Flat purchase - above commercial premises - problems?

Richard_Webster

It isn't the type of shop, as others have said - but rather the fact that lenders tend to be less happy to lend on flats over shops. You may get a mortgage from a lender now and find that the same lender changes its policy to exclude such flats and your buyer can't use them, or the lender hasn't changed it's policy but your future potential buyer cannot get a mortgage from that lender because he doesn't satisfy their income/credit requirements etc.

snezhinskproject

Richard Webster - thanks - that was in fact what triggered my concern originally, when I asked the broker and the mortgage he originally recommended wasn't available. It only would have cost me 0.1% in terms of the rate, but it cut down options on things like overpayment facility, etc.

What swung it in the end was less about the "chippy" scenario but the relative difficulty of selling - cutting down on the potential buyers and their ability to get finance. Altho part of the attraction as someone has mentioned was the possibility of not having any noise to contend with after 5.

Thanks all, have let this one go!

nollag2006

I know of some one who bought a flat above a fireplace shop some years ago - it is now an "adult book store". Never buy above commercial premises