House with attached shop

[prishuby]

I would appreciate any help I can geton an unusual situation.

We own a house (4 bed) with small attached shop. We need to obtain a mortgage and are finding it difficult to do thi. The title of the house and shop is freehold, but the banks will not lend as it is not residential. When I tried to obtain a semi-commercial mortgage the broker said it was not possible as there was a shop involved, which totally threw me, as I thought this was precisely what a semi-commercial mortgage would be intended for. I then approached a commercial mortgage broker who said the property was not technically commercial as it was too residential due to the house.

I am now totally confused as to where to go next. I have tried our solicitor who does not seem to know how to resolve this sort of complex issue. I would have thought that some way of setting up leases on the house and ths hop separately would be a reasonable option, but no-one has suggested this to me. Surely I must be able to get a mortgage somehow

thanks
Priscilla

[jeffrey]

Yes. If the entirety is in joint names, create a lease of the house/garden alone (2 to 1, for instance). The sole-name leaseholder can then mortgage the leasehold interest independently. Send me an e-mail if you need help.