Split deed..help please

[Wannabe free]

HI again, The business I am looking to buy is a shop with living accommodation above. The deed is split.....residential upstairs, commercial downstairs. The Bank have said that it will be more complicated if they cant do it as a straightforward mortgage....would have to be commercial lending (I suppose at least for the bottom bit). The agent says that its the same price for upstairs as downstairs as the square footage is the same (plus the price of the business). Is there any choice as to how the finance can be organised...eg could they say the top is worth more to make it easier to get a loan on the commercial bit...or something similar? Any info greatly appreciated...seeing Bank Manager Thursday am. Thankyou.

[Joyous]

Not really my area of expertise but I can't see how you're going to get away from this being classed as commercial lending. The risks to the premises are greater than if it's use was purely residential as you'll no doubt have fixtures & fittings, electrical equipment as well as customers coming in and out.

There are brokers who specialise in this sort of thing so you're probably better off speaking to one of them. Try contacting Joel, his user name on this forum is 'inbakumar'. I'm sure this is his specialist area.

Regards

Joy

[Wannabe free]

Thankyou for that...one other thing I forgot to mention is that my husband will carrying on working full time which would have covered the monthly payments had it gone ahead as a residential mortgage.