Could we buy the downstairs flat?

alexia88

Hi Everyone,

I've not been posting here for a while since we successfully bought our flat in October 2011 but have been lurking and looking through posts.

Looking for a bit of assistance, we bought a 1st floor maisonette flat last year and it looks as though downstairs may be selling. These are purpose built maisonettes so not a conversion in a brilliant Victorian terrace. Lots of character etc.


Essentially I know we need to speak to the freeholders as we both have different lease lengths etc and see if it would be a possibility to convert the maisonette in to a whole house - we are looking to start a family in 3 or 4 years, love the area so this seems like the ideal option.

I was wondering how we would go about buying the flat, would we be able to add it on to our mortgage? Would we have to put it in separately and have 2 mortgages? Our flat was £140,000 and she bought hers for £130,000 a few years ago so may be asking for around the same amount. £280-300 is a similar amount to the 2 or 3 bedroom houses in the area - amazing considering it's in London. Affordability wise, we could do it and since buying the flat we've managed to save around £20k to enable us to move on to somewhere bigger in the future. Any help would be really appreciated regarding adding the property to the mortgage etc.

propertyman

Well you are free to buy it.

The FH would have to agree to a surrender and grant a new lease and would be looking for a sum of money for extending the leases and the value of the improved property.

Now if the leases include the intervening floor, then it is possible to open them up, with their consent, and, if you removed one kitchen and bathroom then they could ask for a premium as as it effects the value of the flat should he have to repossess or the value at the end of the lease. You might be lucky and they will accept an agreement to reinstate.

If the FH owns the intervening floor then it is not yours to alter, so any new lease would need to include those floors.

As to mortgages they are two separate titles so I can't see it being a bog standard mortgage. Others will know a lot more on that than I do.

fawd1

It's definitely do-able as I know someone who did just that. She owned the top maisonette and then bought the downstairs one and remade it into one large house. Which was utterly beautiful I should add. Not sure what the specifics are for mortgage, etc, might be worth having a chat with your current mortgage holders and seeing what they say. I would recommend talking to the FH as well, as chances are the freeholds are the same length, or very close.

Fire_Fox

You would need two mortgages until the conversion is complete, also you would be paying two lots of service charges and two lots of council tax. The written consent of the freeholder is required to make any structural changes.

Rather than trying to extend and combine the leases, get permission of the freeholder to convert all of which will cost you money, you might consider attempting to buy the freehold then you can extend, convert or do away with your leases and you won't have to ask anyone's permission. Personally I would try that without telling the freeholder of your plans, at present it is likely there is little profit in owning the freehold, only when leaseholders apply to extend.
http://www.lease-advice.org/publications/

breadlinebetty

You would need to take out a separate mortgage for the downstairs property - they're two different dwellings.

You should most defintely try to buy the freehold if possible - you become the landowne then - and it will increase the value of your poperty fo sure! Freeholds are ALWAYS more expensive than leaseholds......so it's in your own interest to try and purchase the freehold.

I would imagine it being two separate maisonettes there is no service charge? If so the only exta you would pay is the council tax, but if you turn it into one dwelling I would guess the council tax would be adjusted.