Advice re transfer/valuation of land between joint freeholders

extragrass

I'd like to get advice not in detail on the below but simply on best next steps that aren't costly overkill. Hope you can help

I co-own the freehold on a two storey house in North London and within this, own the leasehold to my ground floor flat. It is a property on the corner of two roads. The garden is divided into two plots. Mine abuts my house. The first floor flat's (maybe 7m wide by 6 deep) is only accessible via the side road.

The owner of the flat above is selling up, and seems to be giving me first offer on the extra plot of land. I have a direct interest in buying it, and also an interest, if I don't or can't afford to buy it, in blocking serious construction (i.e. more than a garage) on it that would significantly obscure my view, or at least getting fair compensation. Because there is road access I understand that estimates have varied wildly (presumably depending on whether people think they can force me to sign over my freehold control over the land/get planning permission to build a little 2-storey house) from about 15K-100K. I do have resources to invest depending on the price, and my sense of the opportunity (extra grass whilst I stay, raising the value of my own property, or maybe even construction myself?)

What do I do next? Do I get an independent RICS valuer? Is that the most economical course of action? Will they be able to advise me on all these intricacies? If not them, who? Am I obliged to share the result of that valuation with the owner of the first floor flat? Should I be wary of letting local surveyors/estate agents know about this opportunity that might bring offers direct to the first-floor owner? What other things and actions should i consider? Any advice on one or more of these questions most welcome. Many thanks

eddddy

Whilst you jointly own the freehold, the freehold of the land cannot be sold without your consent.


So do you want to buy the freehold of the land or a leasehold?

If you just want a bigger garden, I guess the leasehold would be fine.

If you want to sell it off for development, you would need the freehold (with no lease on it).

So decide what you want to buy (freehold or leasehold) and then agree a price with your neighbour.

From there it's just a case of legal work, leases will have to be varied and/or part of the freehold might have to be transferred to you.

G_M

Surely if you already jointly own the freehold, you could already in that capacity prevent any development of the land?

No one can force you to sell your share, nor can they develop the land without your consent.