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Creating an additional 1 bedroom self contained flat in my leasehold maisonette
Comments
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zagubov said:
I presume there's no legally watertight way that the OP and their upstairs neighbours could agree on the split cost of freehold and granting permission for the development via contract(s) drawn up by solicitors?AdrianC said:Even then, the freehold value will take your neighbour's short lease into account. If they were to go down a statutory extension, they would hit a major marriage value hike for a short <80yr lease. That is going to be priced in to a statutory freehold purchase - because the freehold purchase won't itself extend your neighbour's lease (any more than it will vary yours), so the new freeholder would still be due that marriage value income...
Your worst possible outcome is you splitting the purchase of the freehold 50/50 with your upstairs neighbour, who then digs their heels in and refuses to grant you permission to modify the building so drastically.Yes, I expect they could. But I'm not sure why the neighbour would want to agree anything which doesn't involve them sharing in the uplift in value which the OP is presumably hoping to make out of the project.There's also the small matter of whether the OP will get planning permission.0 -
Of course there is.zagubov said:
I presume there's no legally watertight way that the OP and their upstairs neighbours could agree on the split cost of freehold and granting permission for the development via contract(s) drawn up by solicitors?AdrianC said:Even then, the freehold value will take your neighbour's short lease into account. If they were to go down a statutory extension, they would hit a major marriage value hike for a short <80yr lease. That is going to be priced in to a statutory freehold purchase - because the freehold purchase won't itself extend your neighbour's lease (any more than it will vary yours), so the new freeholder would still be due that marriage value income...
Your worst possible outcome is you splitting the purchase of the freehold 50/50 with your upstairs neighbour, who then digs their heels in and refuses to grant you permission to modify the building so drastically.
IF the neighbour wants to be involved.
What's in it for them? They aren't even extending their lease currently...0
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