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Convert Shared Freehold Basement into a Basement for our Flat?
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tekton23
Posts: 145 Forumite
Hi,
We live in a big old Victorian house that has been converted into 7 flats. We have one of the Ground floor flats and it sits over a good size cellar. The house is a shared freehold property.
We'd like to convert the Basement to provide extra rooms to our flat. I am aware of the likely construction costs to do this. However I have no idea about the cost or process to buy the right to build it from the other freeholders. They would of course have to agree. I'd like to find out what the likely costs would be before I approach them, to see if it could be possible and to see if the bank would lend.
Has anyone been through similar or can anyone advise？
Thanks in advance,
T23
We live in a big old Victorian house that has been converted into 7 flats. We have one of the Ground floor flats and it sits over a good size cellar. The house is a shared freehold property.
We'd like to convert the Basement to provide extra rooms to our flat. I am aware of the likely construction costs to do this. However I have no idea about the cost or process to buy the right to build it from the other freeholders. They would of course have to agree. I'd like to find out what the likely costs would be before I approach them, to see if it could be possible and to see if the bank would lend.
Has anyone been through similar or can anyone advise？
Thanks in advance,
T23
0
Comments
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Perhaps a property lawyer is the best starting point, although possibly an expensive one!0
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It would probably cost you 50% of the increase in value of your flat. Plus construction costs.
Is the basement used at all at the moment?Changing the world, one sarcastic comment at a time.0
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