Empty shop below flat being turned into pizza takeaway!!!

Alan_M_2

The change of use application should have been picked up in your searches surely? I would immediately be onto my solicitor and want to know why this wasn't picked up as these applications take some time so they must have been aware.

As stated, A3 use for retail premises is the most difficult to obtain, it substantially increases the value of the shop but decreases the value of any residential property above, put everything on hold and get onto this immediately.

greektony

what do you guys suggest would be the next step I should take? I'm a FTB and completely in at the deep end here. All your comments are really really appreciated as I'm not really sure what to do now. Just feeling really depressed, and want to go to sleep for a few days!

Bun

I agree with the above posters. this should have come up in your searches. I would have a strong word with your solicitor as to why it hasn't. You may have to calculate whether you lose money now or if you sell it. Bournemouth is full of fast food places, and I have had friends live near/above them. Obviously I don't know the layout of the building/road, but additional problems can be litter on the street from people eating, and rubbish bins full of edible refuse under your windows etc. (one of our roads had to have council intervention due to rats).Also are they shared drains as fat etc down it may cause trouble.Is it an area where people will hang around outside eating and talking loudly if they sell burgers and kebabs too?Will sound and smells travel through to you upstairs inside the building?If not you may be ok, but then again even if this works out you have this every time it changes hands.Sorry to be doom and gloom but I've tried to sell with dodgy neighbours and I can see you having the same problem later. I've a feeling most of our takeaway flats are rented to students

bionic_banjo

Dont know if this helps but when judging the financial effect of 'stigma'; you could apply the Government statistics that say propery sells for about 10% lower in the vicinity of a landfill site. In this instance you are not near a land fill or contaminated land, BUT you are going to have a similar stigma reaction due to smell and disturbance, and illiquidity of the property when you want to sell on - so applying a broad brush, you could take 10% off what you were agreed on before. DEFRA 2003 ‘A study to estimate the disamenity costs of landfill in GB.’

epz_2

i would walk away, the survay costs etc are negligable compaired to your potential losses.

firstly you are concerned about the effect living above such a place so will any other potential buyers so it is going to be worth less, harder to sell and you get the inconveniance of living over the place.

second appart from pubs fast food places i would imagine to be the worst place to live over, not only the smell which will be great in hot summers etc but litter higher insurance premiums and post pub kebab meaning noise even later than the pub shutting time.

also dont be put off buy the seller trying to shift thing along obviosly he wants to move it fast before a fast food and building site apear below his property. unless you are getting it well below market rate which it doesnt sound like it, you may want it but im betting there are loads of others out there just as good.

DawnW

You seem to be paying a lot of money for what would be a flat above a pizza shop (though this obviously depends where you are situated- it is quite expensive round where I am - M4 corridor - but flats, nice ones, are mostly cheaper than this, without the pizza shop. Is it really big?). You need to ask yourself 2 questions:
1. Is this where you want to live? You might not be able to sell it if not.
2. Is it a good investment, in a climate of rising interest rates? How much rent would it attract, if you were to let it out?

I personally would not want to live above a shop, as you don't know what business will take it on, businesses can come and go quite quickly. OK to rent perhaps, but not to buy unless you own the whole thing, and do it as a business on your own behalf.

Gorgeous_George

Walk away.



GG

gallygirl

Walk away. If the thought of it is putting you off the reality will put all purchasers off and you could be stuck with it.

DeepSporran

Walk away. Deep down you probably know that's what you should be doing without us telling you. As others have said, if you're having doubts, so will the next buyer when you try to sell. It's a lot of hassle to start looking again but that's what you need to do.

ashli_2

Hi Tony, I don't have any concrete advice regarding what would happen to the value of your property (though I imagine it would drop significantly) but I can tell you that my brother once rented a flat directly above a pizza place. If you can get through the late night noise and the litter, you still have to contend with the smell, which can be seriously oppressive in hot weather.


I have to say that I would walk away. This is 180k of your hard earned cash.

Two questions are significant:

1) Do you expect your purchase to be a good investment?

And

2) Are you reasonably assured that you will be happy living there?

I think in light of the situation, you can't answer yes to either of those questions, in which case it is an absolute no brainer. My sympathies for the loss of your fees though, as another FTB I am in motal terror of a similar situation. :rolleyes: