Flat massively devalued by commercial premises

Guilefox

• We bought a 2 bed flat in riverside town near Thames. (market is booming here). Most peoples property has gone up 25-40%.
• Bought for £200k, 8 years ago.
• Renovated to high standard since.
• Also renovated communal entrances and hallways.
• Council approved planning last year for a bookie and a pizza takeaway. (9th in town)
• Leaseholders fought it, Local MP, local community we all lost.
• We even had to contribute to drainage refit costs!
• Went to remortgage last week
• Surveyor said oh dear scratched beard, most lenders wont lend to property above dominoes!
• Value comes back at £200k after 8 years.
• Most flats (2 bed out of town) SOLD at over 250k, even one we also used to own which we sold for 185k 3 years ago sold for 250k.
• Zoopla estimate for street is 850k average, 250k for flat.

Is this really it? That large companies and council can come in and dump this unwanted business on your doorstep and financially cripple the leaseholders? And we have absolutely no come back to them or the surveyor?

Mallotum_X

as per your other thread - https://forums.moneysavingexpert.com/discussion/5060106

If its an unwanted shop it will close down pretty fast as it wont have any customers. But basically yes the landlord can rent the shop to who ever they choose, its got planning now, so not much you can do.

How have you been financially crippled? your property is still worth what you paid for it.

harrys_dad

Why have you started two threads???????

Guilefox

Sorry wonder if I can delete this thread. I thought the first one hadn't gone through and id lost all my paragraphs hence I rewrote this all out in one lines!

I guess we are not financially crippled. We were relying on taking out some equity to clear some debt but gutted to find we have barely any after 8 years.