Property News · January 17, 2022

Can I get a loan to renovate a cottage in my parents’ garden?


A reader asks if they can register such a property as a separate dwellingQ My parents own their house outright. In the garden there is a separate cottage that I would like to move into and renovate. Can I: (a) get a loan for the works; and (b) be able to eventually register it as a separate dwelling with my parents’ consent?JGA You could take out a personal loan to fund your renovations but you wouldn’t be able to take out a mortgage on the property because you don’t own it. A more sensible way of going about things would be first to establish whether your parents want to give you or sell you the cottage. If they don’t, it doesn’t make much sense to renovate it, especially if you have to take out a personal loan to pay for the work as they are much more expensive than mortgages. Continue reading…

Source : theguardian.com
Read more…Can I get a loan to renovate a cottage in my parents’ garden?

You may also like...