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New financial product boosts farm building conversions

by on April 15, 2015

Glasgow-based Development Finance Ltd has launched a new finance product which is targeting the new permitted development regime in England, which allows the conversion of redundant agricultural buildings into housing without the need for a planning application.

While there are still planning procedures and regulations that must be met, such as noise impact, flooding risks etc, the new regime allows disused buildings of up to 450 square metres to be converted into a maximum of three residential units.

David Levitus, director of Development Finance Ltd explained “we have had an increasing amount of enquiries regarding development funding to convert farm buildings such as barns, sheds and byres which are no longer suited to modern agriculture”.

The company has created a brand new product – Permitted Development Loans. Levitus added: “This type of development finance is pretty specialised so we have launched a bespoke loan package that takes our clients through the lending and development process.”

Under the current arrangements the converted properties must be occupied by 30 May next year.

Development Finance Ltd confirmed it is being approached by increasing numbers of farmers and owners of derelict rural properties. The firm is also prepared to provide advice on reputable builders and development partners.

 

Roger Milne

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