Mortgage for flat above an off-license....??

[newlandlord1]

One (hopefully) easy question to help me with a problem.
Is it possible to get a mortgage for a flat above an off-license shop??

Thanks

[jeffrey]

One (hopefully) easy question to help me with a problem.
Is it possible to get a mortgage for a flat above an off-license shop??

Thanks

In general, this shouldn't be a problem - some would greatly prize proximity of alcoholic provision! - but ensure that the flat is subject of a lease from whoever owns f/r of entirety. Lease should include not only "quiet enjoyment" covenant by f/r but also rights for you to enforce direct against offlicence tenant (likely to be noisy neighbourhood?)

[newlandlord1]

Thanks for the reply Jeffrey. Not 100% sure what you mean though?
The situation is that I am in the motions of buying a flat and the shop below (which will be let out to an off-license for the next 5 years) but have been told by my financial advisor that no lender will give a mortgage for the flat above an off-license.....

Any more help would be great thanks.

[jeffrey]

Thanks for the reply Jeffrey. Not 100% sure what you mean though?
The situation is that I am in the motions of buying a flat and the shop below (which will be let out to an off-license for the next 5 years) but have been told by my financial advisor that no lender will give a mortgage for the flat above an off-license.....

Any more help would be great thanks.

Advisor may mean that:
i. no advance because on top of offie; or
ii. no advance unless separate leasehold title (flat) offered as security.

[Pete Matthews]

Your advisor is correct in that you would not be able to get a standard residential mortgage to purchase both the flat and the shop.

You would need to clarify if the flat is to be let to a tenant seperate to the let of the shop. Are you intending to live there?

A commercial mortgage may be the only forward.

Try UKmortgageNET ON 01325354494


Chris
UKinsuranceNET

[newlandlord1]

Thanks for the advise. That is what my advisor told me, that commercial mortgage would be the only way to do it because no lender would risk lending on the flat with it being above an `unsociable' premises.
But the problem with this is that I would have to set up a business plan and it would take months for the whole process to complete.
Either that or paying cash for the purchase, which unfortunately I dont have the full amount.

To your question, both the flat and the shop will be rented out (the shop already having off-license tenant in place).

Thanks again

[jeffrey]

Thanks for the advise. That is what my advisor told me, that commercial mortgage would be the only way to do it because no lender would risk lending on the flat with it being above an `unsociable' premises.
But the problem with this is that I would have to set up a business plan and it would take months for the whole process to complete.
Either that or paying cash for the purchase, which unfortunately I dont have the full amount.

To your question, both the flat and the shop will be rented out (the shop already having off-license tenant in place).

Thanks again

Perhaps try Nationwide BS. At one time, it had a niche market lending on "LOTS" schemes ("Living Over The Shop", since you ask).

[Mortgage Expert]

There are many different ways to deal with this one. All I can advise is talk to various buy to let mortgage providers.

Regards
Lee Grandin
Landlord Mortgages