In terms of property values, failure to obtain the necessary consents will devalue the property and is likely to result in lenders choosing not to lend. True/False?
True.
An owner can build an extension, conservatory or addition to a home without planning consent if it meets one of a number of conditions, including the following.
The addition and previous additions, including outbuildings, do not cover more than half the area of land around the original house.
The extension is within certain height and depth limits:
the front or side of the property will not be closer to a highway than before;
no part will be higher than the highest part of the existing roof;
two-storey extensions are no closer than 7m to a rear boundary;
the depth of a two-storey extension is no more than 3m from the rear wall of the original house.
Building materials match the existing building.
Converting a garage internally does not add to the size of the building.
A loft extension does not exceed 50m3 (detached house) or 40m3 (any other home).
Erecting aerials or satellite dishes is permitted.
A single-storey extension can project from the rear wall of the original house wall by up to 8m on a detached property and 6m on other property. Such work is subject to the neighbour consultation scheme, which requires owners to notify the local authority which, in turn, consults the adjoining neighbours. The local authority considers any issues raised before allowing the development to go ahead.
What building work is exempt from building regulations?
- A carport extension, open on at least two sides and under 30 square metres in floor area
- A detached garage under 30 square metres in floor area and built at least one metre from the boundary of the property A new garden or boundary wall
What environmental factors may cause concern?
- Radon gas
- Contaminated land
- Overhead electrical power lines
Which of the following pieces of legislation is relevant to a property transaction where the home is built on contaminated land?
Possible contamination is a consideration in property transactions based on the Environmental Protection Act 1990.
Some lenders may not lend against land classed as agricultural land True/False?
True - Some lenders will not lend against land classed as agricultural land. Applicants for a mortgage on this type of property may need to seek out lenders with expertise in this area who are comfortable lending on such security.
What happens if borrowers require a higher LTV than the lender’s threshold?
If the LTV (Loan To Value) exceeds 75-80% further security may be required..
What are Higher Lending Charges?
Where the LTV exceeds a certain level, the lender may charge a higher lending charge via a single payment that in many cases can be added to the loan usually the threshold is 80%
Buy‑to‑let property and second homes
Buy-to-let and second home purchases for £40,000 or more are subject to an additional 5% SDLT over and above the standard rate applying to the purchase price, including any nil-rate band.
Grade 1 definition
Buildings of exceptional interest
Represent 2.5% of all listed buildings
Grade 2* Definition
Buildings of particular importance
Represent 5.5% of all listed buildings
Grade 2 Definition
Buildings of special interest
Represent 92% of all listed buildings
Calvin and Ruth wish to make several changes to their house, a Grade II listed building in Devon. In terms of permission to carry out the work, they must:
They must first apply to their local planning authority.
