Hi All,
Me and My business partner run a semi successful (ltd) company with an average profit of around £125k a year (£170-180k turnover - this turnover has been pretty typical for the last 5 years or so). We are the only two employees of the company and neither of us have any personal debt other than personal mortgages.
We currently have around £140k sitting in the bank, I personally have around 45k in my bank account.
Just recently we have been looking into the possibility of buying a commercial property (very much a pipe dream) in the city..Just as an example this is for sale Its in a very nice and reasonably busy part of the city.
its has 231 square meters of space, 3 car parking spots, its rateable value is £19k, its rates payable is £8k. and a guide price of £395k
the idea is we get a mortgage, probably put £100-150k down as a deposit and buy the place with the intention of having a floor for our company and renting out what left. We are currently renting an office ourselves that costs us just under £7k a year.
So there are (Hopefully all) the details. Does anyone think im stupid, is it an unrealistic expectation, would a bank even give us a mortgage, and if so what kind of rate would we get, is there a stamp duty to pay, what kind of hidden and not to hidden costs might there be?
Basically I'm pretty clueless so any thoughts (good or bad) would be greatly appreciated!
btw...this particular building is just an example, I don't suspect we would by this one, but it is a good example of the kind of place I would one day like to own, and its local too us.
Me and My business partner run a semi successful (ltd) company with an average profit of around £125k a year (£170-180k turnover - this turnover has been pretty typical for the last 5 years or so). We are the only two employees of the company and neither of us have any personal debt other than personal mortgages.
We currently have around £140k sitting in the bank, I personally have around 45k in my bank account.
Just recently we have been looking into the possibility of buying a commercial property (very much a pipe dream) in the city..Just as an example this is for sale Its in a very nice and reasonably busy part of the city.
its has 231 square meters of space, 3 car parking spots, its rateable value is £19k, its rates payable is £8k. and a guide price of £395k
the idea is we get a mortgage, probably put £100-150k down as a deposit and buy the place with the intention of having a floor for our company and renting out what left. We are currently renting an office ourselves that costs us just under £7k a year.
So there are (Hopefully all) the details. Does anyone think im stupid, is it an unrealistic expectation, would a bank even give us a mortgage, and if so what kind of rate would we get, is there a stamp duty to pay, what kind of hidden and not to hidden costs might there be?
Basically I'm pretty clueless so any thoughts (good or bad) would be greatly appreciated!
btw...this particular building is just an example, I don't suspect we would by this one, but it is a good example of the kind of place I would one day like to own, and its local too us.