Shelter’s Income and expenditure figures highlighted13:57 PM, 4th February 2019
About 2 weeks ago 35
13:37 PM, 18th February 2015
About 4 years ago
Hi there, I’m Chris from Benfleet, Essex. I’m relatively new to property investing and am seeking some advice if anyone out there can advise me.
I have 3 BTL properties and 1 mixed commercial/residential property (a 2 bed flat and a shop below). I currently have this property on a repayment commercial mortgage.
I tried to change this to a BTL mortgage so I could get a lower rate than a commercial mortgage but as the property is part commercial I cannot do this.
I’m currently talking to the lender and they have just agreed to let me remortgage onto a BTL mortgage and at the same time split the title of the property into 2 separate properties.
I would then have no mortgage on the shop and a BTL mortgage on the flat so 1) I can get a lower mortgage rate and 2) It makes it easy if I decide to sell either property.
I was thinking of putting the flat on a new 125yr lease but my question is; am I best to also put the shop on a 125yr lease and have the freehold ground rent as a separate thing or am I best to just have the shop with the freehold or am I totally missing something else here that could work better?
Any advice/tips would be much appreciated.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“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|
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More