial mortgage, most but-to-lets insist on ASTs. You don’t need planning permission as It is still considered a single residential dwelling (I have enquired myself). You will probably find that the buildings insurance for the block does not cover it though and nor does the head lease allow business use. Unless you can influence these and there is a high demand for short lets in your area you would be better to let it as a normal tenancy.
Member Since October 2013 - Comments: 14
10:32 AM, 15th July 2014, About 12 years ago
It would be in Edinburgh that I would be buying and all properties here are freehold.
Member Since July 2013 - Comments: 1264 - Articles: 1
1:07 PM, 7th November 2014, About 11 years ago
Have just come back to this thread – if you have individual insurance then you can check that. Freehold also does not mean there is no lease, I have a flat in Aberdeen with a lengthy one!