Need some advice here, I feel at a loss and we’re not sure what to do. Apologies in advance for long post but don’t want to drip feed.
We’ve had an offer accepted on a house towards the end of last year. Sellers hadn't found a property so was a bit slow. Then things got moving properly at the start of the year; survey done, searches just came back, hoping to exchange within a couple of weeks and to complete by the beginning of March. Vendors have agreed on a new build and their developer is now pushing them for a fast exchange. We are happy to keep it moving promptly as I am pregnant and due in May.
Searches have flagged some planning permissions that we have somehow missed in our initial research that we did ourselves. Stupid, yes, but we’re grateful this has been flagged now and not after exchange. We did notice small development nearing completion when we first visited the property and looked into it, 8 3-4 bed new build houses over the land of two previously demolished houses. Actually the look isn’t bad and we were hopeful that it would be mainly families attracted to that size of property. Well as with all new builds they’re massively overpriced, they’ve reduced the prices already and already put a couple up to rent but nothing is going. What is the likely outcome for these developers? Surely they won't let them just sit empty?
The search have brought to light that planning permission has been granted for two properties to be demolished and each converted into 8 flats (with building being kept to look like large houses from the outside), one which is nearing the end of its planning permission expiry. We went and drove past after seeing this and it’s now boarded up.. so looks like work will be starting soon. A third property has also twice attempted to get planning granted, but has been rejected both times. Last week they have submitted another application, this time for three two story dwellings on the site. Parking has been agreed for these properties, I think 5-6 spots for the 8 flats each but inevitably it will spill onto the road, which currently has no regulations and is probably filled to 60% capacity. One is six doors down same side of the road, the other two are across the street - one is along three and the not yet is approved is along by 5. All three properties are quite shabby and have not been upkept, I believe at least one isn't currently inhabited and if the completed development along the street and planning permission designs are anything to go by, I actually think it will enhance the street aesthetically wise, but obviously this is a massive worry regarding noise for the works and eventually lots of extra people on the street.
I feel like we have been sucker punched, mainly through our own doing and not doing enough due diligence, but we’re at a bit of a loss of what to do. Background to property is a detached lovely 4/5 bed in a zone 6 London suburb, has great schools nearby and is in walking distance to the town centre/local shops/cafes/station (fast to central London). There are a couple of things we've compromised on with purchasing the house but overall we felt the pros massively outweighed the cons, now I'm worried the scales have tipped too far the other way.
We are a family of four nearly 5 currently living in a two bed flat and thought this was finally it after having two previous purchases fall through due to vendors and a lengthy buying process in this current market. We’ve saved for years for this and don’t want to make the wrong call. Instinct is telling me we’ve got the knowledge so surely shouldn’t go ahead, but there are so many other positives with the house I just want to cover all bases. The worry is there aren’t many available houses in our budget that are the size we like in the area we like, the few and far between that crop up get snapped up instantly. Are we mad to consider doing this? If we do we should definitely renegotiate.. right?? Has anyone lived through works like this? Had similar developments near your property?
If you've made it this far thank you for persevering. And please help.