Advice on selling a leasehold parking space

MrGray

So, about a year ago we bought a freehold terrased house that came with a leasehold parking space at the back (large enough for 2 cars). At that time we were more interested in getting the house and did not have any plans for the parking space, since we don't own a car.
That parking space in the meantime became an inconvenience, since we don't use it, but we have to pay anual fee to the management company and moreover it looks like people in the neiborhood have no respect that it's private property and keep parking there just because it's free.
Due to this we decided to sell back the leasehold parking space to the freeholder (it still has about 60 years lease on it).
So the question is: 
1. Will we be able to sell it and if so how should we evaluate the price?
2. What happens if the freeholder does not want to buy it back, should we just give it up?
3. What if the freeholder just ignores our request to get the leasehold parking space back and jutst continues to ask the management company to charge us for it? 
Any experience with similar situations or legal advice will be greatly appreciated.

user1977

Why would the freeholder want it back? Are there neighbours who would want it instead? If so, why don't you just sell directly to them (if the lease allows that)?

HampshireH

Why would it be an inconvenience if others use it? Surely it's irrelevant to you if you aren't using it. It would be more of an inconvenience if you do use it and someone was always parked in it.  I do however appreciate you pay for maintenance though this is surely minimal?

Do you never have visitors, people doing work for you etc who may need to park? 

As above you are better off seeking a buyer for the leasehold as long as it's seperate to your home as you may find others are interested.

The freeholder is unlikely to take it back as you are currently paying to maintain it and they won't want the legal costs of having to sell it on.

If the freeholder ignores your request to give it back, or more likely declines then you remain liable for the space and associated costs because you bought it in the first place.

GDB2222

You'll find it hard to sell your house without any parking. 

Your best bet is to offer the space on a temporary basis to anyone who will pay the maintenance charges. Or, even a bit more.

cymruchris

I'd go along with renting the space out as well if there's a demand for it around the area. If you're annoyed about people parking there - you might want to install a collapsible parking guard pole - and as has been mentioned - selling a property in future with parking is an absolute benefit. 

AdrianC

Do you have a mortgage? You will need to involve your lender if you want to turn your house-with-parking into a house-without-parking.

MrGray

AdrianC said:

Do you have a mortgage? You will need to involve your lender if you want to turn your house-with-parking into a house-without-parking.

This is a very good point, I do have a mortgage!

Also all the people who mentioned the freeholder won't want it back, it make total sense! 
I don't mind other neighbours parking there when it's not in use by me, but nobody asks permission to park there and at the moment I actually need it I can't use it...
I did try to rent it out but the demand in this area is not high and also I did have to cancel the parking reservation a couple of times since random cars were parked in my spot making it unavailable for the person who actually booked it
I did think about installing the parking poles but this will mean even more investmenting a parking space that I don't need... but if I am actually stuck with this parking space this might be the best solution... investing a bit, but then rent it out....



 

eddddy

MrGray said:

I did think about installing the parking poles but this will mean even more investmenting a parking space that I don't need.
 

How aggressive/cheeky do you think the unauthorised parkers might be?

If you did something simple like placed flower planters, or a fence posts stuck in a buckets of soil, or some chunks of log, or a couple of cones, or a chain across the parking spaces - maybe with a DIY sign saying "No Parking" or "Reserved Parking" - that might be enough to stop people parking there.

Or do you think the unauthorised parkers would be cheeky enough to move those things out of the way and park anyway?

cymruchris

Could you do something simple like this? A post on either side and a simple chain hanging between the two with a small padlock on either end?

NameUnavailable

1) You have a mortgage so you can't sell or sublet your space without your lenders permission

2) You will devalue your house by selling off valuable parking space as well as making it much more difficult to sell

3) Take steps to stop others parking on your property. If you are on good terms with neighbours you could come to some informal arrangement to let them use your space/s.

4) If you're in the South East let me know - I will need some parking space soon!!