Buying Commerical Property

xenaneale

Good morning.
In a bit if a dilema - We have a house which is currently valued at £185k with mortgage of £155k. Behind the house is a commercial car garage (repairs cars rather than selling them). The landlady wants to sell the garage for £75k however we are struggling to work out how we can buy it as it is currently commercial use.

We want to buy garage and change use to residential so that we can have the driveway to the side of our house and all the land the garage sits on as our rear garden. Plan for the garage building to be used as a "Man Cave" for husband as well as the first floor as playroom and storage for the kids.

Have been investigating options as follows:

Can't use own house as only £30k equity and mortgage companies won't fund the "potential value" of the whole plot once garage has been bought.

BTL mortgage not possible as commercial property and not living accommodation.

Commercial mortgage out as have to find 50% deposit.

Parents have a mortgage free house but not sure how that can help us.

Don't know wnayone with the ready cash to buy it now so we can raise the money to buy at a later date.

Any suggestions would be grdateful at this point. The land and house used to be as a whole but were split off about 35 years ago. The other issue is that the land at the rear of the garage is contaminated land which may have an issue if we wanted to convert to residential.

Many thanks in advance.

AnotherJoe

Take this as harsh love - given you only have £30k in equity and few or little savings, you aren't in a position to be spending £75,000 on a drive, a garden and a man cave and playroom.

MyOnlyPost

https://forums.moneysavingexpert.com/discussion/5601332

AnotherJoe

Ah, I guess the OP didn't like the "pipe dream" replies in the other thread

Caz3121

AnotherJoe wrote: »

Ah, I guess the OP didn't like the "pipe dream" replies in the other thread

they crossposted on 2 different boards at the same time

xenaneale

I have been out all morning so have only just seen all the replies - its not a case of not liking what people have said! Disappointed that you think that is the case AnotherJoe especially considering this is my first ever post on here.

I value the opinions of all who have taken the time to respond as I would not have posted the original question without wanting some perhaps harsh truths.

I was hoping the people on the forum would assist in looking at it from all angles and give some contructive advice.

So thank you for those who have given constructive advice - it is appreciated.

AnotherJoe

xenaneale wrote: »

I have been out all morning so have only just seen all the replies - its not a case of not liking what people have said! Disappointed that you think that is the case AnotherJoe especially considering this is my first ever post on here.

Well, your second one since it was a double post

My apologies though, i didn't realise you'd posted the same question in two different forums at the same time, but it wouldn't have been the first time, when someone gets answers they dont like, they ask again elsewhere