Option to buy car parking space

Bongedone

Hi,

Hope this is the correct forum.

The OH and I have a shared ownership flat near Heathrow that does not have parking either off street or outside the block At the moment we have to park a few hundred meters away in another street.

We have just been offered the chance to buy a car parking space below our block for £3000 for the lifetime of the lease (122 years) or £750 per annum. These parking spaces are limited and there is not enough to go around.

I am presuming the best option, should we take it, would be to buy. I want to know if anybody thinks this will increase the value of our flat by more than the £3000 should we come to sell?

Thanks

00ec25

is the parking space reserved only for your use, how is this done? eg is there a lockable post/bollard etc which means only you can use it or is it simply that the flat number is painted on the tarmac?

either way unlikely to immediately increase your flat's value above what it cost to buy it now but if parking is a problem on your estate then it will certainly make your flat much easier to sell and will slightly increase your value (more so if its physically only for your use).

remember you can (at the moment!) park for free a short walk away, so whilst that will put off people with kids/buggies/shopping etc they can choose between your flat with parking and the next flat without

whatever you do don't go for the annual £750 option, that would be a total waste of money

Bongedone

The parking space is guaranteed reserved. We would have a electronic key fob acces to it.

It is possible that it may be part of the NCP car park that is behind my flat. Though I won't know till Monday when I call the number. A few of the other blocks in this development have allocated spaces in the NCP.

Bongedone

On another note. Am I likely to lose any money?

lincroft1710

Parking spaces are of little use to people without cars. But most people who would be interested in your flat would have a car and if not would sell the space. The only way you could lose would be if cars were banned - doubtful, or if property prices dropped to level of 25 yrs ago!

In any case you're not primarily purchasing parking space to make money, but for convenience/security.

superfran_uk

I wouldn't pay more for a property with a parking space because I wouldn't even consider one that didn't! So you might not increase the value by x amount, but you will certainly increase the chances of it selling because it will tick more boxes.

I'd say £3k, spread over the years that you will live there, will end up being a bit of a bargain when the alternative is driving round and round trying to find a space - which might be fine now, but in 4 or 5 years when they start knocking places down to build flats...

However I'm a bit concerned that you said you have to 'ring a number'...it is all kosher, right?!

Bongedone

superfran_uk wrote: »

However I'm a bit concerned that you said you have to 'ring a number'...it is all kosher, right?!

Yes. The number is Barratt.

There is very little available free parking around here. We are very close to Heathrow airport. The council did try and bring in residents permits but failed. I don't think the residents in the street that I park are very happy as we are also next to a train station. They get all sorts using it as a park and ride.

I don't think the parking space will be attached to the flat in deeds. I think we will own the parking space seperately to the flat and as such could offload it seperately.

superfran_uk

Bongedone wrote: »

Yes. The number is Barratt.

There is very little available free parking around here. We are very close to Heathrow airport. The council did try and bring in residents permits but failed. I don't think the residents in the street that I park are very happy as we are also next to a train station. They get all sorts using it as a park and ride.

I don't think the parking space will be attached to the flat in deeds. I think we will own the parking space seperately to the flat and as such could offload it seperately.

As long as you have the rights to sell it on, I don't see how you can lose from this deal. You could rent it out and make hundreds if you so wished. Snap it up quick!

Colincbayley

superfran_uk wrote: »

As long as you have the rights to sell it on, I don't see how you can lose from this deal. You could rent it out and make hundreds if you so wished. Snap it up quick!

I agree, you will need a solicitor to transact the deal for you and don't forget this is a money saving website, so HAGGLE on the the price of the space!

Bongedone

superfran_uk wrote: »

As long as you have the rights to sell it on, I don't see how you can lose from this deal. You could rent it out and make hundreds if you so wished. Snap it up quick!

That did cross my mind! Especially at the peak of the season.

Just need to find the £3k by Monday.

Any idea how much to expect to pay a solicitor for something like this?

VfM4meplse

Bongedone wrote: »

The parking space is guaranteed reserved. We would have a electronic key fob acces to it.

Don't think this gurantees any kind of security though! A friend has a car space in the "secure" car park underneath his block of flats in a busy area outside of London. The scurity comprises barrier entry, an electronic shutter and 24-hr conceirge service and CCTV footage.

Since he moved in 4 yrs ago (an early phase of a new-build development)the barrier was broken within 3 months. In fact it has been broken so many times the management company hasn't bothered to fix it for the last 2&1/2 yrs. The shutter is also forced open by non-payers and then left unfixed for months on end. The car park is hence full of cars that haven't paid for spaces. The threat of clamping has been spectacularly unsuccessful, mainly because the management company doesn't have the guts to follow through the claim. I'm not sure what can be done to stop people who are really determned to get in short of iron bars!!

So the so called security methods aren't effective and there are no plans by the management company to review these. Ok so it is a space but this comes at an initial steep price, and ongoing high costs (his service charge reflects the privilege of having the car parking space). My friend - who is a very smart business man and a successful negotiator - is getting nowhere with the building management company. The last straw came last week: the front and back plates had been stolen.

So it is convenient to have the space and may help the saleability of the flat, but I would think twice about buying a space with such poor security. Don't believe the sales hype!