Latest news with #flat
Daily Mail
a day ago
- Business
- Daily Mail
We're tempted to buy a flat above a Post Office but will it be a mortgage headache or hard to sell in the future?
My husband and I have found a flat we really like. It seems like reasonable value compared to other homes in the area. However, we have one major concern... the flat is located above a Post Office, which is possibly why it is a little more reasonable than other properties in the area. The flat itself is leasehold with 188 years on the lease and the service charge is £1,000 per year. But should we stay clear given that the property is above commercial space? We are worried that a Post Office could change to something else in the future, like a restaurant or takeaway which could be even more disruptive and present a fire risk? Will it also be possible to get a mortgage on it and could it be difficult to sell in the future? Ed Magnus of This is Money replies: When it comes to buying a home, often the biggest challenge is compromise - there is likely to always be something that holds buyers back. The human brain is hardwired to look out for threats and even those who find their perfect home, will likely spend a lot of time pondering over potential pitfalls. But it's great you have found a property that both you and your husband really like and feel is reasonable value for the area - that's the hard bit to get right. A 188 year lease is long enough not to worry and the service charge is relatively low, so that's also a positive, albeit you need to find out what the service charge is going towards, and whether it can be increased - and if that increase is capped. The average annual service charge for a flat in England and Wales was £2,300 in 2024, according to analysis by the estate agent Hamptons - so it's fair to say this is well below the norm. You are right to question about the flat being located above commercial space, given this has some potential to impact getting a mortgage and the ability to sell in the future. Given it is a Post Office, it would be worth checking it's opening hours and perhaps spending some time looking at how busy it is during the day - if that concerns you. In its present form, a Post Office below the flat should not cause an issue on the mortgage front, but as you say, there is the potential for it to change into something else in the future. For expert advice we spoke to Luke Thorne, associate director at mortgage broker SPF Private Clients, Amy Reynolds, head of sales at Richmond estate agency Antony Roberts. Will they be able to get a mortgage? Luke Thorne replies: While most lenders would generally consider lending to someone buying a flat above commercial premises, such as a Post Office, this is always subject to specific review from the bank surveyor. Some lenders will restrict the loan to value available where a flat is located above commercial premises, so this may mean that a higher deposit is required by any potential buyer. The type of commercial is particularly important and anything that could be detrimental to the saleability, such as noise, smells and extended opening hours, which for example could be associated with a café, restaurant or fast food outlet, which are likely to be treated more cautiously by the lender. Having 188 years left on the lease is fine. Lease length becomes a greater concern once the lender can only see say 85 years left at the time of stating the mortgage. Once that figure is hit, that's when lenders' appetite falls away and fewer options are available. While we are unaware of the property value and the conditions within the lease, £1,000 would not seem to be too onerous a service charge. However, this will be commented upon again by the valuer and the lender will incorporate any comments made that could affect the future marketability of the property, into its lending decision. What the borrower should also ask is if there is any ground rent applicable to this property. If there is, detail about value and review period should be ascertained as again this may impact the lending options open to the purchaser. Will they be able to sell in the future? Amy Reynolds replies: You're absolutely right to ask the question – flats above commercial premises do tend to be priced more competitively, and buyers often wonder why. The answer is that they can be harder to get a mortgage on and that affects the audience we can sell to. However, Post Offices are generally viewed more favourably by mortgage lenders compared to, say, a takeaway or pub - they're considered low-impact in terms of noise, smells, and foot traffic. The concerns about what the unit below might become in future are valid. There are rules around change of use, but these rules do change over time. We sell plenty of properties over commercial and would sell plenty more if lenders would take a different view of the risk. Provided it's a well-run building, priced sensibly, and in a good area, there will always be a market for it. It's just about going in with your eyes open, which you clearly are. Could a Post Office branch be changed to a restaurant or takeaway? Ed Magnus of This is Money replies: You'd hope that the Post Office branch below this flat will continue for a long time to come. The Post Office has sayid it is committed to maintaining its current level of Post office branches. That said, nothing is ever certain - and in November last year, The Post Office confirmed it will be axing 115 branches from its 11,500-strong network. Any future change of use will likely require planning permission from the local authority for someone to change the use from Post Office to a restaurant or takeaway. A Post Office is categorised as a Class A1 type of commercial property. Restaurants and cafes are an A3, while hot food takeaways are an A5 category. However, thanks to a recent government rule change to the commercial categories, switching from an A1 class to an A3 class could in some cases now be deemed a permitted development right, which might make it easier for that particular change to happen. How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Daily Mail
19-06-2025
- General
- Daily Mail
I spend £1,800 on supplements from collagen to everyday vitamins. This is what it's done to me: OLIVIA DEAN
If someone were to burgle my flat, they'd find little worth taking. Frankly, if they want my 11-year-old MacBook or my TV that only works at a certain angle, they'd be doing me a favour. But if they made it to my bathroom, my breath would quicken. You see, I've got a stash in there worth a fortune.
