Press Release Summary = Proposed changes to the laws on planning permission and the planning application process may spell good news for British buy-to-let investors in the UK market. Last week, the government presented plans to modify the planning process. Among the changes mooted are the removing of requirements to get permission for extensions and conservatories - provided they pass a \"local impact test\".
Press Release Body = Proposed changes to the laws on planning permission and the planning application process may spell good news for British buy-to-let investors in the UK market. Last week, the government presented plans to modify the planning process. Among the changes mooted are the removing of requirements to get permission for extensions and conservatories - provided they pass a \"local impact test\".
In addition, it is proposed that a single, standard planning application form be created, with routine applications to be handled and resolved in a maximum of eight weeks, as opposed to the current upper limit of 16. Also, the government wants the applicant to be able to propose amendments to the application without having to submit a new form - and pay another fee. To this end, they have suggested that further funds will be allocated to local authority planning departments in order to streamline the process.
One major complaint levelled against the current planning system by many who have pushed an application through it is the expense - often increased or caused by the amount of delay involved in processing submissions. Stewart Lilly, president of the National Association of Estate Agents, told Telegraph newspapers that if people \"were aware of the exceptional financial waste within the current system, they\'d be quite astonished\". He added: \"We support anything that simplifies the process.\"
An improved - and cheaper - planning process would benefit UK property investors in a number of ways. The obvious benefit of a reduced-cost, streamlined and more transparent application process would make undertaking a project on a property more attractive. Following the receipt of planning permission, the investor could add features and improvements which would increase the value of the property.
Extra bedrooms would mean more rental income during the period that the property is put to use on the buy-to-let market. Should the investor decide to sell up, an extension - such as a larger kitchen - would add a substantial sum to the market value of the property, as would features such as a conservatory or loft conversion.
With property prices riding high at the moment, in part due to high demand and low housing stock availability, investors who have held their property for several years or more may be able to realise a significant profit on resale. In addition, an improvement work such as an extension may boost the value still further, representing a worthwhile investment on behalf of the owner.
2022
