Class Q Barn Conversion Finance
Carry out a lucrative barn conversion under Class Q permitted development with finance arranged by RangewellSpeak to one of our experts020 4525 5312
Finance for property
- Terms up to 20 years
- £50,000 – No Maximum
- Rates from 2% over base rate
- Tailored to your circumstances
- Purchase land, premises or investment property
- Commercial, Residential and Land
- Repayment and interest ony
- Individual arrangements
- Get loans to refurbish or develop disused property
- Specialist lenders that understand your needs
- Attractive rates of interest available
- All forms of development considered
Class Q Barn Conversion Finance
Turning farm buildings into luxurious property has never been more straightforward, thanks to Class Q rulings and easier access to finance through Rangewell.
Agricultural buildings typically promise opportunities for all kinds of development work – but some of the most attractive projects for property investors comes in the form of barn conversions.
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Barn conversion projects may intimidate owner-occupiers, who aren’t willing to navigate planning rules and complex development requirements. For investors willing to have patience and raise the appropriate levels of finance, however, they are incredibly lucrative and typically offer high ROI – provided you complete the conversion to exacting standards and within planning requirements.
Traditionally, planning permission for barn conversions has been a protracted, overly complex process. Changes to Class Q permitted development rules have now made it easier for investors who can raise adequate capital to invest in a barn conversion for resale or to let.
Here at Rangewell, we can help you understand the various financing considerations you’ll need to take into account when planning a Class Q conversion and then secure the right type of loan to complete both the purchase and any further works required.
Get in touch with our team today for a no-obligation chat about your plans, or keep reading to learn more about financing Class Q development.
Class Q Development: what does it mean?
Class Q is a type of planning permission exemption known as permitted development, where permission is said to be granted for specific types of project. Class Q specifies the conversion of agricultural buildings into residential ‘dwellinghouses’ and was brought into effect in 2014.
The most crucial part of the ruling is that the works must be a conversion and not a replacement. Investors can’t buy an old outbuilding and then demolish it, build something new and assume permission is granted. Instead, the project must be completed around the existing structural frame of the agricultural building.
In the case of a barn conversion, the building needs to have been part of an agricultural business and used for that purpose throughout its lifespan. Within the barn, no single living space can be more than 465 square metres – which means larger barns tend to have to split development into a series of smaller residential units to meet the planning guidance.
As an investor, you need to understand these permitted development rules because a lender will base financing decisions on whether you have planning consent or can demonstrate adherence to permitted development guidelines.
Investors should seek prior approval
Don’t commence with a property acquisition under the assumption that, because your conversion falls under permitted development, you don’t need any form of planning consent. Whilst you don’t need to submit a planning application in the same way you might for other works, you’ll need prior approval for Class Q projects – which you have to seek from the planning office.
To get prior approval, you’ll need to provide a plan showing your intended development, a risk assessment and a fee between £80-172. Some councils are more likely to refuse projects than others – so make sure you seek approval early to ensure you have time to rectify problems and get the green light before you seek finance.
Financing a Class Q barn conversion
Before you can apply for finance, you’ll need to get prior approval and have a plan in mind. That plan should clearly outline the type of conversion you want to carry out – which will generally be to create a number of dwellinghouses using an existing barn’s frame.
Most barns can accommodate 3-5 homes, depending on floor space – but you’ll also need to consider parking, facilities and other living requirements that will impact the final property’s value in the eyes of buyers or tenants.
Finance can take many forms – from bridging loans to help you secure a property at auction through to development finance that offers staged payments as you develop the barn. In most cases, however, a more general commercial mortgage can help you invest with confidence and give you more stability over your capital.
Talk to Rangewell and we can help you overcome all of the challenges associated with financing a Class Q-permitted development project. We’ll identify lenders who specialise in barn conversion loans and negotiate on your behalf to secure the best rates and terms to suit your goals.
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