Commercial Property SIPP

iftikardin

Hi , Please bear with me this is my first post

I was wondering if someone could help me or provide general advise.

I own a commercial property in partnership with my two brothers. The property has a value of around £250K we have about £100K mortgage. There is no residential element to this property 100% commercial. I am 36 years old.

All three brothers have personal pension pots that would enable to buy the property outright in our SIPP

I have had a chat with InvestACC pensions who offer a Minerva SIPP that can hold commercial property, charges are
£400 per person annual fee for SIPP
£360 split between the three of us for the property
£50 split between the three of us a year if there is a mortgage

So that would be a total cost of £536 a year per brother to hold the property in our SIPP.

The questions were:
1) Are the charges competitive or can someone suggest a SIPP that they use which is cheaper? I haven't been able to find a cheaper one.
2) Has anyone got a SIPP with InvestACC? Are they good to deal with? Would you recommend them?
3) Has anyone got a commercial property in a SIPP and would you recommend this approach?
4) I understand that the SIPP would buy the property of us for £250K we pay the outstanding mortgage amount and the remaining monies are ours tax free as we will not be making any profit as we originally bought the property for £250K. Is this understanding correct?
5) Should I go through an IFA, this is not a requirement by InvestACC? If someone uses an IFA could you give me a rough indication of costs?

Any other advise and what to look out for would be much appreciated.

Regards
Mr D