Ask a Law Question, Get an Answer ASAP!
Thanks for your enquiry.
Will you be running your business from home and if so, do you have planning permission to use it on a commercial basis or is your home purely a residential property?
What type of business do you intend to run?
I look forward to hearing from you.
I'm a driving instructor. My home is delapidated because my ex husband benefits from everything I do to improve it and I cant afford the additional mortgage to buy him out. The divorce was hostile. I want to make my home my business premises for my driving instrutor business and then use business loans to buy out my ex and make the improvements to my home that it needs
I replied but haven't had a response - do I need to respond again?
As your property is residential, you will not be able to raise any commercial/business loan against it, I'm afraid.
Even if you wish to borrow money for your business, the Bank will only grant you a normal residential Mortgage as the property is residential (making it a registered address of your business would not alter this).
You are therefore free to try and obtain a normal residential Mortgage, and if successful, these monies can be used to pay off your ex husband.
Please let me know if you require any further clarification.
If I have assisted, I would be grateful if you could leave positive feedback.