15:21 PM, 26th October 2015, About 6 years ago
Permitted development rights were first introduced in 2013 and allowed offices to be converted into residential properties without having to apply for planning permission.
These were due to expire in May 2016, however Housing and Planning Minister Brandon Lewis has announced that they will now be extended indefinitely. In the future these rights will allow the demolition of office buildings and new building for residential use.
In addition new permitted development rights will enable the change of use of light industrial buildings and launderettes to new homes.
Whilst high street banks aren’t falling over themselves to lend to developers there are a number of other sources that are.
Funding is readily available to developers and for the right developments 85% loan to costs are accessible. In the calculation the lenders will allow the cost of the acquisition, the developments costs, professional fees, interest etc.
These interest rates for these are around 7% pa.
The above is highly advantageous for developers:
• No planning risk
• No planning costs
• No undue delays
• Minimal capital requirement
• Reasonable finance charges
• Quick turnaround and hence quick profits.
If you need assistance with this or any other type of finance please complete the form below and we will be pleased to help.
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