Straight forward residential mortgage or not?

mpg

Hello knowledgeable folk

We've seen a house that we love.
Its valued bang on market value of £350k.

However the current owner has been running a successful Cattery business from there.

They are selling the home and walking away from the business as they are wanting to retire.

We have just pulled out of another home as the survey showed a number of issues and the vendor wouldn't budge on price, And have an AIP.

However we are getting a few different stories on whether or not we can just get a normal residential mortgage as the current owner is not "selling" the business but giving it away with the house.

Any ideas
Thanks

amnblog

Sounds unlikely but cannot say for sure without knowing the property details.


You can waste money and time by going direct to lender on something like this.


A broker will be able to help you decide the funding possibilities.

Leon_W

If he's serious get the owner to close the business. A few weeks extra cats are not going to make a difference are they ?


As long as there are no cats and the land is not over an acre or so then I can't see a problem really.

mpg

Leon_W wrote: »

If he's serious get the owner to close the business. A few weeks extra cats are not going to make a difference are they ?


As long as there are no cats and the land is not over an acre or so then I can't see a problem really.

The owner is running it as a sole trader so its not a LTD Co. they just run a cattery in their garden. They have converted the garage into a reception and has signage.
However there is nothing to actually close down apart from having NO cats present when they do the survey

Leon_W

OK then.


The business is not really a business is it ? Sounds like it's just a few cats in a garden ! I get those myself ! (Dirty Barstewards)


Can't stand the things.

Thrugelmir

mpg wrote: »

The owner is running it as a sole trader so its not a LTD Co. they just run a cattery in their garden. They have converted the garage into a reception and has signage.
However there is nothing to actually close down apart from having NO cats present when they do the survey

What does the cattery in the garden consist of?

amnblog

No-one is going to secure a residential mortgage on a property with a business reception.

mpg

Thrugelmir wrote: »

What does the cattery in the garden consist of?

26 pens with indoor and outdoor access.

Licensed for 46 cats

The garage to the side of the house has been converted to the cattery reception area/office
Up/over door replaced with Double glazed unit and door And a big sign above the door.

There is a sign on the front boundary wall but nothing on the actual house.

The cattery business is completely separate from the house with its own access.

amnblog

If the 'Cattery business' is on the same property title it's a problem.


If it is not, and you are not buying any part of the property relating to the previous business you should have an option.


50 Reasons to use an Independent Mortgage Broker #51


https://forums.moneysavingexpert.com/discussion/5109933

mpg

Hi The property has had a cattery on site for 40yrs. The current owners bought it 9 yrs ago.
As far as I'm aware the cattery is not on the title/deeds etc.

After speaking to the estate agent again they don't believe their shouldn't be any issues with a residential mortgage They've had other interested parties who have struggled to get finance full stop.

amnblog

mpg wrote: »

After speaking to the estate agent again they don't believe their shouldn't be any issues with a residential mortgage.

I wouldn't put much store by that.


An estate agent will tell you that a Lego brick is suitable security for a residential mortgage if they have commission on it.