Buying land to build residential propertyMake Text Bigger
We are group of 10 friends looking to buy a land around 45k sq. ft. and then build 10 X 3 – bedroom houses with garden. All these 10 houses are for ourselves only so we can stay together and hence we wont be selling any of these.
We are looking for land around London.
None of us have any sort of experience apart from owing our main residential property for around 2-3 years. However, we are happy to do our research and taking some risk so we all can stay together. Amongst us, we have deposit of around £800k and we think the whole project might cost between £3.5 to £4 million.
Seven of us are first time buyers and the remaining three already own property which we can either rent or sell.
Can anyone advice us how we can go about it?
Is it possible for us to get planning permission before exchanging contract in order to purchase land?
How can we finance rest of the money?
Is there any lender who will be happy to give us mortgages or we have to arrange bridging finance until completion of these projects and then ask the lender for money?
How much bridging finance cost us in terms of interest rate?
We are allowing around 2 years for whole project once we find land, will that be sufficient?
We are happy to hire professions to carry out all work for us but just need to find out how feasible the whole project would be?
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