Have found a small commercial mill that we would love to buy and convert for ourselves (have lived in a freinds converted commercial building previously so know the pitfalls).
Only problem is that I need the usage changing to residential via a planning application for my mortgage company.
The planning application is for the building so the danger is the vendor pulls out once the planning application has been approved.

Has anyone else done this ?

Is this not something the lawyer handing the sale could sort out? As in the vendor signs to say they’ll sell to you at an agreed price dependent on the planning application and subsequent mortgage going through, and they’re only allowed to pull out if one or the other doesn’t go through.

I’m not sure this is actually a thing btw, just would have thought it was a possibility.

Yup, lawyer or other professional will advise. Aside from legals the planning dept may have local idiosyncracies.

Haven’t done it but believe that for supplies, utilities etc you will be entitled to a 5% vat rate.

Lawyer should be able to advise you but sounds like a conditional contract should be what your after. Commits both parties and lays out terms including the price and what triggers the deal to go ahead.

Chris

the danger is the vendor pulls out once the planning application has been approved.

You just make the obtaining of planning permission a condition precedent of the contract (buyer to use reasonable commercial endeavours, seller to provide reasonable assistance/consent to change of use/information, buyer to pay all costs, should specify a timeframe). That’s the easy bit. Difficult bit is getting change of use, persuading seller to wait for it etc. Also, if change of use is feasible and would increase value, why wouldn’t current owner do it? But there may be good reasons.