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Buying a flat over a shop...

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Comments

  • beeb_boy
    beeb_boy Posts: 43 Forumite
    Hi all

    I am looking to buy a 1 bed flat over a pet shop. It has take aways near it but not underneath. It is on the market for £60k. Do you think I will be able to get a mortgage for this?

    The pet shop has been there years so I don't think that will change and I can't see me finding anything else for that price elsewhere.....

    thanks for any advice!:confused:
  • cattie
    cattie Posts: 8,841 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It's not just take-aways you need to worrry about, but cab offices too. Imagine what the noise is like outside one of those on Friday & Saturday nights when everybody is tanked up & wanting to get home pdq .
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    BobProperty wrote: »
    You may also be limited as to who will lend on this and how much LTV you can get.

    Remember that if YOU CAN get a mortgage from a lender, particularly a big mainstream lender, your potential buyer may be hoping to stretch income multiples, LTV etc and his lender may not be happy with it being above a shop.

    As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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