Leaseholder wanting to convert the loft space

Robert51

Really hoping someone out there can help me with this query.

I am a leaseholder of an upper floor flat. The freeholder lives in the ground floor flat. There are just the two flats in the building. I have access to the loft space and would like to convert it into a bedroom. My lease is very old, it makes no mention of the loft space at all so I'm guessing that the space is not automatically considered to be part of the "demise" of the upper floor flat.

I think the freeholder will be amenable to the idea of me converting the space into a bedroom but want to get all my facts straight before approaching. I've heard that the freeholder can reasonably ask you to pay a fee to "buy" the loft space and that this fee is generally worked out by taking the increase in value to the flat as a result of the loft conversion minus the cost of building works. Thing is... I don't think that the conversion would increase the value of the flat by an amount greater than it will cost me to get the work done. So if there's no "profit", what should the fee be?

Anyone have any knowledge or experience of this?

Robert51

Jeffrey_Shaw

If your lease excludes the loft, you have no legal estate/right to it. You'd need a supplemental lease to demise it.
If there's no 'profit' in it, why would L [landlord] grant it to you- where's his incentive?

Robert51

Thanks Jeffrey.

Yes, you have a point. I am hoping to be able to appeal to the L's better nature. The fact that he lives downstairs so we are neighbours and on good, friendly terms might help, I thought.
That said, I have a feeling that offering him £2,000 or thereabouts might be more persuasive. I asssume that it's just a matter of negotiation?

Jeffrey_Shaw

Yes. After all, he'll receive £0 if it stays unused/unusable!