Best financing route - buy, split, sell residential property

[youngsyr]

A one bed flat near me with a detached garage has come up for sale.

I want the garage, but not the flat.

The current owner will only sell garage and flat combined.

I have the cash for the garage, but not the entire flat.

If I were to buy the entire property, split the garage off and then sell the flat on its own, what would be the best way to finance the additional c. £170k for the purchase for a few months?

I have a very good credit score and a mortgage on my own home with around 25% LTV.

Thanks all!

[cossy400]

Sarnie will be along shortly

[Cats_pyjamas]

Things I'd be looking at;

Solicitor costs
CGT implications/complications
Stamp duty costs (+3% for second property, not sure if you could claim this back in this scenario).
You're easily looking at £10k in costs and fees, then there's the affect on property price, and risk of a falling market.

Are there not garages in the 20-30k range in your area?

[youngsyr]

Cats_pyjamas said:

Things I'd be looking at;

Solicitor costs
CGT implications/complications
Stamp duty costs (+3% for second property, not sure if you could claim this back in this scenario).
You're easily looking at £10k in costs and fees, then there's the affect on property price, and risk of a falling market.

Are there not garages in the 20-30k range in your area?

This garage is 10 seconds walk from my house, which obviously makes it very appealing.

I could potentially even run power and Internet to it.

Garages in my area are typically around the £20k mark. I would gladly pay double that for this one.