Selling property adjacent to commercial property

sal_III

ACG wrote: »

Being opposite commercial property can be a problem, but a chemist? First on me.

If it were a pub/take away/off license/mechanics/knocking shop I could understand but a chemist!

I guess the risk here is the potential change of use. High street shops go under left right and centre these days. If at some point in the future it becomes fast food joint or betting shop it won't so innocuous as the chemist.

sal_III

Gomme wrote: »

But lending is the crux here, not resale. In the OP's case they bought and now there is (or was) a buyer-in-waiting. In our case we bought and now estate agents have no qualms there would be buyers if we were trying to sell. This is a problem created by lenders' newfound inflexibility.

And no such advice was being given at outset when we bought - then it just wasn't an issue.

It self-perpetuates. Because some lenders refuse to lend against it, it becomes harder to sell, as it becomes harder to sell more lender refuse to lend against it and it becomes a vicious cycle.

The fact is that currently the mortgage market is booming and lenders have little trouble finding better secured properties to lend against and can afford to pass on edge cases like this. I'm sure that there is a lender out there that will lend against it for the right price (interest rate)

LRmortgage

How big is the current mortgage advisors panel?
If they are tied to a relatively small panel of lenders they might not be the best broker for this scenario.
Some firms have only 5 or 10, some have 60 or more...

amnblog

I dont think we can rely on Estate Agents when selling saying resale is not a problem Gomme.

Thrugelmir

sal_III wrote: »

The fact is that currently the mortgage market is booming and lenders have little trouble finding better secured properties to lend against and can afford to pass on edge cases like this.

Nationwide contracted their lending books last financial year. Barclays likewise are tightening lending criteria. The only business worth doing is profitable business. Lending isn't like selling baked beans where you pile em high and sell em cheap.

ACG

sal_III wrote: »

I guess the risk here is the potential change of use. High street shops go under left right and centre these days. If at some point in the future it becomes fast food joint or betting shop it won't so innocuous as the chemist.

But that is the point, change of use is required. There is no guarantee it would be agreed. So I would be surprised it that would be a reason for it to be declined, especially a chemist - I have never known a chemist to go out of business.