10:48 AM, 6th February 2020, About 3 years 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.
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