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INC Law
INC Law, Solicitor-Advocate
Category: Property Law
Satisfied Customers: 14255
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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Looking to buy a building with a shop underneath and a flat

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Looking to buy a building with a shop underneath and a flat above. It is freehold. I’d like to buy the shop with my Sipp and the flat with a mortgage. What Is the best way to go about this? Can I split the deeds and if so roughly how much would this cost?

Hi,

Thank you for your query. You woul be able to split the title, provided the lease for the upper flat is drafted correctly, this should not be a problem.

I would strongly suggest that you instruct a solicitor to do this for you. The cost of drafting a Lease would be approx £1500. The split of the title would be approximately £600 plus VAT.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Many thanks

Customer: replied 4 days ago.
Thanks - given that I haven’t obviously bought the building yet, then could this be done by the current owner in advance?

Hi,

Yes, definitely especiallif there is no mortgage or even of ghere is, he can prepare all the documents and the do it upon completion.

As I have answered your original question, kindly rate the answer and provide feedback.

Your question will not close and I will be happy to answer any follow up questions.

many thanks

INC Law and 2 other Property Law Specialists are ready to help you