Moginie James... at home | Spring 2010

MEET THE EXPERTS...

NIGEL MORGAN

SOLICITOR

MLM CARTWRIGHT T: 029 2046 2562 www.mlmsolicitors.com

Q A

BRYAN LONG

CHARTERED SURVEYOR

ROGER NORTH, LONG & PARTNERS SURVEYORS T: 029 2048 4484 www.rogernorthlong.co.uk

I love my existing property and want to hold on to it, but we need to buy a new property in

the right catchment area for the school we have chosen for our children - what are my options to fi nance the new property?

Financial Adviser Neil Soundy of

NSFS says... There are three areas that have to be covered to confi rm

whether you can proceed to purchase an additional property:

• Firstly a fi nancial assessment will need to be undertaken to verify that your present income and expenditure matches any new lenders criteria and your budget

• You will then need to fund at least a 10% deposit on the new purchase, though the higher the deposit the more competitive the new rate will be. Your existing lender may consider a further advance to help towards your deposit

• You will need to contact your existing lender for “permission to rent”. Each lender has its own criteria - some may allow you to retain your existing rate, while others may increase the rate or request you switch to a Buy to Let mortgage. A rental assessment may also be required which can be organised by a lettings agent.

Good luck on the purchase!

Remember, your home may be repossessed if you do not keep up repayments on your mortgage.

YVONNE JONES

INTERIOR DESIGNER

CHAMELEON INTERIORS T: 029 2037 1277 www.chameleoninteriors.co.uk

NEIL SOUNDY

FINANCIAL ADVISER

NEIL SOUNDY FINANCIAL SERVICES T: 029 2115 9466 www.neilsoundyfs.co.uk

KATE HAYDEN

ARLA REPRESENTATIVE OF WALES

ARLA T: 01926 496800 www.arla.co.uk

Q

My children are refusing to leave home and we need more space to accommodate

everyone! We have an attic that we don’t use – how do I know if the space is suitable for conversion and would I need planning permission?

A

Surveyor Bryan Long BSC (Econ), BSC FRICS of Roger North, Long and Partners Surveyors says... An

attic conversion can provide much needed living accommodation at a fraction of the cost of moving. However, not all roof spaces are suitable for conversion and it is advisable you contact a Chartered Building Surveyor to perform a survey and feasibility study. Large open areas uninterrupted by timber supports offer the best form of space for conversion - which are normally found in older style houses. Modern houses are likely to be constructed with pre- formed roof trusses which can prove very expensive to convert.

Factors such as access, ceiling height and windows all have to be considered and it is advisable to contact the local Planning Department to determine if Planning Permission is required. The location of the dwelling can also have an infl uence - such as if the property is in a Conservation Area or is Listed. The extension will be subject to Building Control and needs to be designed and built in accordance with Building Regulations. Failure to do so may have an affect on the future value of the property. There are many specialist companies who carry out attic conversions and it is essential that the contractor is chosen carefully and references are obtained.

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