I Bought an Ex-Council Flat!
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- čas přidán 11. 09. 2024
- I bought an ex-council flat - well to be honest I bought 5 - but not all at the same time. Every single agent I spoke to said to me that the value of the apartment won't increase because I am not adding to the size of the apartment - how wrong were they!
📚 Property Course: www.Ravinderaujla.com
Amazing strategy and super informative - thanks for sharing! 👍Quick Question - how do you establish early on the percentage private ownership in the building? I'm guessing you don't want to wait until solicitors are engaged to find out if it's a go or no-go? Thanks
Thanks so much - you can have a look on rightmove, zoolpa and land registry to see how many have sold in the block and then compare this to the number of apartments in your block. I hope that helps :)
Hi Rav
Great video with amazing information. Could you just shed more light in working backwards, i.e how do you go about establishing your end value, so that you nignt be able to offer to asking price or slightly higher, as long as the numbers still work.
Also are there no laws regarding the minimum size of two beds?
Thanks robert - really appreciate your kind words :)
The end value with be by contacting estate agents and looking at sold prices - its much easier to call an agent in the area and ask them what they have sold recently in the area. They will have all the prices of things that have completed even before it hits land registry.
When doing a conversion or an internal reconfiguration there are no minimum size requirements - im not saying it will work on any flat - the layout has to work and also you want to show the surveoyr a 2 bedroom apartment - so a bedroom with a double bed in it otherwise you run the risk of it getting valued as a 1 bed! So the layout has to work - try and look for the biggest 1 bedroom flat you can!
@@RavinderAujla Thanks
@@RavinderAujla
Do you mean show the surveyor via diagrams of physically during the valuation?
I love when he says "This is Central London."
Well it is! Different kettle of fish!
Hi Rav
Great video as usual
1. Does the split of council and private tenants have to be exactly 50:50 or is there some form of leeway on this? Does the council provide that information readily in advance?
2. Do you get the flat changed to an official 2 bed property on land registry during remortgaging
3. Does this process work well with converting 2 into 3 bed apartments (rare I know).
Hi - thanks so much:
1. It doesnt have to be exact - but something the lender will look for at least 50/50 they will take a view if its less
2. No - we have never been asked to have the plans modified in anyway by anyone - the question the lender usually asks is did you get consent - and the answer is yes.
3. Yes I own a 2 bedroom apartment that I will be converting into 3! The only reason I didnt focus on this is that there is a bit more risk involved because there are less 3 bedrooms apartments on the market and sold so bedding down the end value becomes harder (leads to more uncertainty). But is possible for sure.
I hope that helps :)
@RavinderAujla thank you for indepth answer
Great video. What if the bathroom is not on the same side of the new kitchen area. So diagonally across from each other once the kitchen is moved to the living room area?
You need the existing kitchen or a bathroom to be opposite the living room - this is for the pipework.
If the kitchen or bathroom is on the opposite side of the flat then how will you run the waste away from the living room?
Freeholders dont like you running new pipework externally (understandably).
I hope that helps :)
Paji, love your work.
I’m doing similar things but always up for learning. Can we connect?
Thank you ji :) Sure drop me an email contact@ravinderaujla.com
Gobbling up starter flats and creating poky rental boxes. Here's hoping you get some massive ex-council service charges
Yep. This is part of what is ruining the housing market for regular people.
Not rental boxes - there is nothing stopping 'starters' using this strategy to end up with a 2 bed flat themselves and get a lot of their money back as well. Depends on how you look at it doesnt it really.
This is ruining the housing market.......I think there are wider issues at play there like the number of houses being built, interest rates, mortgages - if anything im showing people a way in which to end up with a 2 bed flat for the price of a 1 bed flat.
@essa6315 - What a silly pathetic comment that was… People need two bedrooms as a minimum in this Era, and here we have an investor creating larger homes for people!
I don’t see the government doing such!
Get off your high horse! 😡
@@AnswerTheQuestionsNOTHIN-jv1dm maths clearly isn't your strong point.
Hi Rav,
Thanks for sharing all these valuable information.
How difficult is to get the consent from the Freeholder for converting the flats and was it any case in the past when the consent was refused?
Hi - thanks for the comment. I have never been refused consent and actually helped someone who was refused consent to get this over turned.
You just have to check the guidance from the freeholder and take a step back and look at what you are proposing - does it sound reasonable and if so you should be ok.
You can make enquiries before hand before exchange to find out if you will get consent - so you are not running the risk of not getting it once exchanged.
I hope that helps :)
@@RavinderAujla It really helps. Thanks a lot!
Your Battersea flat, was that a JV with Ahmed khan? I’m sure he has a property in Battersea that looks almost exactly the same
We are business partners so yes they are all ours :)
I nearly messaged you the other day saying this guy is copying you! 😂 really informative videos - thanks!!
The B4R method creates a big increase in value !!
Thanks :)