how much is it worth?

noddynoo

We own the freehold of our 3 bed maisonette which is the whole upper section of a big victorian house,There is a 1 bed flat downstairs(we own freehold of whole building)We own all of the gardens and the flat has its own front door as do we.The house 2 doors down sold for £640,000 (the whole thing)The flat downstairs is worth £160,000.We bought the flat we are in for a bargain last year wand have done a fair bit of work to it.Is ours worth the total price of the house less the flat downstairs?Or a bit less than that?

Alan_M_2

You're not going to get a sensible answer on here, get an estate agent round to look at the place.

Then get Foxtons round and they'll add 50%.

noddynoo

I have a few agents coming but I just wanted a rough idea
The lease on the flat downstairs is only about 70 yrs so when that is renewed there will be money to be made too.

leftieM

I'm sure you can do a rough guess yourself - how much did you buy for, how much have prices risen in the area in the interim and how much have you spent doing it up. Do a calculation based on those figures and that'll give you a good estimate.

Snow_Dog

It is worth exactly what someone is willing to pay for it, no more, no less.

Sorry if that sounds trite but its the only sensible answer, i've seen properties sitting on the market for a couple of years, obviously the property is not worth what they are wanting. The only way of telling is to stick it on the market at whatever you and the agent think is right and see if the offers start coming in. That is when you will find out what the property is worth.

noddynoo

We only paid 210 for it but we bought it direct from someone who didn't get a valuation they set the price themself from abroad!Now we see that if we bought the flat below us for about 150 we would own the whole house for 360 and they sell for 600+ We definitely didn't pay enough although it was a mess when we took it.

leftieM

Hmmm - why did your vendor give his house away?? No-one is that dumb surely that they'll pull a figure out of a hat on a property, doing themselves out of 150+k (which is what you are implying).
Maybe you've been given a big present by some clueless stranger. It just sounds a bit bizarre.

noddynoo

He was working abroad and needed the money apparently.He set the price himself and didn't even bother to check Unbelievable I know!We have since met him and he is more than a bit scatty he was in loads of debt and had to get rid of it.We knew at the time it was a bargain but we didn't realise how much!

noddynoo

what i am trying to find out is if the cost of individual flats in a converted house make up the value of the building if it was still one unit.1 bed basement flats like the one below us go for about 150k.The whole housesd sell for 620-650k

noddynoo

If the whole house as one is worth approx 640k and the flat downstairs (small)is 150k then is htere a percentage that the rest is worth as a single unit.I just wonder if the 2 don't add up then someone could buy both for less than the house is worth!V confusing and estate agents in this area renowned for being dodgy!

BTman

You know exactly how much it's worth.
Everyone hates a bragger.....