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Buying above commercial
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The property I'm buying, the surveyor never provided me with that
we just had the bank valuation which is anon 0 -
A few years ago I owned a commercial property ( let to Estate Agents) which had two flats above. This property was situated in SW London. I made the decision to sell the flats, but to retain the commercial premises. Selling those flats was a nightmare and the primary reason was that the lenders said 'no'. Through my own personal experience I would never recommend buying such a property - nice as it might be.
Good Luck OP in whatever you decide
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Did you rent them out before you sold them?0
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Stillunsure wrote: »Did you rent them out before you sold them?
The properties were Let and there was never a problem in finding tenants. Selling them was a different matter entirely 0 -
As others have said, buying above commercial premises can be an issue as it is harder to get a mortgage, and what is in the retail unit can change and may make a lot of difference to how saleable the property is.
If the downstairs is currently a chemist then you may find that makes a difference to your insurance costs as the shop may be a target for thieves (looking for drugs) which might have a knock on effect on the level of risk for your property.
that said, those things are presumably reflected in the price.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
Thanks for all your help, to update - pulled out of this as felt very uncomfortable.0
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I had a flat above an estate agents years ago and when we came to sell it fell through 5x so you have done the right thing0
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