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We own the freehold of the property which was originally a very large Edwardian house.

We own the freehold of the property which was originally a very large Edwardian house. In the early part of the 20th century it was converted into a shop with large accommodation behind and above. We have let the shop on a year's licence until May 2014 but need to consider options regarding selling the freehold of the whole property or obtaining a lease for the maisonette, selling the maisonette while retaining the freehold and the small shop which rents out at £6,000 p.a. The maisonette is very large - 4 bedrooms (3 of them are large doubles), 2 reception rooms, kitchen, 2 bathrooms, a conservatory, a large garden and a loft. We need to release some capital at least from selling the maisonette but would we be better to sell the whole freehold or just sell the lease to the maisonette and continue to let out the shop? Thanks.

Asked on Jun 8 2013, Selling in Hove | Report content

Answers (2)

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  • You do not say if you have a mortgage on the property as the simplest way would be to re-mortgage the property and rent out the maisonette then you would have an income to cover the mortgage and you would benefit from any capital appreciation. If you are mortgaged on the property then I would consider selling a lease on the maisonette and keeping the shop and the freehold. In either case I would call in a valuer to give you a value for the maisonette and the freehold and ask their opinion on the saleability of the maisonette or the whole freehold

    Answered on Jun 11 2013, Report content
  • Go to a solicitors, get a masionette leasehold drawn up, then sell it. Keep the freehold as you are going to retain the shop leasehold. (opinion not advice though) Christopher

    Answered on Jun 12 2013, Report content

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