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Buying & Converting Loft
Options
mcgin
Posts: 12 Forumite
I recently purchased a top floor flat and I have a share of the freehold on the property (There is a total of 3 flats in the property which were converted some time in the 80's).
There is a sizeable loft in the property which only I have access to, and has no shared facilities in it (water etc.). However the loft is not included in the lease on my particular flat, and remains the property of the 'freeholder', and as a shared freeholder I assume I own 1/3 of it at the moment.
Ultimatley I would like to obtain full ownership of the loft and convert it to add some value to my property, and would like to understand my options and what I need to do in order to achieve this.
Any advice would be greatly appreciated.
There is a sizeable loft in the property which only I have access to, and has no shared facilities in it (water etc.). However the loft is not included in the lease on my particular flat, and remains the property of the 'freeholder', and as a shared freeholder I assume I own 1/3 of it at the moment.
Ultimatley I would like to obtain full ownership of the loft and convert it to add some value to my property, and would like to understand my options and what I need to do in order to achieve this.
Any advice would be greatly appreciated.
0
Comments
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When I bought my (leasehold) top floor flat 3 years ago my solicitor noticed that the loft wasn't included in the lease, so we approached the freeholder and he sold us the loft separately for £8,000.
But make sure the maintenance of the roof remains shared amongst the 3 flats, unfortunately I didn't think of that and now I have to fork another £8K for a new roof!0 -
Thanks Van, was there much legal fees involved in carrying out the purchase?0
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No probs, my solicitor didn't charge my anything extra but I had to pay the Freeholder's legal fees, I think it was about £250....
Good luck!0 -
You will need to first speak to the other freeholders as they will have to agree to this.
They will no doubt want payment for you taking over the whole of the loft.
Your lease will have to be varied so that the loft is added to your lease and the variation registered at the Land Registry.
If you have a mortgage then your lenders will have to agree.
You will end up paying all the legal fees involved as well, so it could be an expensive process.
RiskAdverse1000
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