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Buying a workshop for personal use.

Noram Posts: 3 Newbie

2 August 2017 at 1:37PM edited 2 August 2017 at 1:46PM in House buying, renting & selling

Hi,

Looking to purchase whats advertised as a light industrial unit. It would be solely for personal use for storage and working on my own car as I restore.

How would purchasing work for it? As its sorta commercial do i need a specialist mortgage? Use equity from my house with another mortgage perhaps? Deposit plus new mortgage? Or increase mortgage on home to fund purchase out right.

It's a freehold, sold as a vacant possession.

I've looked to see if business rates are applicable. The Valuation Office doesn't appear to have any rates on file for it but a similar property down the road from it has a rateable value of £2,750.

If purchased and solely used for personal use would business rates apply? How would i work out what i'd need to pay?

Many thanks.

I have done a fair amount of googling but all seems to focus on buying commercial as an investment and with SIPP, neither of which im doing. Potentially a mine field too!

Many thanks.

Edit:

Rateable value is 2750 potentially x 0.466p so suggests £1281.50. Would i be right to assume since thats under £12k no rates would be payable?

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