Commercial to Residential Change of UseMake Text Bigger
I am currently looking at a commercial property which is basically two three storey terraced residential type properties converted into offices by opening the adjoining walls to gain through access so the two adjoined buildings work as one use.
I propose to buy the building commercial building (2 x terrace three stories combined) and move my existing business into one side, then apply for change of use for adjoining property to convert in three 2 bed apartments (one on each floor), then in time convert the other side as well.
All the adjoining properties have been changed in to flats so I cant see an issue with change of use.
My main question is; as I’m buying it through my Ltd company for business, and then would have to convert to my residential ownership with my other rentals, how would this work? Would I have to sell it back to myself at a fair market rate or can I keep it under my Ltd trading company?
Also how much deposit will I need for a commercial mortgage I am accounting for at least 20-25%.
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