owelly
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| posted on 14/9/08 at 05:34 PM |
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Need to borrow £450,000!!
So, where do I go to borrow £450,000??
I few minutes with Google gave me alsorts of sites that will be pestering me relentlessly for the next few weeks but I'm after an idea of
numbers.
I'm in the process of converting my garage into a house. Then It will be sold along with my current house. Hopefully, the two houses should
fetch £350k for the pair. The conversion should take three months (depending on the various organisations getting into gear! Ever tried rushing the
National Parks??).
However, I've just found out that the farm property I'm wanting to buy, has become vacant. The family who were renting it have moved out
and the landlord wants to sell it. He's not advertising it yet due to the slump in the market, but he's inviting offers!
So. What are my options?
Crack on with my garage conversion and hope the two houses sell before the farm is sold?
Beg steal or borrow the money to buy the farm and hope I can afford to feed the family?
Suggestions folks?????
http://www.ppcmag.co.uk
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nib1980
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| posted on 14/9/08 at 05:41 PM |
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borrow enough for the deposit and string it out for a couple of months
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indykid
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| posted on 14/9/08 at 05:41 PM |
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i can lend you £1.57 if that's any good?
shall we have a whip round?
tom
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Triton
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| posted on 14/9/08 at 05:41 PM |
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Balaclava time? Or just go for it and buy that farm
My Daughter has taken over production of the damn fine Triton race seats and her contact email is emmatrs@live.co.uk.
www.tritonraceseats.com
www.hairyhedgehog.com
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blakep82
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| posted on 14/9/08 at 05:43 PM |
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bank might be able to do you a bridging loan... means you pay the loan and any mortgages you already have. but at least you buy the farm, then when
the houses sell you remortgage (because you already own) the farm house.
other option is to get consent to let your current house, and get a residential mortgage on the farm. you still have 2 mortgages though. i guess it
depends on how your mortgage lender work out if you can aford it. i guess if you go for the first one the branch manager may be more likely to give
you the money if he feels you'll be making a packet on selling the 2 houses
but, a garage into a house?! how big is this garage?! 
________________________
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don't write OT on a new thread title, you're creating the topic, everything you write is very much ON topic!
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mr henderson
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| posted on 14/9/08 at 06:07 PM |
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I'm really going to have to advise against going into farming, you really are at the mercy of the weather and prices are crap at the moment.
John
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hillbillyracer
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| posted on 14/9/08 at 06:55 PM |
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I have to second Mr Henderson, I live on a farm & I'm an agric engineer & he's pretty much right!
But you say farm property, is it an actual farm? Or is it the house & outbuildings with a few acres?
If it has loads of land though you dont need to farm it, you could sell or let it.
You really have to want to be a farmer, if you worked out the money earned for hours worked/risks taken/skill needed it's comical!
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blakep82
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| posted on 14/9/08 at 06:56 PM |
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i think he's just buying a farmhouse. remember the owner just had people renting it, so i don't think its an actual farm
________________________
IVA manual link http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1081997083
don't write OT on a new thread title, you're creating the topic, everything you write is very much ON topic!
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Coose
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| posted on 14/9/08 at 08:41 PM |
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quote:
Originally posted by blakep82
but, a garage into a house?! how big is this garage?!
Massive. Bloody massive! 
What would you actually make on the garage if converted against selling it as-is as its own project (seperate from your house)? Maybe it's not
worth actually doing the work yourself, but selling it with the consents needed to convert it?
p.s. We were going to call in today but didn't after Miss Bear said not too. I hope all is grand.... 
Spin 'er off Well...
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owelly
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| posted on 15/9/08 at 07:39 AM |
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Cheers folks.
The farm was a working farm but has been left to decay somewhat! The surrounding fields are rented to local farmers but its the house and buildings
I'm after. With the gardens and paddocks.
We've just sold a holiday cottage and that cash is converting the garage into a house. The garage is 5mx6m and three storeys high. For an outlay
of £40k the garagey house should fetch £160k. The current housey bit should be worth £250k.
The farm buildings are big enough to make four holiday lets and the views from the farm is astounding!
The house is big enough for me and all my (soon to be expanding) family and the farm would be somewhere to grow old. Possibly very quickly!
We know the holiday cottage market and it is good money if you get the right clients.
I'm off to bed now and then off to see the farms owner to talk pennies. Then off to the bank....
Thanks for the input folks.
Coosey, SB was a bit grumpy so calling would have found you a frown!!!
http://www.ppcmag.co.uk
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Benzine
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| posted on 15/9/08 at 07:43 AM |
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I'm willing to offer you £50,000 for a 20% stake in your business if one of the other dragons matches my offer
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chrisg
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| posted on 15/9/08 at 10:37 AM |
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I could lend it you but I haven't got change for a 500k note.
I used to live on a farm, that's an interesting little fact isn't it?
I ought to get some work done really, but I've just finished my elevenses and it's almost lunch time, so...........
Cheers
Chris
Note to all: I really don't know when to leave well alone. I tried to get clever with the mods, then when they gave me a lifeline to see the
error of my ways, I tried to incite more trouble via u2u. So now I'm banned, never to return again. They should have done it years ago!
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owelly
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| posted on 18/9/08 at 10:20 PM |
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And here's another slight twist to the problem.....
A farm just up the road from the one I'm looking at was sold at the beginning of the year. I had a look at it when it went on the market but as
my garage was miles from being started, never mind finished, I didn't persue it. However my mate bought it.
It was advertised at £460,000. He offered £420,000 and they accepted.
Since then he has spent over £80,000 on renovating the house (he's a builder so did the work himself with a few paid helpers). He's just
gone to remortgage and the farm has been valued at £300,000!!!! The bank hasn't revalued the house but used the original valuation.
So, if the value of such properties has fallen so much in the past few months, now could be a good time to buy. Unless the guy who owns the farm (and
several hundred other farms and properties around here!) still thinks things are worth the pre-crash price? Or he could wait until the market picks up
again. Which gives more time for others to find out about the property, or for me to get my arse in gear and get the cash together!!
What a quandry!!!
http://www.ppcmag.co.uk
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mr henderson
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| posted on 19/9/08 at 07:13 AM |
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Quandary indeed. Unless you can get the seller to sell at a current market price (As decided by the banks' valuers) then it would seem best not
to pursue it until things have settled down a bit.
Who are the main buyers for this sort of property? Do they attract rich Londoners looking for holiday homes?
With the state of the financial markets at the moment perhaps it would be best to wait a few months?
John
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owelly
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| posted on 19/9/08 at 08:30 PM |
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The property consists of a largish farmhouse, enough stone built barns to make 6 holiday houses and a granary that would make a fabulous three bed
house. All subject to the National Parks having a sizable back-hander....!
In addition, there are some brick build buildings that could be used for storage (about 20 caravans at £10 each/week) that would go some way to paying
the bills! And some stables and land to take £25/week/horse off the horsey types £35 in the winter.
These sort of properties are usually snapped up by developers who convert then into "Mews" properties and sell them for hods of money to
rich townies for holiday homes/tax fiddles.
I'll have to wait and see what the Estate manager says on Monday...
http://www.ppcmag.co.uk
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