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Cost to acquire loft space (common area)
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ddeblasio
Posts: 18 Forumite
Hi,
We're in the process of buying a top floor flat with 50% share of freehold (only 2 flats) which has access to a loft space (not converted). Now the lease states that the under-roof space is a common area and the downstairs co-freeholder is seeking legal advice to determine what is reasonable for us to pay in order to acquire said space.
Considering that we are buying a 53sqm flat for 265K in London, what do you reckon would be a fair price to get the loft? Anyone faced a similar situation?
We are a bit scared as the conversion itself will cost big bucks...
Many thanks in advance
Daniele
We're in the process of buying a top floor flat with 50% share of freehold (only 2 flats) which has access to a loft space (not converted). Now the lease states that the under-roof space is a common area and the downstairs co-freeholder is seeking legal advice to determine what is reasonable for us to pay in order to acquire said space.
Considering that we are buying a 53sqm flat for 265K in London, what do you reckon would be a fair price to get the loft? Anyone faced a similar situation?
We are a bit scared as the conversion itself will cost big bucks...
Many thanks in advance
Daniele
0
Comments
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Work out what a proper conversion of the roofspace would add to the value of the flat. Then deduct cost of conversion and divide result by 2 as other co-freeholder should only get half increase (if any).RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Richard_Webster wrote: »Work out what a proper conversion of the roofspace would add to the value of the flat. Then deduct cost of conversion and divide result by 2 as other co-freeholder should only get half increase (if any).
Many thanks for your reply Richard, that was very useful!
Daniele0
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