May 16th, 2014
We have recently assisted where a long-standing commercial tenant decided that ownership was preferable.
Alison Gerrard is a very long established ladies’ hairdresser in Northwich, Cheshire who has traded from the same site for many years. The opportunity arose late in 2013 to purchase the freehold and Alison decided this was a good idea, especially as the property benefits from additional income derived from the residential rental accommodation.
She has now completed the purchase and exchanged a previous monthly rental for a mortgage payment which is considerably lower than the previous outgoing. She views the purchase as making a form of provision for her retirement. Having never borrowed on a commercial basis Alison was keen for us to be involved and says:
“I was introduced to Tim Bamber by my residential mortgage broker as the opportunity arose to purchase the freehold to my trading premises where I had been the tenant for over 16 years. Having not had any experience of commercial mortgages I wanted someone who could help and guide me through the whole process. Tim was responsible for putting together the funding proposal submitted to the chosen lender and very quickly obtained a very competitive offer.
“He also had to put in place some additional assistance several weeks later when an unexpected issue threatened to upset the purchase. Tim was involved from the start to the end of the process and kept me fully informed at all times, he has enabled me to purchase my trading premises and to place my business on a much more secure footing. His knowledge and expertise were invaluable throughout and I would have no hesitation in recommending him.‘’