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ReMortgage and loft conversion
hrayr
Posts: 1 Newbie
Hi All,
Apologies if this is not the correct group to post to.
I own 2 bed maisonette flat in north London which i bought 2 years ago.
At the moment my flat's valuation is 20% more than what i paid, and I'm thinking to remortgage and use that extra money on some investment for the property, thus I have some questions which i would be keen to get some advises.
Q1. Flat has 143 years peppercorn lease. No service/maintenance fees, very cheap ground rent, and annual insurance(350 per year). Does it worth to go through all the procedures and buy the freehold(it is 4 flat house, and I think at least one of neighbors will join me).? Will it be considered as an investment or not a big deal?
Q2. I have an option to use the loft and build something there(freeholder is absolutely fine with this). considering it is about 25 sq/m area, is it recommended to build 1 living room or 2 small bedrooms there? I'm looking for better investment rather than what best suits me and how to use that area.
Q3. Very roughly(i appreciate this is variable) - but what is return on investment when I do loft conversion? I read somewhere that it brings property price 20% up, is this right?
many thanks in advance,
Hrayr
Apologies if this is not the correct group to post to.
I own 2 bed maisonette flat in north London which i bought 2 years ago.
At the moment my flat's valuation is 20% more than what i paid, and I'm thinking to remortgage and use that extra money on some investment for the property, thus I have some questions which i would be keen to get some advises.
Q1. Flat has 143 years peppercorn lease. No service/maintenance fees, very cheap ground rent, and annual insurance(350 per year). Does it worth to go through all the procedures and buy the freehold(it is 4 flat house, and I think at least one of neighbors will join me).? Will it be considered as an investment or not a big deal?
Q2. I have an option to use the loft and build something there(freeholder is absolutely fine with this). considering it is about 25 sq/m area, is it recommended to build 1 living room or 2 small bedrooms there? I'm looking for better investment rather than what best suits me and how to use that area.
Q3. Very roughly(i appreciate this is variable) - but what is return on investment when I do loft conversion? I read somewhere that it brings property price 20% up, is this right?
many thanks in advance,
Hrayr
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