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Other joint freeholder wants roof space?
natwill_3
Posts: 271 Forumite
Hi,
Wonder if anyone can advise, I live in west london in a flat, part of a converted house with 4 flat, each owner owns share of freehold 25% each. We each own attic roof space 25% each.
Top floor flat is selling and his buyer wants to convert existing 2 bed flat into a 3 bed 2 bath flat by converting loft/attic.
To do that he needs all 4 freeholders to give him the space.
Myself and one other owner thought yes ok, but third freeholder said "No hang on, that will increase flat by 80K...I want something"
So myself and freeholder who would have given it away wondered if it was in order to say yes have it but you maintain roof???
Don't have a clue tbh, is this fair? dont want to be greedy
To put in context, top floor sold for 280k as a 2 bed, developer has converted one next door with attic now master bedroom and ensuite and under offer at 430k
Wonder if anyone can advise, I live in west london in a flat, part of a converted house with 4 flat, each owner owns share of freehold 25% each. We each own attic roof space 25% each.
Top floor flat is selling and his buyer wants to convert existing 2 bed flat into a 3 bed 2 bath flat by converting loft/attic.
To do that he needs all 4 freeholders to give him the space.
Myself and one other owner thought yes ok, but third freeholder said "No hang on, that will increase flat by 80K...I want something"
So myself and freeholder who would have given it away wondered if it was in order to say yes have it but you maintain roof???
Don't have a clue tbh, is this fair? dont want to be greedy
To put in context, top floor sold for 280k as a 2 bed, developer has converted one next door with attic now master bedroom and ensuite and under offer at 430k
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Comments
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you need legal advice about this - but the three of you need to show a united front also.0
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So myself and freeholder who would have given it away wondered if it was in order to say yes have it but you maintain roof???
This would not work as it would not be allowed under the lease.
You really need to get a surveyor to value the space and then set a price for it, which can then be negotiable if you like. It's the same kind of situation as extending someone's lease.
The people at https://www.lease-advice.org. can probably steer you in the right direction.Trying to keep it simple...
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EdInvestor wrote:This would not work as it would not be allowed under the lease.
You really need to get a surveyor to value the space and then set a price for it, which can then be negotiable if you like. It's the same kind of situation as extending someone's lease.
The people at https://www.lease-advice.org. can probably steer you in the right direction.
perhaps better just to say yes have it?0 -
It is perfectly reasonable and normal to charge him for it. Lets say it is going to add £80K to the value (after the costs of work). As Freeholders you could say you want £80k. As leaseholder he could say thats totally unfair, he makes no gain for all the work, offers half the increase, £40k. Then you negotiate, agree £60k, get £15k each. Everyone is happy.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I agree with Rick..0
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