House Extension

dubliner_8

Having failed to secure planning permission on a site on some land I own, I am now looking into the possibility of extending my parents home with a view to myself, my partner and child living there. My parents are elderly and are very much encouraging me to pursue this. The house is theirs, it will remain theirs but it is willed to me.

I do however see many potential pitfalls. The main one being can you actually get a mortgage to extend a home you do not own but will become yours in the future?
Also, how feasible is it to extend a home and still maintain two independent living spaces? The house is a 1970's bungalow in the country. Any feedback much appreciated.

BryanF

Your affectively building a granny flat. Quiet common. Do you want to be talked out of it? I'll give it a go: Terrible idea!! Many pitfalls!! including living next to parents/ in laws etc.

DOCARCH

BryanF wrote: »

I'll give it a go: Terrible idea!! Many pitfalls!! including living next to parents/ in laws etc.

That's if you don't get on with your family!!!

If you do....it's not a bad idea at all!

AFAIK, over the years, a few projects like this have been featured on Room to Improve, and, not simply a 'granny flats'...a bit more integrated but with independent living spaces within the same house.

As to funding a project like this, probably not the right the right forum to be asking on, or, you need to ask a bank/mortgage provider.

ainy

dubliner_8 wrote:

I do however see many potential pitfalls. The main one being can you actually get a mortgage to extend a home you do not own but will become yours in the future? Also, how feasible is it to extend a home and still maintain two independent living spaces? The house is a 1970's bungalow in the country. Any feedback much appreciated.

We have just gotten planning for the same thing. Our extension is basically a house but maintaing an internal access point to my mother in laws existing house. we will have completely independent areas. We currently live with my mother in law with our 2year old and are getting along grand so i have no worries about living there long term.

We had a meeting with the bank before undertaking anything and no they wont lend to you on something you don't have a legal interest in, ie your names need to be on the deeds before they will give a mortgage. We are in the process of transferring ownership at present and then will submit mortgage application.

Ggkoy

ainy wrote: »

We have just gotten planning for the same thing. Our extension is basically a house but maintaing an internal access point to my mother in laws existing house. we will have completely independent areas. We currently live with my mother in law with our 2year old and are getting along grand so i have no worries about living there long term.

We had a meeting with the bank before undertaking anything and no they wont lend to you on something you don't have a legal interest in, ie your names need to be on the deeds before they will give a mortgage. We are in the process of transferring ownership at present and then will submit mortgage application.

Hi. We are looking to do the same thing in terms of an extension with internal access point. Can i ask if both of your names needed to be on the deeds of the house to be granted a mortgage please? For example, if my partner only is added to the deeds of the house, would she need to apply alone/could we apply for a joint mortgage?
If you are first time buyers, did the bank consider you as such - as in a 10% deposit required? Appreciate any feedback.

ainy

Ggkoy wrote:

Hi. We are looking to do the same thing in terms of an extension with internal access point. Can i ask if both of your names needed to be on the deeds of the house to be granted a mortgage please? For example, if my partner only is added to the deeds of the house, would she need to apply alone/could we apply for a joint mortgage? If you are first time buyers, did the bank consider you as such - as in a 10% deposit required? Appreciate any feedback.

Hi, we had to transfer ownership in to both names and have a joint mortgage. we were first timers but as its a build, we had to have 10 % deposit and 10% contingency, in the end we had about 17 or 18% in total and they accepted that. That was with bank of Ireland.