Councils using ‘Intelligence’ to track down low EPC properties and fine £5,00015:08 PM, 29th March 2021
About 2 weeks ago 36
We own a free hold block of 11 flats in Birmingham area.
When we bought the property it was derelict. Since then we have done the work and now all 11 flats are tenanted and generating rentals with limited vacancy for past 2 years.
During this time we had a commercial mortgage from Aldermore which was secured against the freehold. They only did 65% lending.
We are coming up to renewal time and at this stage we would like to split the title to create 11 leasehold flats and move the freehold into a SPV.
All of the above is doable and we have done this in past in London when we converted a large house into 3 x 2 bed flats.
With this property in question, each flat will be valued individually between £100K-£125K and we would like to raise 75% financing on BTL mortgage (not on commercial mortgage mortgage terms).
I wonder if someone has done this kind of work in the past and if they could point us in the right direction.
After talking to different mortgage brokers they either say it is not doable or they say it is very difficult. Which is telling me that it is definately doable if we are talking to right solicitors and financing team.
Any help would be much appreciated.
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