Selling a property with holiday cottages
Sat, 11/26/2011 - 16:08
by egdirdle1I am selling a property with 3 holiday cottages all on one plot.
Buyers are running into problems with lenders as the lenders view
my property as part private property and part commercial.
Could I split the cottages from the house then the buyers could buy the cottages
with the cash they have avaliable, and apply for an ordinary mortgage on the
house, thus getting rid of the commercial blocking part?
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Appreciate any Input to my question about selling a property that Is part private property and part commercial (holiday cottages)
Well I can't see why they have a problem with it.
At the end of the day whom ever buys it all is buying a business with a home all in one place. No difference to buying a small hotel with a cottage on site. Surely you just get one mortage or if you have loads of cash you pay X amount of pounds up front and tell the bank you want X amount of a mortage to buy an on going concern / business.
Some of these lenders I think are just nit picking on the slightest things possible. If someone can afford to repay the mortage etc then what is there problem. It is like these credit reference agencies they seem to be a law to them selfs.
William