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‘Flipping’ Problems. And We’re Not Talking About Pancakes…

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When we talk about ‘flipping’ we’re not talking abut pancakes! We mean buying a fixer-upper to do up and ‘flip’  (do it up and sell it at a higher price to make a profit) to boost your savings. But it’s important to remember that you have a lot to think about before you go ahead and buy a property to ‘flip’. There may be some obstacles in your way…

Do You Need Planning Consent?

If you’re planning to extend then you should check before you buy that you can get the planning consent you need for the work you want to do.  Often small extensions and conservatories don’t need planning consent, but if some extension works have already been done or your planned extension is large then you will still require planning consent from the Local Authority.  It’s always best to check this before entering into any Contract, especially if your purchase is based on being able to extend. You should also think about the costs of applying for planning consent.

If the property is a listed building, a conservation area or in an area where development rights have been restricted, then there may be even more hoops to jump through!

Building Regulations – Do You Know What Needs Sign Off?

Structural work to a property needs to comply with building regulations. There are costs of getting your plans approved from the Local Authority and extra costs for building inspectors to sign off the work once it’s completed. You’ll also need a Completion Certificate which legally confirms that building regulations rules have been complied with. As well as extensions you also need a building regulations certificate of compliance for electrical installation, gas installations, new double glazing, removals of chimney breast, removals of internal (supporting) walls and re-roofing.

What Are Restrictive Covenants? 

Even if you have the planning consent and the building regulations you need, you could still be prevented from extending or altering the property under a Restrictive Covenant. A Covenant is a legal promise in the Deeds to the property which can be enforced by a developer, a council or even owners of neighboring properties.  A Covenant can apply to modern or very old properties.

Covenants can prevent new owners making any changes to the property and owners can be sued for doing something that breaches it. It’s common for there to be a Covenant about adding a new building or extending or altering any existing building on the property without the consent of the original developer. Failure to apply for consent under the Covenant could result in the owners being taken to court, being forced to pay a fine, having to return the property to its original state or delays selling the property. Your Conveyancer who will be able to tell you whether there is any risk of breaching a Covenant in the property.

If You Have Questions About ‘Flipping’, Don’t Get In A Flap – Get In Touch 

If you’re a first time ‘flipper’ or are thinking of buying a property that have a Restrictive Covenant, then we can help you. Simply call 01623 45 11 11. For more about our Conveyancing services or an instant quote visit our website.

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