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Many lenders will exclude properties which have any sort of food/drink outlet in the same building, so even if they don't have a strict rule about it, it's understandable that a valuer has pointed it out as restricting marketability.
And selling retirement flats can be tricky in general (plenty of previous threads here with people having trouble) so I wouldn't consider them to be particularly mortgageable in the first place.1 -
Yes, the valuer is right to point out the issue. The trouble is that he said "commercial premises" without specifying what they are, and Canada Life have already said that a restaurant is not an issue. It looks as though the person who declined the application just noticed "commercial", but was not aware that this particular commercial use had already been factored in.
Yes, there is an issue with retirement flats, but again the firm was aware of this and could perfectly well have refused to consider the application in the first place.1 -
Have you had to pay anyone anything to make the application?danco said:Yes, the valuer is right to point out the issue. The trouble is that he said "commercial premises" without specifying what they are, and Canada Life have already said that a restaurant is not an issue. It looks as though the person who declined the application just noticed "commercial", but was not aware that this particular commercial use had already been factored in.
Yes, there is an issue with retirement flats, but again the firm was aware of this and could perfectly well have refused to consider the application in the first place.No reliance should be placed on the above! Absolutely none, do you hear?0
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