New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
About 2 weeks ago 95
Let me first take this opportunity to thank Mr Mark Alexander and team for creating this excellent encyclopaedia for landlords. I have decided to venture into converting house into flats.
We are in process of converting a 3 bed semidetached house into 3 one bed flats. I have enough equity to cover this conversion. I am looking to keep all the flats as buy to let and not planning to sell.
I wonder what would be the best financing strategy to release maximum equity: a multi-unit property mortgage from commercial lender or creating new leases and get a standard buy to let.
The house without conversion is valued at £500k and each flat will be valued around 300k.
Many thanks for your help.
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