profe ssional a dvice

‘if you don’t yet own the property you are looking to convert, see if you can make your purchase conditional on appropriate planning permission being obtained.

Check out whether similar conversions have been carried out in your area – you can look at successful planning applications online. Get up to speed on local planning policies, such as minimum flat sizes.

the new flats will need to comply with strict building regulations requirements, particularly soundproofing and fire-safety measures.

With any building project, there is always the possibility for costs to overrun, so make sure you include a decent contingency in your budget from the outset and discuss funding options with various lenders.

each property will need its own gas, electricity and water meters, so you will need to arrange this with utility providers.

Instruct a property lawyer to draft leases for the new flats – typically you would retain the freehold of the property and the flat owners would be long leaseholders. Ask them about any tax implications, too.’

Naomi rennard, head of membership, homeowners alliance