PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Neighbour wants to buy loft

Options
We own a ground floor flat (converted terraced house) where we share ownership of the freehold with the 1st floor flat.

We have been contacted by the owners of the upstairs flat as they want to add an extra bedroom. They have told us that they have not appointed an architect or applied for planning permission yet, as they are not wanting to begin the process (and start spending £££) until we give our permission to the general concept of their plan.

Their plan would involve conversion of the loft space, which we believe is not accounted for in the deeds and so it is assumed that this space is jointly owned by both flats (although we have no access to this space as it is only accessible from their flat).

While we do not have any issue with the general concept of the project, we want to ensure we are protecting ourselves and so have a number of queries:

1) We have seen various surveying firms who offer the service of valuing loft spaces but this seems to be based not only on the space itself but on architects drawings of what the space will look like after works are completed. Is this right? Is there anything to stop the tenants proposing a very basic conversation to lower the anticipated value it would add, but increasing the spec after sale of the space has been agreed?

2) We are currently renting out the flat. Are there any other considerations that we should be aware of that may impact our tenants?

3) If we sell the loft space, what will happen to the ownership of the roof and it's ongoing repair responsibility?

4) Is there anything that could negatively impact the value of our flat, should we want to sell it in the future?

Thanks!
And I'll see you/ And you'll see me/ And I'll see you in the branches that blow/ In the breeze/ I'll see you in the trees/ Under the sycamore trees

Comments

  • bouicca21
    bouicca21 Posts: 6,514 Forumite
    First Anniversary Name Dropper First Post
    Options
    A friend did this, bought the space, created a loft room (not compliant with building regs).  When there was a problem with the roof, the downstairs owner insisted that she was no longer jointly responsible  for the roof.  

    So I think you need to be very clear on exactly what will be involved in this scheme and the knock on effects.  Also if the extra room is likely to increase the value of the upstairs flat, I’d be enquiring about some sort of overage clause.
  • markin
    markin Posts: 3,847 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    Would more rooms mean more people/kids and more noise if not well insulated in the first place, Or worse its rented out one day meaning more cars and more garden use?
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    edddy has covered the relevant and important factors.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards