Back to Back Terrace with Loft Conversion – Rentable?
Im new to the BTL business and I’ve found a back to Back terrace with a loft conversion at a very good price.
I’m pretty certain the loft conversion doesn’t meet the regs as you have to come up more of a ladder than stairs. The room itself has 2 velux windows in and is done to a very high standard.
Can I still rent this as a 2 bed house with the loft conversion just optional for them to use? Or because this is now a 3 storey house do I run into more problems?
I’m currently working on getting a builder out to view the property to consider the cost of maybe the correct stairs in to conform to the building regs. But the more I read online the more I seem to be getting confused about whether it is rentable, even just as a 2 bed?
Any advice would be appreciated.
Thank you.
James
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Member Since January 2011 - Comments: 12212 - Articles: 1406
10:33 AM, 12th November 2014, About 11 years ago
Hi James
Every property is both rentable and saleable at the right price. However, whether it is safe, mortgageable or a good investment is a different set of questions entirely!
Without a LOT more detail it would be impossible to offer you specific guidance on any of these matters.
.
Member Since June 2013 - Comments: 646 - Articles: 1
12:19 PM, 12th November 2014, About 11 years ago
i believe you would have to seal up/lock the loft opening to avoid mandatory licensing. alternatively you will prob have to do major works to the loft conversion to upgrade supports, insulation, strength of floor, access, emergency escapes etc.
Member Since January 2011 - Comments: 12212 - Articles: 1406
12:39 PM, 12th November 2014, About 11 years ago
Reply to the comment left by “Joe Bloggs” at “12/11/2014 – 12:19“:
Hi Joe
Mandatory licencing is only applicable if there are 3 floors AND 5 tenants.
.
Member Since June 2013 - Comments: 646 - Articles: 1
12:45 PM, 12th November 2014, About 11 years ago
Reply to the comment left by “Mark Alexander” at “12/11/2014 – 12:39“:
hi mark
i know. i was just saying what needs to be done to be outside the scope of mandatory licensing, not what the criteria is.
Member Since July 2013 - Comments: 135
3:41 PM, 12th November 2014, About 11 years ago
Hi James,
I have a 2 story four bed house and converted the loft space as an en-suit bedroom, so living space on 3 floors and 5 bedrooms 2 baths.. According to insurance companies it is still a 2 story house as the loft was always there just not used. With the planning approved (get the certificate) it is marketed as a 5 bed property.
Check with the council to see if planning was granted if it has a ladder as a staircase it sound as a DIY job, if so and you wanted it approved it could cost a lot of money. Steel girders will have to support the loft floor. the roof joist would have to be increased to 6×2 ( screw on 2×2 onto the existing 4 x 2 joists and fit solid 4 inch insulation between the plasterboard and tiles on the roof. A proper staircase will be needed if possible, fire proof doors and wired in smoke alarms on each floor.
Without planning you should market it as a 2 bed with converted loft space to be used at the tenant’s discretion, office etc. if they wish to use it as abed room it’s their choice, if they want to use the shed in the garden as a bedroom it’s their choice also. You will still achieve more than a 2 bed in the same street, but not marketed as a 3 bed.