The Sun
09-05-2025
- Entertainment
- The Sun
I haven't got a garden but gave my balcony a makeover thanks to bargains from B&M – a £4 buy was great for adding colour
A MOTHER has revealed that she hasn't got a garden, so decided to give her balcony a mega makeover. Victoria Wright, who is better known as 'Vickaboox' online, nabbed a haul of bargain buys from B&M to add colour and style to her outside space. 2 2 The 29-year-old content creator, who has a baby boy called Christopher, not only used £10 bamboo to add privacy to her balcony, but she also found a £4 buy that bought colour to the patio area too. Showing off her balcony transformation online, the mum-of-one who lives in a flat, explained: 'I have mum guilt because it's 25 degrees and I don't have a garden - but what I do have is my boyfriend's bank card, free will and B&M. 'No garden, no problem - I will just create a rooftop pool party on the balcony.' After heading to B&M and stocking up on purse-friendly finds, Victoria gave her balcony a 'good clean and clear out'. She recognised: 'You may find hoovering, mopping, scrubbing, sweeping, a bit excessive, but we are lucky enough to live amongst Airbnbs - I have had to clean up vomit and we'll say, bags of paracetamol off my balcony before, so every time the baby plays outside, obviously we have to give it a good scrub.' As well as buying bamboo for just £10 to add privacy to the balcony, Victoria used cable ties to secure it in place, which she got for only £3. As well as this, she picked up wind spinners which were only £4 a pack and instantly added colour to the space. She also nabbed a paddling pool for £12, which she described as 'super cute.' To finish off the balcony and really add to the 'pool party' vibes, Victoria bought a bubble machine for £8, which she described as 'the best bubble machine ever.' What was once a very neglected space has since been given a total new look ready for summer - and we think it's incredibly impressive considering it was done on a tight budget. I don't have a garden so made a 10p paddling pool on my balcony - it was brilliant but my downstairs neighbours will never forgive me Showing off her gorgeous balcony, the influencer beamed: 'This was the finished result and I can confirm that Chrissy absolutely loved it.' The TikTok clip, which was posted under the username @ vickaboox, has clearly left many open-mouthed, as at the time of writing, it had quickly amassed 128,900 views, 12,000 likes and 54 comments. 8 must-have plants to brighten up your garden Nick Hamilton owner of Barnsdale Gardens has shared his favourite plants and flowers you should consider adding to your garden, borders and pots. Tricyrtis A spectacular plant that gives a real exotic feel to any garden with its orchid-like, spotted flowers giving the impression that this plant should be tender but it is 'as tough as old boots!'. Penstemon I love this plants genus of because most will flower all summer and autumn. They'll grow in sun or semi-shade in a well drained soil and produce a non-stop display of tubular flowers in an array of colours and colour combination to suit all tastes. Luzula sylvatica 'Marginata' With the evergreen leaves edged with yellow it's great asset is that it will grow in sun or shade in any type of soil and is great as groundcover in the hardest spot to fill - dry shade. Eryngium x zabelii 'Big Blue' A stunning, nectar-rich plant that will feed the beneficial insects in your garden. Leave the flowerheads once they have turned brown because they look stunning with winter frost and snow, extending the plant's interest period. Sarcococca hookeriana 'Winter Gem' If you need winter scent then look no further than this compact, evergreen shrub. The scent is stunning and the evergreen leaves create an excellent backdrop for the summer flowers. Cornus sanguinea 'Anny's Winter Orange' A dwarf version of 'Midwinter Fire' the very colourful stems create a stunning winter display, particularly on sunny days. Rosa 'Noisette Carnee' A very well-behaved climbing rose that is perfect for training over an arch, pergola or gazebo. The small, 'noisette' flowers are blush-pink and produce the most amazing clove scent constantly from June to November. Sanguisorba hakusanensis 'Lilac Squirrel' I've never seen a squirrel with a drooping, shaggy lilac tail, but this variety will give your garden an unusual and different look throughout summer. It does need a moisture retentive soil but will grow in sun or semi-shade. Social media users beam Social media users were impressed with Victoria's balcony makeover and many eagerly raced to the comments to express this. One person said: 'Aww it looks fab you've given me inspiration. "I have a small courtyard garden and always thought it was too small for anything but love this.' How to save money at B&M Shoppers have saved hundreds of pounds a year by using B&M's scanner app. The scanner lets you see if an item's price is cheaper than advertised on the shop floor label. Products that are typically discounted are seasonal items and old stock that B&M is trying to shift. The app is free to download off the B&M Stores mobile app via Google Play or the Apple App Store. According to one ex-B&M manager, you'll want to visit your local branch at 10am on a Wednesday too. Here's how you can join the B&M bargain hunt: Download the B&M app for free on any smartphone with an App Store or Google Play. Once you've installed it on your device, click on the option labelled "more" on the bottom, right-hand side of the app home page. You'll then find an option that says "barcode scanner". Click on this and you'll open a camera screen. Use the camera to hover over the barcode of the product you wish to check. If the price comes up as lower, take it to the cash desk and it will automatically scan at the lower price. You don't need to sign up to the B&M app to use the barcode scanner. Another added: 'This is an amazing idea.' A third commented: 'Looks lovely.' At the same time, someone else penned: '*Redoes entire balcony after watching this.*'
