In the current economic climate your acquisition plans may be on hold, in which case you may be considering extending your existing homes.
You would not expect a lender to fund such an expansion without seeing comprehensive financial records but it is easy to forget that they will also want to ensure that the legal and regulatory aspects of your business are in order.
A little time spent now reviewing these issues will save time later and may prevent the refinance stalling at the last minute. For example:-
Arrange for a check of your legal title. Are there any consents from third parties that need to be obtained before the extension can proceed? Would any covenants be breached if the extension were built? If so, investigate insurance;
Check the planning situation, does your existing permission limit the number of residents in the home? If the proposed extension will take you over this limit, make sure the new permission for the extension covers this point;
If you are proceeding with a new lender they will want to see replies to the Commercial Property Standard Enquiries and it is worth preparing these at an early stage to enable you to deal in good time with any problems revealed such as a lack of an asbestos audit or missing planning permissions.
If you are considering extending your home and would like a review of your legal and regulatory paperwork to ensure that it is in order for the new lender, contact Marcel Bradbury or Melanie Verth on 01323 435924.
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