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Can I buy a Commercial Property & turn it into a Residential Property?

I have been searching for months now (about 9 months) for an Apartment in the Clerkenwell/Shoreditch/Hoxton/ Spitalfields/Whitechapel area & am giving up hope. I've registered with countless Estate Agents, looked online at various websites that collaborate all Properties into one website, been to too many to mention buildings, houses, apartments and looked into auctioned properties and I'm considering, if it's possible to buy a Commercial Unit. What I'm looking for is a 2 bedroom Property, in the above areas, with outside space (not a Juliet Balcony), not on the Ground or First floor, unless it's a house at a budget of no more than £800,000. I have been shown the bottom of the barrel, the places no one wants to buy, hence the reason the properties I have seen are still on the market! (& people can't afford them as they are over-priced by home owners thinking they are worth that amount and greedy Estate Agents). My question is, is it legal to buy an office space (say on the 2nd etc or top floor) of a warehouse and convert it myself into a residential Property? I was thinking of making it into a live/work apartment, as the size of it would be great for a home/studio. The only drawback of course, is the amount of work/cost that would go into it building a kitchen/bathroom/wiring/restoration /council permits maybe etc, but this is something I am willing to consider. I am fully aware of the Recession, the Property Market problems, home owners holding back 6months to a year till they sell their property etc. and now might be a great time to buy, but if it is, why would you sell? I am looking for answers from people that have done this type of work before. If anyone knows the law of the land (U.K) when it comes to my question, I'd appreciate an answer. Only genuine answers please, answer if you know. No Guessing! Thanks.

Public Comments

1. You are talking change of use so you would need to submit full plans to get planning permisssion.
2. You certainly need planning permission for change of use.Speak to the local planning officer for the area and they will tell you whether they are pro or anti. The government is putting pressure on councils to increase the amount of residential properties so it's more than a 50/50 chance. It's very speculative to buy without consent so speak to the planners first
3. I assume you mean your budget is £80,000 not £800,000! Change of use is subject to planning permission. If you buy in an area that is mixed residential and commercial area then permission would be more likely. If the area is purely commercial then permission would be less likely. If planning permission is granted the actual conversion would be subject to building regulations. One major problem may be that an office above a warehouse may not be connected to suitable water/drainage/gas services for residential use. There may also be problems with having a residential property attached to certain types of commercial premises. You will certainly want to discuss how likely planning and building regs consents are before you commit to any purchase. You also need to think about how easy it will be to sell your property in the future. Just because you are happy to live above a warehouse does not mean that others will be. For the same reasons you may have problems getting a mortgage in these circumstances.