Mortgaging a house near a pub

MartialArtMan

We've sold our house and found ourselves a lovely little house not far from where we currently live which is a few doors away from the pub. We've weighed up the pros and cons off living near a pub and we're fine with that.

The issue we're having is that the lender which we tried to get our mortgage with (The Leeds) declined our application due to being too close to a pub. Our mortgage advisor has now approached Nationwide so fingers crossed they'll be a bit more reasonable.

Has anyone else come across this or can anyone offer some advice?

Wh05apk

Something lie this would be down to the valuers comments, if they state "near a noisy pub, which oftenhas trouble" the lender will naturally be cautious about the potential to re-sell, if they state "near a quiet village pub, in a sought after area" you should have no trouble.

Pehaps your broker could call the valuer beforehand to see if thy think it may cause a problem?

ACG

I remember reading on here (may have been Dave Ham?) saying that the leeds use a company who are quite good at being negative when it comes to valuations.

Wh05apk

ACG wrote: »

I remember reading on here (may have been Dave Ham?) saying that the leeds use a company who are quite good at being negative when it comes to valuations.

Don't they all?:rotfl:

WashingTime

How close is "too close to a pub"?

Seems barmy - is it just a set distance or is each case looked at separately?

holly_hobby

The proximity of the property to the Pub will determine the amount of possible disturbance at letting out time.

Obviously if you're within a couple of doors of the exit, then you'll get the full belt .... if you half way down the road then it will be difused slightly (i.e peeps having said their goodbyes directly outside the pub, and trundled off in their different directions for home, car doors slamming etc in the car park ... that kind of thing).

The reason why the surveyor has an issue with this, is the possible impact it will have on re-sale, not your own, but the lenders (whom the surveyor is acting for on a basic survey) and how it and the immediate vicinty ie pub, etc, measure up as suitable security for the lender (which essentially means how quickly will the lender will be able to get a decent price and buyer following any possesson order).

If it makes any difference, any property within striking distance of any commerical prems is considered more carefully, with aspects such as late trade, noise/smell impact (re food outlets/restaurants etc), potentially causing issues - as there can be a niche market for those peeps who would be happy to live in the vicinity of such businesses.

Speaking of which, you have to consider that if you have had an issue re survey, and if you do manage to buy it with a subsequent lender, whether later down the line your own potential purchaser will suffer the same issues, and whether they will be bother to seek an alternative lender, or just leave it be ... possibly leaving you somewhat at the mercy of cash buyers or those who strike lucky with the surveyor.

I'm sure its lovely, and the above may not be relevant, but just want you to consider all aspects before you commit yourself ...

Tip may be to pay a little visit to the road around weekend closing/letting out time, to get a unbiased view of what issues there may be re noise disturbance, that you may currently be aware of (after all the Vendor isn't going to spill the beans if there are issues!)

Just tread carefully and make sure the property is everything you hope it to be before you dive in !

Best of luck

Holly x

anotherginger

holly_hobby wrote: »

Tip may be to pay a little visit to the road around weekend closing/letting out time, to get a unbiased view of what issues there may be re noise disturbance, that you may currently be aware of (after all the Vendor isn't going to spill the beans if there are issues!)

I completely think you should do this. If you think there may be issues, you could put in a Freedom of Information request to your local council to find out how many noise complaints or antisocial behaviour complaints they have received in relation to the specific pub.

One of the main things that would concern me is that it might be a quiet local pub one day, then a new manager comes along and wants to liven it up.

Check you local council licensing website to check whether you can view the pubs license online for opening hours, kicking out time, type of entertainment they are allowed to provide etc. If it's not online I would ring them to clarify opening hours, including use of outside spaces (these hours can vary) as I wouldn't want to be living near to beer garden where people will be outside until 1-2am.

holly_hobby

Sorry .... that should be "currently UNaware of ... " ....

Thats also super advice from AG. - and very imformative !

We're saying, make sure you've done your homework (regardless of whether you obtain a positive survey for mge purposes), as we don't want you to inherit any issues the Vendor has (and may be the real basis of their sale) - remember our interests are for you and no one else.

Hope this helps

Holly x

MartialArtMan

We're moved in now and absolutely loving our new location. We were already fairly local to the area so had a good understanding of what we were letting ourselves in for. It's very nice.

Anyway just in case anyone else ever comes across the same problem the Halifax had no quibbles about being in close vacinity of a public house and happily lent us the money at an extremely good rate and they sent us a hamper for when we we moved in

TastyTeeth

Nice end to the story. Thanks for updating us. Glad it had the ending it did

opinions4u

MartialArtMan wrote: »

Anyway just in case anyone else ever comes across the same problem the Halifax had no quibbles about being in close vacinity of a public house and happily lent us the money at an extremely good rate and they sent us a hamper for when we we moved in

The Halifax Building Society was founded in a pub!

The Old C0ck Inn.

Followed 155 years later by a massive c0ck up!