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Would You Buy A Flat Above A Dentist

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Joey122
Joey122 Posts: 455 Forumite
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in House buying, renting & selling
So I am priced out of buying a flat in London at the moment - I have a budget of £120,000 and do not want to take a mortgage out

I ve seen a flat above a dentist being sold - From what I gather getting a mortgage on a flat above shops is difficult but possible (so selling it later might be tricky)

However has anyone looked closely at buying above comercial premises??

Apart from the remortgage problem what else needs to be considered?

What does the panel here think?
«1

Comments

  • C_Mababejive
    C_Mababejive Posts: 11,654 Forumite
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    I wouldnt buy anything above or beside a commercial outlet. Todays dentist could be tomorrows kebab shop/off licence/massage parlour
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
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    C_Mababejive wrote: »
    Todays dentist could be tomorrows kebab shop/off licence/massage parlour


    Sounds like one hell of night out!
  • 1984ReturnsForReal_2
    1984ReturnsForReal_2 Posts: 15,431 Forumite
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    C_Mababejive wrote: »
    I wouldnt buy anything above or beside a commercial outlet. Todays dentist could be tomorrows kebab shop/off licence/massage parlour


    Think discount......... :eek:
    Not Again
  • jenny74
    jenny74 Posts: 497 Forumite
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    Radiantsoul wrote: »
    Sounds like one hell of night out!

    LOL, Count me in!
    I love giving home made gifts, which one of my children would you like? :D :A :D
  • C_Mababejive
    C_Mababejive Posts: 11,654 Forumite
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    Three types of fillings..?
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • KiKi
    KiKi Posts: 5,377 Forumite
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    Getting a mortgage above a commercial property is not necessarily difficult at all. I lived above a shop for 5 years, and had no problems at all. It might mean that other people are less interested as buyers when you come to sell, but chances are many will be in the same position as you - first time buyers needing somewhere cheaper!

    What you should do is check the lease on the commercial property below the flat. The shop I lived above had a lease which stipulated it couldn't be used as a take away place, food store, bar etc, and it was an established newsagent which was hugely reassuring.

    Good luck! :)
    KiKi
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
  • Mike_Teas
    Mike_Teas Posts: 31 Forumite
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    With some lenders reluctant to lend on properties above commercial premises in the past ( during the boom times ), I would be very concerned about the future. Many lenders over the last 12 months have indicated a reducing appetite to lend on properties above commercial premises, flying freehold, short leases etc.

    Don think " Discount " think about whether you will be able to sell in a few years time
  • Gingernutmeg
    Gingernutmeg Posts: 3,454 Forumite
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    I don't think a dentist would bother me, but I'd definitely check to see what kind of commercial premises it is, and what it potentially could be changed to. I have no real idea about it, but aren't there some 'classes' of commercial premises that can't be changed to food retail outlets - and some kinds of food retail outlets that can't become a 'fast-food' kind of place?
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
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    I'd be very wary of buying above any commercial premises. An acauaintance bought above a fireplace shop some years ago. The business later turned into an adult book store. The result is that he has found it almost impossible to sell
  • jayss
    jayss Posts: 543 Forumite
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    Depends if said dentist is a regular victim of thieves after drugs.
    Also what hours they're open. Where your access is.
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