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  • FIRST POST
    • batman1985
    • By batman1985 10th Jan 19, 6:57 PM
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    batman1985
    Valuation refusal due to house being next to a public house.
    • #1
    • 10th Jan 19, 6:57 PM
    Valuation refusal due to house being next to a public house. 10th Jan 19 at 6:57 PM
    Hi,
    We are first time buyers with three children, the property we want is a bungalow next to local pub but raised up.
    The mortgage went fine till the valuation went ahead by natwest, they said the property has no resale as it's next to a pub. This sounds ridiculous to me and our mortgage advisor who is currently appealing against the valuation. Has anyone heard of this before, any help much appreciated. Thanks.
Page 2
    • Cakeguts
    • By Cakeguts 12th Jan 19, 12:34 AM
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    Cakeguts
    Is this bungalow cheap for what it is because everyone knows that it will be very difficult to sell because of its position?


    If you do buy it you won't want to spend any money on any improvements because you won't get any of it back as you will have to sell it cheaply to sell it at all.



    It is always going to be a cheap property. It will never be a property that you can make money on by doing it up.
    • robatwork
    • By robatwork 12th Jan 19, 10:10 AM
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    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
    • By kuratowski 12th Jan 19, 10:13 AM
    • 106 Posts
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    kuratowski
    pub closure rates have rarely been higher and this one may well not be around in 5 or 10 years
    Originally posted by robatwork
    But the pub could easily be replaced by another business - not necessarily improving the saleability.
    • Mr.Generous
    • By Mr.Generous 12th Jan 19, 10:19 AM
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    Mr.Generous
    But the pub could easily be replaced by another business - not necessarily improving the saleability.
    Originally posted by kuratowski
    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?
    • Homersimpson
    • By Homersimpson 12th Jan 19, 2:08 PM
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    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!
    Last edited by Homersimpson; 12-01-2019 at 2:12 PM.
    I have a lot of problems with my neighbours, they hammer and bang on the walls sometimes until 2 or 3 in the morning - some nights I can hardly hear myself drilling
    • robatwork
    • By robatwork 13th Jan 19, 7:04 PM
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    robatwork
    But the pub could easily be replaced by another business - not necessarily improving the saleability.
    Originally posted by kuratowski
    It could, but all the pubs near me bar (hoho) one have been turned into flats.
    • Crashy Time
    • By Crashy Time 13th Jan 19, 9:32 PM
    • 7,568 Posts
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    Crashy Time
    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.
    Originally posted by hazyjo

    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
    • By zagubov 13th Jan 19, 11:21 PM
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    zagubov
    It could, but all the pubs near me bar (hoho) one have been turned into flats.
    Originally posted by robatwork
    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.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • hazyjo
    • By hazyjo 14th Jan 19, 10:43 AM
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    hazyjo
    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?
    Originally posted by Crashy Time
    Many flats over shops are sold with the shops. Different (commercial) mortgages and terms. Not solely residential mortgages. Lots are let rather than sold.
    2019 wins: Bottle of Prosecco; Popcorn Shed popcorn...
    • davidmcn
    • By davidmcn 14th Jan 19, 11:06 AM
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    davidmcn
    So only the floor above say a baker would be hard to mortgage, not the other two or three floors above that?
    Originally posted by Crashy Time
    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
    • By ceh209 16th Jan 19, 11:19 AM
    • 783 Posts
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    ceh209
    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!
    Originally posted by hazyjo
    35% deposit, admittedly.


    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.
    Originally posted by davidmcn
    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
    Excuse any mis-spelt replies, there's probably a cat sat on the keyboard
    • lookstraightahead
    • By lookstraightahead 16th Jan 19, 11:42 AM
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    lookstraightahead
    I lived two doors down from a pub for years without a problem. My mum on the other hand lives in a beautiful mature new estate with lovely neighbours on a quiet road. However it's a cut through for the pub so often people wee and throw up on their way home. Depends what kind of disturbance you want.
    • robatwork
    • By robatwork 17th Jan 19, 12:18 PM
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    robatwork
    However it's a cut through for the pub so often people wee and throw up on their way home. Depends what kind of disturbance you want.
    Originally posted by lookstraightahead
    I hope they have the good grace to at least do them separately.
    • Crashy Time
    • By Crashy Time 17th Jan 19, 2:34 PM
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    Crashy Time
    I used to live above a pub, it was great, no taxis home required. Most local authorities are pretty tight on anti-social behaviour now anyway, and how many pubs use their 24 hour licence anyway?
    • Brock_and_Roll
    • By Brock_and_Roll 17th Jan 19, 2:48 PM
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    Brock_and_Roll
    I live next to 2 pubs - so close that I can walk over in my slippers, watch the footie for free, never have to buy any glassware, and still use my own wi-fi....and my lender is boring old Nationwide.

    Perhaps credit officers are getting a little nervous about the market and are using what little flexibility they have within their own employers policy to retract their lending horns where they can! As a banker, I have seen this many times over the decades!
    • Slinky
    • By Slinky 17th Jan 19, 3:29 PM
    • 5,820 Posts
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    Slinky
    I live next to 2 pubs and still use my own wi-fi....!
    Originally posted by Brock_and_Roll

    I'm surprised you haven't worked out a way of piggy-backing off the pub's wifi......
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