2:10 PM 05/08/2012
Hello. I own a two family brownstone built in 1899. No C of O on record, listed as a one family building by the DOB. It's been used as a two family for a long time (since before we purchased it). At least 10 years that I know of. I purchased the house with all cash two years ago, and I'm looking to get a refi mortgage now. I have tenants in the garden level, and the place has separate electric meters, though only one gas meter. there is a separate entrance for the rental unit. I plan on doing some major reno down the road which will require plans / a real CofO. But for now, we need to satisfy the lenders looking for the C of O.
I was told to seek a Letter of No Objection from the city to treat the building as a two family. I am assembling all required documentation for the Letter of No Objection, and have read that you can supplement the records with utility bills to prove it's being used as a two family.
My question is what is the treshhold that the city uses to make the call that it can be granted the 2 family LNO? Is it enough that I bought the place like this, and it's been used that way for a while, and is all set up for it? Do I have to prove some really long history of utility billing for the previous tenants?
Since you are using it contrary to what it was built as I would think DOB is going to tell you to legalize the property. Unless you can prove it has been like that for a very long time. It is worth trying as it will not cost much to do so.
4:06 PM 05/08/2012 | 0 Votes
I am a mortgage broker- active here on Brownstoner. If its set up like a 2 family- we should be good to go. I can get a letter from title to state that it was built prior to the issuance of CO's and thats that. The appraiser should appraise it as a two family.
Senior Loan Officer
Atlantic Home Capital
4175 Veterans Memorial Hwy
Ronkonkoma, NY 11779
Office: 631-687-3510 x106
Direct Fax: 631-918-5222
8:52 PM 05/08/2012 | 0 Votes
Do you finally get the letter of no objection? Thank you!
12:25 PM 11/01/2012 | 0 Votes