Shop & Unit - Separting title

[Andrew L]

Shop & Unit - Subdividing/splitting title

Hi Everyone,

A question on behalf of a friend, She owns a commercial property or mixed use according to the title that has a hairdressing salon downstairs and a small 2 bed unit upstairs. Its in Sydney on the northern beaches and is in a local shopping strip with about 7 or 8 other joined buildings

At the moment the power is separated but the water is joint. She currently lives upstairs in the unit and has come to a point where she would like to move away and buy elsewhere.

I'm suggesting she separate the title increase the value and refinance against the two new titles and buy a PPoR to live in while the shop and unit are easily enough to cover the new mortgage.

Can someone help me with costs and potential issues of pursuing a splitting of the tittle.

Cheers

Andrew

 

[Ridin-High]

If she contacts the local council they can probably assist with telling u how much $$$ u up for

 

[jrc]

Fire rating for separation between commercial and residential may be an issue

 

[SYD]

I cannot help you with issues splitting the titles.

But your friend wont be able to deduct interest if the purpose of the loan is to purchase a PPOR.