Singing Pig

Hi all,

I have seen a 4 bed property on the market for a reasonable price although it does require some modernising.I am considering buying this or something like it with the hope of converting into two 2 bed flats.If i was to budget say £25000 for works involved this could give me a pretty good return.

My question is firstly does £25000 sound realistic for this kind of conversion,and does anyone have any experience of this kind of thing.Also is it a lot of hassle doing this legally ie turning house from freehold into two seperate leasehold flats.

Any views or advice very much appreciated.

Thanks.

The first thing you will have to do is obtain planning permission for teh works you need prob will take 6-8 weeks if you are lucky 8-12 weeks under normal conditions.

The figure of £25,000, it depends on where this has come from - if this is the average price from 3 local builders then its prob the correct price, if its come from a price per sq ft for refurbishment then its prob a good price but if its just a number you have guessed then its prob not correct. It also depends on what level of finish you intend the completed flats to have.

You will own the freehold and you can easily create two leaseholds - your solicitor will sort this out.

Best way to see if a development is viable is start with what you will sell the end product for, deduct 20% developers profits, deduct refurb costs, interest payments, professional fees, contingency, planning costs and purchase costs and what you have left is what you should be paying for the property.

regards,

We will buy the freehold off you once you have convert pm me for advice on lease wording to maximise the price we will pay you.

I think you are massively underestimating the costs here - to convert this place into two dwellings requires two new sets of wiring, two new sets of plumbing, the possibility of new drainage, soundproofing (which will be tested before building regs will be signed off as complete); essentially a full gut.

You will need at least £50k to do this job properly, otherwise you will end up with a bad conversion with a GDV lower than when you started.

The planning and working drawings will also cost you about £3-4k.

 

Hi all

Thanks for the replies so far but is there anyone out there who has actually done this house to flats conversion,and can give me an actual breakdown of the costs involved, and also the process of works from start to finish.

Many thanks.

no one on here can tell you how much it will cost, as we know nothing about the house  -   area -  room sizes, quality of finish  etc       Why not get 2/3 local builders to go into the property and get a quote from them.  Unless you have a detailed Specification of Works you will never get an accurate costing  -  even then add 10% on for contingency as developments always cost more than you think.

OK - The process from start to finish:

1) Planning - you will need decent working drawings from an architect, as a '***-packet' design will not wash with a conversion - these are harder to do than a new build.

2) Clearance - depending on the soundproofing spec specified by your architect, you will probably need new floors on the party floor area.  Unless you want to make a real hash job I would reccomend hacking off all the plaster at this point too, as you are inevitably going to disturb the old stuff anyway and then have to do patching in, as well as mixing new plaster on ceilings with old on walls etc.  Now is a good time to have a good look at the state of the timbers and carry out any remedial works.  Organisation at this stage is of utmost importance, as if the clearance is essentially a forgotten element and is only organised on a day to day basis the costs will spiral massively.

3) Structural work - any walls that need doors cutting through etc, plus the carcassing for studwork should be put onto noggins between joists at this point (no more putting studs straight onto the floor I'm afraid, the flanking will make it fail its sound test).

4) First fix wiring and plumbing - you will need to apply for and have installed another gas, electricity and water supply to serve the additional dwelling you are creating.  This is also the point when you should install any new drainage specified in the working drawings.

5) Soundproofing - this will probably consist of a gridwork ceiling, gyproc plank, insulation, and double fireline board with a skim below.  If your ceilings are pretty character ones that you have any qualms over destroying you can forget converting the place into flats.  I'll share a nugget of information with you that will save you a fortune too - whatever insulation your architect specifies is probably going to be manufactured by British Gypsum; go to your local builders merchant (not one of the nationals), and ask them for the generic alternative which has the same density.  If you are employing a builder to oversee the subcontracting, you should specify in your contract that he is liable for remedial works should you fail your pre-completion test under Part E of the building regulations; and make sure they have done one to modern standards before - conversions are not to be taken on lightly.

6) Laying new floors - self explanatory really - but makes a heck of a difference to the feel of the place.

7) Plasterboarding and skimming - make sure you get a quote for this on a £/sq.m price; get at least three quotes or alternatively let your contractor do it for you and add a 25% markup.  When they do the ceilings make sure the boards overlap so there are no gaps that sound can get through.

 8) Second fix carpentry - Self explanatory really; doors, skirtings, architraves etc.

9) Decoration - Berger is the best paint going for fresh plaster, it's dirt cheap and look like Dulux.  Roll it on very lightly and you only need one coat.

10) Second fix electrical and plumbing

11) Kitchen fitting

12) The sound test - must be done without carpets in place.  Once you pass this, your new flats will be signed off as complete by building control and will be legally saleable.

 

 

 

 

What a FANTASTIC post !!!!