Buying a flat above commercial - london

boliston

I would quite like the idea of living above a shop as long as there was not a "nuisance" element such as nasty smells (eg dry cleaner or fast food) or lots of noise (eg late night bar). The main benefit would be that the property would be in a handy location for shopping, and other things like places to eat etc and more likely on main bus or tube routes. With any sort of london suburb easy access to a tube or overground station would have a massive impact on the general desirability.

boliston

KiKi wrote: »

Just one last thing when I looked at the particulars - there's no bath, just a shower room. This definitely put people off my flat, and that was a one-bed. So just be aware. I distinctly remember my survey coming back saying that the main road and shower only would affect the re-sell, and I thought "well, I'm buying it, so clearly someone will want it" and it took me quite some time to sell in the end!!

Good luck, whatever you decide to do!

I thought shower room is pretty much standard for a studio - I have a bath with a shower above it but in 10 years I have probably used the bath about 2 times.

needhouseadvice

KiKi wrote: »

Just one last thing when I looked at the particulars - there's no bath, just a shower room. This definitely put people off my flat, and that was a one-bed. So just be aware. I distinctly remember my survey coming back saying that the main road and shower only would affect the re-sell, and I thought "well, I'm buying it, so clearly someone will want it" and it took me quite some time to sell in the end!!

Good luck, whatever you decide to do!

Where was your flat? Was that in London?

mugatool

I used to live in a 2 bed in Poplar above a clothing shop, until it was sold and turned into a fish and chip shop. The smell was overwhelmingly disgusting, and it would stay open late into the night. The sounds, the heat and the smell drove me away. I only rented so it wasn't a big deal for me to move out, but the landlord always had trouble re - letting it and I doubt it's mortgageable now. I would definitely check if the commercial premises can be turned into a food service place and if it can check how busy the hairdressers is. If it's not very busy/making a profit it could very well be sold in the future. I'll be honest if I were you I would try to find something a bit further out. If you're only really interested in getting onto the property ladder, then it's worth waiting it out and saving a larger deposit. London prices are falling and studio's very rarely appreciate in value.

hazyjo

LeagueOfWolf wrote: »

Yes you are right but what goes up must go down and what goes down must come back up....so essentially we're on a forever roller coaster ride of our lives! :T

I am happy to stay there I am excited I hope the property is mortgageable it's all starting to kick in my getting a funny tummy!!!!

Ahhh Woolwich has had such bad stigma over the years its nice to hear someone preferring it over another area I will always rep South East london

I used to live in Westcombe Park in the '90s (couple of stops along from Woolwich) and never minded Woolwich then. Even used to visit the High Street on occasion (and a little restaurant opposite the car park for the high street which has prob long gone) Most of it always had a very bright open feel to me - unlike Newham which just feels rammed and dirty. And I love that it's near Greenwich and Blackheath. There's really not much going for Newham other than it's fairly quick to get to Central London!


Jx

KiKi

needhouseadvice wrote: »

Where was your flat? Was that in London?

Brighton, so not unlike London - ridiculously expensive and somewhere people want to buy!

LeagueOfWolf

Thanks so much for your advise guys. Im not appointing/paying the solictor until I get a formal mortgage offer as I have to pay upright and I'm not 100% certain on that yet but I've told her about the property and credentials and I'm going to give her a list of things to look into based on your advise and the internet research if all goes well.

Just an update. I applied for a mortgage this morning with Halifax through the broker and I got accepted straight away they are valuing the property…TODAY!!! How is that possible for it to be so quick?? This does mean iif there are any issues/its not mortgageable I’ll know by tonight if they’re insanely quick, tomorrow (most likely) or this week at the latest.

…Plus I have 3 more viewings booked this weekend if not . Rather be safe than sorry

How exciting! WISH ME LUCK

hazyjo

Oh God, I spent all bloody weekend in Newham lol!


You would usually employ your solicitor before getting a mortgage offer.


It's a quiet time of year - will probably go in your favour.


The valuation may just be a 'drive-by' with comparable evidence. Are you having a homebuyer's survey done? That's a different more indepth thing.


I bought in April 4 years ago and had to wait a couple of weeks (with much chasing) to get the survey back!


Good luck.


Jx

LeagueOfWolf

Hahahah what was you doing in Newham?

And really?!?! Oh dear. I told her to call me back tomorrow afternoon. I know I can use her for another property if this falls through but it's 1 day I hope everyone will be able to wait :think:

I just paid for basic survey. It's such a small studio there's another flat upstairs should I have got the full building structural one? A drive by? They do that? The building is looking a bit sad I hope they go inside? :eek:

Omg 4 weeks for survey results I can't even concentrate at work or sleep at night . Look at me now. I'm on this forum during work hahaha :rotfl:

hazyjo

Other half's dad is in Newham Uni Hospital and all the family have had to try to make his home habitable - it's a job for Kim & Aggie (or maybe the demolition squad!). He's not let anyone through the door for years (lives in East Ham). I can't begin to tell you how bad. I've been scrubbing all weekend LOL...


Types of 'survey':


1. Just a valuation (required for mortgage/by bank) - yes it can be a drive-by or less, but they usually look round. Some will be more detailed than others.
2. Homebuyers (more indepth)
3. Full structural (hardcore!)


They prob can't do the latter anyway as it's a flat and they need access to the entire property.


Top floor flats are generally more desirable as you get less noise. Bear that in mind too if you have a shop below and a flat above! I would meet your neighbours too, just so you know what they're like - but obv people move home...


Jx