Buying a property above shop for cashMake Text Bigger
We are in the process of buying a property above the shop on the high street. Although cash and a chain free purchase, it has already taken a very long time, but we are starting to see the lights at the end of the tunnel.
We are still discovering new things all the time. So, any advise would be much appreciated.
The property is above one of two units on the ground floor leased to the shop. The property consists of first floor flat with kitchen and bathroom and partitioned bedroom, much smaller than it sounds. Then on the second and third floor there is another 3 bedroom flat and the whole thing is sold as a refurbishment project.
We were until yesterday lead to believe that this is one property but it turns out that the council has this down as two properties (two separate council tax). The entrance to the property is rather unappealing to most as it is from the back and above the shop, which does not bother us. We are buying it as a cash purchase but it seems that this property will never be mortgage-able, which also does not really bother us as we plan to live there ourselves and we just fell in love with the location.
It is sold as 125 years lease again as cash buyers but on a very tight budget.
So, a list of our endless questions:
- As building insurance is arranged by freeholder who also owns the shop bellow; is there a way we can secure our investment and if so, how? Any insured risk covers freeholder not us?!
- We could not find out if property has been ever lived in and as we could see some shop lights through the floor boards we envisage problems with fire safety at least; who could we arrange to advise on this before we commit to buy
- We do not know the extent of the refurbishment and although we are not planning major renovation, are worried about planning requirements as it is in conservation area
- Then, suddenly only today we just by mistake found out that there is flying freehold (not the property that belongs to the shop, but one next to it?!)
So thank you if you are still reading and although I could go on, my question is: should we just walk off or see it through after all this time?
We are hoping to make this our first family home with small children and we still think this can all work out. As answers are being avoided by most of involved sides, are we being complete romantics that should have walked away long time ago.
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