Valuation refusal due to house being next to a public house.

robatwork

Quite a few warning posts here.

However if you can get it cheap cheap because of its mortgage problems, pub closure rates have rarely been higher and this one may well not be around in 5 or 10 years so you may get a bargain that will appreciate.

Is the pub busy?

kuratowski

robatwork wrote: »

pub closure rates have rarely been higher and this one may well not be around in 5 or 10 years

But the pub could easily be replaced by another business - not necessarily improving the saleability.

Mr.Generous

kuratowski wrote: »

But the pub could easily be replaced by another business - not necessarily improving the saleability.

With the latest 'great' idea of stopping 6 months or less prison sentences the government are going to need a lot more drop in centres for offenders, maybe all the empty pubs could be utilised? :j

Homersimpson

I went and looked at a house next to a pub about 10 years ago, nothing about the particulars or the agent mentioned this and as soon as I turned up and saw it I knew there was no way I would buy it.

As the vendors had already seen me pull up I thought it polite to walk around and during this I asked them if they had any trouble with the pub and they said 'not since the new landlord came'.

There in a nutshell is the problem, some pubs will be ok, others won't be and sometimes it will be fine until a change in landlord or vice versa.

With the smoking ban you will get a lot more outside noise at night (you do with my local).

The main consideration is that it will put a lot of people off so if you ever need to sell it your market (and hence price) will be reduced. If you do have issues with noise and report this to the council then you have to tell any purchaser about this who almost certainly will pull out.

My advice is run!

robatwork

kuratowski wrote: »

But the pub could easily be replaced by another business - not necessarily improving the saleability.

It could, but all the pubs near me bar (hoho) one have been turned into flats.

Crashy_Time

hazyjo wrote: »

Health and safety some of the time including fire/chemical risks, shared entrances, desirability other times. Having say an 'artisan deli' or something might be desirable - fast forward a year and it's an Indian takeaway, it can devalue the property. Risk to the lender as much as the owner.


Things like dry cleaners or even bakers below can also make it extremely hard to mortgage.

So only the floor above say a baker would be hard to mortgage, not the other two or three floors above that, say in a typical High St. in London, because otherwise a ton of people must have difficulty getting mortgages?

zagubov

robatwork wrote: »

It could, but all the pubs near me bar (hoho) one have been turned into flats.

That sounds like what's happening in our part of London. Actually when I first moved here over thirty years ago London had 7000 pubs; now it's got a bit over 3500.

And the housing that replaces them doesn't always go to real residents.

hazyjo

Crashy_Time wrote: »

So only the floor above say a baker would be hard to mortgage, not the other two or three floors above that, say in a typical High St. in London, because otherwise a ton of people must have difficulty getting mortgages?

Many flats over shops are sold with the shops. Different (commercial) mortgages and terms. Not solely residential mortgages. Lots are let rather than sold.

davidmcn

Crashy_Time wrote: »

So only the floor above say a baker would be hard to mortgage, not the other two or three floors above that?

Other than there being slightly less noise disturbance I can't see what the difference would be on upper floors. All the other considerations still apply.

ceh209

hazyjo wrote: »

What was the LTV? If you had a large deposit, it would have been seen as less of a risk to the lender with you taking the hit rather than them if it was say turned into a drive-thru!

35% deposit, admittedly.

davidmcn wrote: »

That could be even worse - I'd prefer the drinkers to be in a nicely soundproofed internal space! As with other commercial outlets it can be difficult to predict future changes - the quiet pub might suddenly decide to introduce live music, karaoke or late-night functions, or the beer garden could be a handy place to build an extension. And even the quietest places are going to have smokers congregating on the pavement etc.

The layout and exact location of the house and the pub mean that won't be an issue for us, but I agree it's something for the OP to consider