House Purchase but discovered Planning Application nearby

morwok

Hi All,

Just looking for some thoughts on this. We agreed to a but a new flat in London but have just got the management pack through and found out there is a planning application in process to remove a car park close to it and redevelop 3 new multi storey residential developments.

It has been approved by the GLA in March it is just going through the local borough process and there are numerous objections but I think it will ultimately be approved.

They overlook a little and are not ideal but that it not the main issue which would be the two years of building/noise we would no doubt suffer. I am a little annoyed as I am not sure if we would have made an offer if we had known this and think the Estate Agent must have known and should have told us. If we pull out we will be out of pocket by about £2,000 with costs and fees paid so far.

I think we would have grounds to renegotiate a price (but even then we may pull out) so wanted to have some thoughts please.

Cheers

Hoploz

I'm afraid this is part and parcel of buying new build, esp in London.

Think positive - you've found out now, before you bought.

You are the only person who can make the decision, really. How will it affect you? Will it block the view you dream of, or is it just an inconvenience?

Will it affect the value of your flat in any way? I think that is the only grounds for renegotiating the price.

Either you're prepared to accept living there, or you're not.

Doozergirl

If I were going to put money on a new build going up anywhere in a town or city it would be next to a new build.

London is getting taller. There's so much coming down and going up higher. It's only going to continue. If you're already sitting in something high up - it's the perfect place to build next to something with precedent.

This is London. Surely the only protected view from an apartment block is being right next to the river.

Just bear it in mind for the next one if you drop out of this one.

morwok

Thanks for the comments. Yes in hindsight (and this is a good lesson) we should have searched (I checked now and it was the not the easiest to track down). It was a car park attached to a park so there would be no reason to suspect it would be demolished either....

I do believe though the estate agents knew this and should have been forthcoming with this information and it may now ultimately jeopardize their chain (which they control 4 of 5 sales I believe).

Hoploz wrote: »

I'm afraid this is part and parcel of buying new build, esp in London.

Think positive - you've found out now, before you bought.

You are the only person who can make the decision, really. How will it affect you? Will it block the view you dream of, or is it just an inconvenience?

Will it affect the value of your flat in any way? I think that is the only grounds for renegotiating the price.

Either you're prepared to accept living there, or you're not.

It is not a new build but all valid points we need to really consider the options now and as you say at least we found out now.

morwok

Doozergirl wrote: »

If I were going to put money on a new build going up anywhere in a town or city it would be next to a new build.

London is getting taller. There's so much coming down and going up higher. It's only going to continue. If you're already sitting in something high up - it's the perfect place to build next to something with precedent.

This is London. Surely the only protected view from an apartment block is being right next to the river.

Just bear it in mind for the next one if you drop out of this one.

Just to clarify it is not a new build an existing block next to a park with a car park (which is to be demolished).

eddddy

morwok wrote: »

I think we would have grounds to renegotiate a price (but even then we may pull out) so wanted to have some thoughts please.

If you think the new development reduces the value of the flat (or reduces its value to you), there's nothing to stop you renegotiating.

But equally, there's nothing to stop the seller refusing to renegotiate.

Also, bear in mind that further development might take place in the future.

FWIW - a friend owns a apartment in London close to the River Thames. For many years he had a great view of the river. Then a neighbouring low rise building was demolished, and replaced by a new high rise apartment block. So he lost his river view.

dc197

Did the sellers mention this on the property information form, or have you not received it yet?

marksoton

I'm not sure London is a place you should be living!

morwok

eddddy wrote: »

If you think the new development reduces the value of the flat (or reduces its value to you), there's nothing to stop you renegotiating.

But equally, there's nothing to stop the seller refusing to renegotiate.

Also, bear in mind that further development might take place in the future.

FWIW - a friend owns a apartment in London close to the River Thames. For many years he had a great view of the river. Then a neighbouring low rise building was demolished, and replaced by a new high rise apartment block. So he lost his river view.

Yeah very true of course they do not need to negotiate. It just depends what it is worth to us now and if we can live with it. That is very bad luck for your friend.

dc197 wrote: »

Did the sellers mention this on the property information form, or have you not received it yet?

It was on the forms from seller which is how we found out

marksoton wrote: »

I'm not sure London is a place you should be living!

Your sig fits...because we weren't expecting a car park for a public park to be demolished.....

marksoton

morwok wrote: »

Your sig fits...because we weren't expecting a car park for a public park to be demolished.....

Come off it, it's London. Anything and everything is up for development.

Either you want to live there or you don't.

morwok

marksoton wrote: »

Come off it, it's London. Anything and everything is up for development.

Either you want to live there or you don't.

I suppose this is fair comment however the area we are talking about if you could see you would never have thought it was reasonable to expect or even think they could plonk three 15 storey buildings when there is so much other space nearby that could be developed first. Money talks I guess when it comes to council's though.