10:48 AM, 6th February 2020, About A year ago 14
I am pretty experienced with property and tend to do all my own building work. I run semi and terrace BTL’s, but I am thinking about buying a large old house converted into 7 flats. This type of thing will be new for myself and so any pointers on what I should be thinking about will be very useful.
Background info on property: Converted with PP in early 1990’s into 7 flats (2 x 2 bed and 5 x 1 bed). Property is freehold on one title. It is 330sqm, Victorian and has the huge single glazed sash windows. Each flat has its own gas and electric meter. Not sure about water yet. It is fully tenanted and they are all on AST’s and long standing tenants.
Stuff I need to consider:
Electrical condition (new regs coming up in the summer)
EPC levels. Will I be able to cost effectively make the building a grade C by the end of the decade?
Boiler conditions and ages
What fire regulations will I need to meet? Need to have an assessment carried out.
Is the building on one stop cock for the water or are there several feeds ? Do I consider switching away from lead if still on lead (better water pressures and cleaner water).
Are there more responsibilities for a LL when running a block like this? eg, would I need to provide salt in the winter to prevent slipping?
I obviously need to look into the tenancy agreements and the tenants , but I think all will be ok with this one.
The basement can easily be turned into another flat, but may need planning to sink some light wells into place.
So if anyone can flag up something I need to look into before buying or stuff you have found useful when running flats this will be appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleBBC Two’s three part-series into Universal Credit
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|