General (main property discussion here) - Help with Buy to let mortgage

Hello,

I am looking to buy a house that has been converted into 4 self contained flats. total gross investment return p/a is 21k. 3 of the flats have tenants in them.

What do lenders require in terms of AST, freehold/leasehold arrangements. I will own the freehold, but will i need to split the deeds or issue leases etc? ? ? ? I am really stuck?

I have been told by one lender that they will take the whole freehold house as security so long as there are 4 long leases.... What does this mean?

Regards

J

when lenders say long leases, they need the lease of each flat to be longer than the mortgage term, eg 99year lease, the person who convert the house should have done seperate leases to each flat, are they selling you the freehold of the building making you the landlord (holder of the leases to the flats)? or are you just buying the leasehold of the flats? and the seller is still the freehold of the building?

Thank you.

They are selling me the free-hold of the building making me the landlord as I will own the house with sitting tenants?

Each flat has an assured short-hold tenancy agreement