21:18 PM, 23rd February 2015, About 7 years ago 4
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%.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleTigrent Learning - would you recommend this training?
Next ArticleTenant notice to quit - very confused, please help
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|