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Letter F
Flat over shop
This is were a flat is situated over
commercial premises. There are some lenders who will not lend on this type of
property as they consider it has limited appeal to future purchasers and may
therefore have a lower resale value compared to an otherwise similar property in
a wholly residential block. Any property that is located above commercial
property is found generally to take longer to resell than properties, which do
not have any commercial element. A flat above an off license is going to be more
difficult to arrange a loan on than a flat above a clothes shop.
The main reason for you to be wary of such a property is as the owner you have
no control within town planning limits over what type of commercial property is
below. You might buy a flat today over an office but that office can change a
few years down the line into something else such as a wine bar for example, this
would drastically affect the resale ability of the property.
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