Renting out underground parking space

Susan1942

I live in an apartment for over 55's. I purchased the apartment 21 years ago in 1998. The parking available is underground the main block of apartments. So secure. I pay ground rent of £4 95 per quarter plus a maintenance fee of £49 50 per quarter. This increased from £24 90 about 2 years ago to build up a fund should the up and over door need replacing. So in total I am paying £218 year.
When I purchased the apartment I was asked if I wished to purchase the space although I didn't have a car. The space belonged to my particular apartment. There are 42 apartments in the complex but only 20 car parking spaces so a premium. I would never sell it as it is something that would be important if and when the flat was sold. I paid £6000 for the space.
I was approached by an owner who lived here prior to me moving in. I asked my lawyer how much he thought was a reasonable. He suggested £40 a month saying he would be very happy to pay that. I rented the space for £35 a month to another owner for about 14 years. Just before he had to stop driving he came to see me to say he had been under paying for many years. He said he would pay me £50 a month and gave me a cheque for £300. About a year later he had to stop driving.
The space has been rented to another person for the past 4 years and I charged her £40 a month at her suggestion.
She told me at the beginning of this week that she was giving up driving and was selling her car.
A new person has bought the flat below me. A lot of renovations being carried out so not moved in as yet. She has asked me if I knew anyone who has a space to rent. I said I didn't know. So now that my space was available I put a note in her letter box, Her Daughter left me a note with a telephone no and I called her this evening. When I said it would be £40 a month the Daughter said I thought you were going to say a year. She says it is too expensive and she will just park her car out in the street. Do you think I am being unreasonable. I live in Harrogate by the way,
She has made me doubt myself but I would not rent it to her for anything less. There may well be someone else who will be happy to rent it. Could I just ask if anyone thinks I am being unreasonable? If I were to sell the space it would be for around £10,000 possibly a bit more.; I would not sell it as it is an important asset Many thanks Sue

muhandis

Given that you've received £35/£50/£40 per month for the parking spot for very many years, you are not being unreasonable.

Susan1942 wrote: »

When I said it would be £40 a month the Daughter said I thought you were going to say a year. She says it is too expensive and she will just park her car out in the street. Do you think I am being unreasonable. I live in Harrogate by the way,
She has made me doubt myself but I would not rent it to her for anything less. There may well be someone else who will be happy to rent it. Could I just ask if anyone thinks I am being unreasonable? If I were to sell the space it would be for around £10,000 possibly a bit more.; I would not sell it as it is an important asset Many thanks Sue

diggingdude

You can charge £100 a month if you want it's yours. The fact people have rented before off you for that price means it's probably fair

lurkylurky

I work part time and pay £25 a month to park at work so your rates for 24/7 parking feel like a bargain.

Seriously though, if I needed a parking space I’d be happy to pay up to £50.

AdrianC

£40/year...? I mean, really? £3.30/month, 10p/day...?

She's a comedian.

ScroogeMcSwan

I've paid more than that. It's a fine price. They might just be negotiating.

zagubov

Certainly here in London where parking spaces are at a premium, you'd very much call £40 a month a good price.

It's about £10 a month less than what our local council would charge for a permanent place in their car park.

There are places around London where people rent spaces or driveways by the day via the internet.

Susan1942

Thank you all for confirming that in your opinion I am not being unreasonable. I came off the phone feeling upset as the Daughter made me feel that I was money grabbing. Her Mother won't find it easy to get parked outside the complex. There is very little space out in the street and as my Daughter says good luck to her parking in the street. The couple who contacted me before I moved here had asked the manager and she called me and asked if she could give them my phone no. I moved in on the Friday and they rang me on Sunday to ask if I would go over to sort it out. They were desperate as they had their car damaged in the street. I know that I rent my space for less than other people but I am not wanting to make a lot of money out of other people.
The lady who has been using it had paid the rent for this month but at the end of the month. I will put a notice on the board to let people know. If it does not rent I am not too bothered but I am not going to be bullied and that is what it felt like.
We have got 4 visitor parking places in the courtyard and 5 visitors parking places in the garage. These can not be used by residents.
Thanks again. Sue

onwards&upwards

You’re giving up a space that your family and visitors could use even if you don’t drive so there’s got to be enough benefit to you to make it worthwhile. It’s not a car parking charity you’re running!

£40 is completely reasonable.

Are you declaring the income?

scd3scd4

Sounds fair to me. Who cares what a stranger thinks. That's the price, take it or leave it.


Me: "You want to pay £40 a year? To be honest I would rather leave it empty for that. Please give your mum my regards, bye".

Cash-Cows

If there really are spaces on the street then probably £40 per month is expensive.