@Rihannon: A bit of an on the fence answer I am afraid finance wise unless I know a little more info, but the reality is it should not be any more difficult than getting a mortgage normally. A lender will look at your net income, outgoings and budget as well as a few more things these days including possible future changes in income. So as long as it is affordable and there is enough equity in the property you should be fine.
@Rihannon: Currently a very good question. A three bed house where you are is going to be into 4% SDLT territory and assuming you want bigger the costs of moving can now run to 8-9% of the total value of your property, huge and unaffordable for many. You are lucky in that you're in a location that'll most likely go up in value BUT attributing hope value to any household finances is iffy at best. You need to check whether others extend in your street, and if no one has dug a basement then I'd counsel against it insofar as many people would rather buy a bigger house in a street of bigger houses if you get my drift. Side returns and lofts are fine. Assuming you have enough equity in house then extra cash should be OK but be prepared for several hours on phone unless you can persuade Monty to help you. Having said all that the satisfaction of moving your family to a future proof house is immense and so long as you choose the right location gains over time could be greater.
@Rihannon: Always delighted to help :-)
@MickeyF: Good point, but is one exercising politicians who as usual are looking for quick fixes. Charging CGT on gains and levies on properties that can be sold without a buyer paying SDLT make sense but talk is leading to accusations of us not welcoming these people, people who spend big in the economy. Not sure the "Rich" in the past were quite as free spending either. It is extraordinary how polarising the debate is. I've been working in that a
@MickeyF: Sorry, gremlins here, was going to say I've been working in the area since the late 70s and there've always been a lot of foreigners about. It is perhaps more galling for those who live there and have done for ages as the face of some "villages" has changed but over time areas do change. People will always here about it as the press understandable love stories about crashed lamborghinis and £30m house.
I am trying to get a mortgage to buy a property above my shop but I'm finding it very difficult. Why do mortgage companies view flats above shops differently?
@Sarfraz: Hi, this is all to do with potential ease of resale and, dependent on the type of property can be very tricky indeed. If it is a fast food outlet, bar of any kind, restaurant or dry cleaners then chances are pretty slim unless it is in a very desirable area. Anything that could have noise or smells that put people off basically. If it is just a standard shop with work related opening hours then lenders such as Natwest may be able to assist. Happy to assist if you want us to look into it for you -
@Rihannon: Currently a very good question. A three bed house where you are is going to be into 4% SDLT territory and assuming you want bigger the costs of moving can now run to 8-9% of the total value of your property, huge and unaffordable for many. You are lucky in that you're in a location that'll most likely go up in value BUT attributing hope value to any household finances is iffy at best. You need to check whether others extend in your street, and if no one has dug a basement then I'd counsel against it insofar as many people would rather buy a bigger house in a street of bigger houses if you get my drift. Side returns and lofts are fine. Assuming you have enough equity in house then extra cash should be OK but be prepared for several hours on phone unless you can persuade Monty to help you. Having said all that the satisfaction of moving your family to a future proof house is immense and so long as you choose the right location gains over time could be greater.
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