Buying above a hotel

johnnyloco

Hi,

Seen a place i'm contemplating putting an offer on, the apartment is above a hotel fairly new build. I've read that mortgage companies can be funny about lending above a commercial property. Would you think they would be the same for a newish hotel?

Many thanks
John

GAH

Normally its places such as takeaways and resturants that are deemed to be highest risk because of larger potential for fire exactly.

Ultimately though each lender will assess each property on their own criteria, so if you are serious about offering on the property, speak to a whole of market broker. financial advisor and see what lenders will lend and obviously what the best rate will be for you as well.

Jebrelli

It's always worth considering what the hotel could become in the future - eg. if the cute cafe turns into a fried chicken shop, suddenly it's not such a nice place to live above. This, in addition to the hazard aspects mentioned by GAH, can put off mortgage companies simply because they don't want their investment ruined further down the line.

sooz

Would you want to live above a hotel, regardless of what a mortgage company says?

Residents bar open all hours
Lots of fire doors slamming shut
Bottle collections/recycling noise
Parking issues
Wedding parties

hazyjo

How many other flats above it? Would you have private access? Would it be likely people would end up ringing your buzzer for queries re the hotel or for late night access, etc?

Is it like a tall terraced kinda place, or over something independent in grounds somewhere? Sounds like a very strange sort of layout to have a flat over a hotel, just can't picture the sort of thing you mean!

Jx

lincroft1710

There is a highrise block built over a hotel in Bedford. Both hotel and flats are about 40 years old, and because of they adjoin the river and have commanding views, the flats aren't that cheap.

johnnyloco

thanks for the info,

the flat is on the 34th floor (first 20 are hotel) has its own residential access with a concierge so I shouldnt get any of the unwanted guests!

paddyrg

If there are zillions of other flats above the hotel, you could ask others who are there already?

Sounds nice, actually.