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Commercial property reinstatement problem

  • 07-10-2018 11:43pm
    #1
    holystungun9
    Registered Users, Registered Users 2 Posts: 2,933 ✭✭✭


    Hi all, I bought a vacant shop unit under a block of apartments. The whole building is about 13 years old. The commercial unit has been vacant for years but I see potential based on its location.

    I'm now looking to get my structure insurance. All the commercial units are excluded from the block insurance and the businesses pay no service fees. This was the deal on day one of the scheme.

    Now I am thinking about reinstatement cost and I figure I would have to include the four floors of apartments upstairs above the unit. I will be getting some advice but wondered if anyone knows of a similar situation.

    Is it possible to just value the reinstatement of my unit and not include the apartments above?

    Thanks


Comments

  • #2
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    Your solicitor will go through this with you, it depends on the terms of your leasehold (or freehold). Reinstatement responsibilities are normally detailed if you have any.


  • #3
    holystungun9
    Registered Users, Registered Users 2 Posts: 2,933 ✭✭✭holystungun9


    Just going to value to reinstate my shop.


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