Lending to Landlords and Property Developers to Refurbish, Extend or Convert property has soared over the past year. Finance has become more readily accessible and flexible in this post-recession era.
Whilst there is still a dire shortage of houses in this country, conversions and refurbishments are essential to making better use of the existing stock. Lloyds earlier this year released figures showing that over 14 million people have either had major work done to their current property or to carry out some in the next 12 months.
Many of our landlord clients have taken the opportunity to purchase properties that are inhabitable and to refurbish them and then either sell them to for a profit or retain them and gain an enhanced rental income.
A number of our landlord and developer clients have also taken advantage of the Permitted Developments Rights to convert commercial property into residential, often in the form of either flats or HMO’s.
The major benefits to landlords of embracing refurbishments or conversions are:
- Released profits via a sale
- Retain properties and enjoy a capital gain and enhanced rental income