cheap house with planning permision?

[Glaucus]

A cheap "house" has come up for sale. When I say house it's currently a studio. One room, bathroom and a courtyard. With planning permission to turn it into a two storey 1 bed house.

I'm interested as it's so cheap and possible long term profit.
How would I go about finding out how much it would cost to build the house? And I understand that planning permission only lasts 3 years? How easy is it to renew?
And how the hell do I even look at the planning permission to see what's what. The conditions are fine, make a cycle park area and must be in same style and material as surrounding buildings.

What's the best way of finding a mortgage?
As I'm not ready yet, my loan runs out in a few months and was hopping to pay several k of a credit card by then.

Basically totally lost and not sure where to begin with this one.

 

[Siliconslave]

so there are calculators to give you a vague idea of costs based on floor plan, finish etc here: www.Self-build.co.uk otherwise i'd find out who architected the new plans and see if they had a ball park cost for the build - then if it got more serious run the plans by some local, respectable builders and get a quote for the work

 

[Glaucus]

Well that seems reasonable.

If I try and get a mortgage in principle and got declined, would that have much impact on credit rating, or after say 6months would it not matter?

With current debt include card and loan, loan is paid of in march, most banks say 85-105k region, which is far more than this place.

Suppose should phone up and see if I can get a viewing.

 

[Derek W]

otherwise i'd find out who architected the new plans

Stop making up words you mean find out who drew the new plans!

If i remember correctly there should be 'rough' costings per square metre on the website for chartered surveyors. I'm pretty sure one of our developers cost around £1700 per square metre to build a house but this will also depend on the area you're in and what sort of rates contractors charge.

As for finding out who 'architected' the plans go onto your council website and you can find the address of the property there and it'll list the agent who you could contact.

 

[Glaucus]

That's a bummer. It's not currently council tax registered, so can't legally live in it, till the new place is built. Which I don't see how I could do that as I'm pretty sure you need a 25% deposit for self build properties.
Was hopping to buy it on standard mortgage, then in 18months-2years build it. Planning permission was only issues a week ago.

Don't really see a way forward, unless there are 10% mortgage for self build.
Also think they are looking for to much money

 

[Spook187]

If I try and get a mortgage in principle and got declined, would that have much impact on credit rating.

It does leave a small footprint on your rating, i wouldn't worry to much about that, my mortgage provider did ask me to clear my credit card and overdraft before they lent the money which of course i did and was granted a mortgage