Freehold to Split Lease Issues

Freehold to Split Lease Issues

10:15 AM, 8th February 2015, About 9 years ago 16

Text Size

Are there any issues I should be aware of as I plan to split the freehold of a shop and flat (separate entrance) into two leases. The aim is to immediately remortgage the flat as a B2L and get it rented out. I complete the purchase on 25th Feb and need to get loans paid back mega quick!

My planning experts have confirmed its in Permitted Development area so the Planning Department request has already been submitted for the shops conversion back to a flat.

Oh and I plan a 3rd floor extension as soon as the 2 flats are sorted … Freehold to Split Lease Issues

Cheers

Allan


Share This Article


Comments

Mark Alexander - Founder of Property118

9:23 AM, 10th February 2015, About 9 years ago

Reply to the comment left by "allan wadsworth" at "10/02/2015 - 09:21":

Hello Allan

Please see our "House Rules" >>> http://www.property118.com/house-rules-business-sponsorship/
.

Charlotte McDuff

9:36 AM, 10th February 2015, About 9 years ago

Thanks Allan got your message

AllanW

12:55 PM, 10th February 2015, About 9 years ago

Hi guys, Happy to follow house rules - didn't know how to give Charlotte the info she asked for though - Sounds silly but how should I have done it?
Cheers
Allan

Mark Alexander - Founder of Property118

13:17 PM, 10th February 2015, About 9 years ago

Reply to the comment left by "allan wadsworth" at "10/02/2015 - 12:55":

Just send an email to us and where appropriate we will pass it on.

The reason we have this policy is to avoid all and sundry using Property118 to openly or even covertly market businesses. As I'm sure you will appreciate, if we allowed that to happen then our sponsorship packages would be unattractive. Without sponsors Property118 would not exist.
.

AllanW

17:33 PM, 10th February 2015, About 9 years ago

HELP Please.
My IFA says buy the unit (a shop and flat) using my company then lease it to my wife for £1 for the shop and £1 for the flat. - Thus the IFA can get me a commercial mortgage.
My accountant says - Don't do that unless your happy to pay the capital gains tax!
instead sell the flat and shop at full market value to my wife and just have the freehold residual value in the company.
I have exchanged using my company to pay the deposit so my solicitor says - you must complete using the company unless he gets agreement to change buyer from the selling agents.
Neil advised if I buy in my name I cannot split it as id be both leasor and lessee
Hence I thought to exchange using the company..
Anyone feel like putting me out of my misery?
Allan
PS. Completion is 25th Feb. Funds are all personal via friends and family not mortgages nor bank loans.
.

Alex Maguire

10:59 AM, 19th March 2015, About 9 years ago

Hello,

I have started to look into a similar arrangement and was wondering how this panned out?

Did you get it sorted?

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now