What is this thing? Basement 'Flat' in London for £5000 auction guide price

Section62

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

RHemmings

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap. If there is any compromise about my current house, it's the small kitchen. I priced up a rear extension to become a mega kitchen while the tiny kitchen becomes a bathroom and toilet. After seeing the estimates, I decided that our kitchen is just fine So, I'm not expecting it to be cheap, at London prices. 

Section62

RHemmings said:

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap....

The bottom end of the range is £2m.

user1977

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

But once the hammer falls they have to sell it.

RHemmings

Section62 said:

RHemmings said:

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap....

The bottom end of the range is £2m.

I thought it was going to be expensive, but that blows my mind. Wow. Where does that cost come from? I thought that £80k for kitchen extension and bathroom conversion was a lot. I was thinking that it would be in the low 100s of thousands for the basement flat. Where does a nurse and a railway engineer get that sort of money? 

My personal impression is that the owners of that basement don't know what they are doing. 

QrizB

RHemmings said:

Section62 said:

The bottom end of the range is £2m.

I thought it was going to be expensive, but that blows my mind. Wow. Where does that cost come from?

Digging a big hole is cheap, right up until you  choose to dig your hole underneath a pre-existing terraced house!

Emmia

Section62 said:

RHemmings said:

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap....

The bottom end of the range is £2m.

That doesn't surprise me, basement constructions underneath existing houses are unbelievably expensive, there's a few near me - but these are usually going in underneath houses worth north of £3m.

RHemmings

Emmia said:

Section62 said:

RHemmings said:

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap....

The bottom end of the range is £2m.

That doesn't surprise me, basement constructions underneath existing houses are unbelievably expensive, there's a few near me - but these are usually going in underneath houses worth north of £3m.

It surprised me. I never dreamed it would be that expensive. My neighbour has an underground garage underneath their house, that was added in the 70s.  For houses that don't have any sort of basement at all. I wonder how much it would cost today. Disclaimer: I am *not* even *dreaming* of putting one in. 

Emmia

RHemmings said:

Emmia said:

Section62 said:

RHemmings said:

Section62 said:

RHemmings said:

silvercar said:

Maybe the owner of the ground floor flat needs to show a value and one way of doing so is an auction?

According to the planning application documents, one of the owners of the basement at the time of the application has the same address as the basement. So, that could be a flat within the same building. Unless they are using the addresss when they only own the basement. But, given the photos and comparison to No. 180, I think that this was a very genuine attempt to turn the basement into a flat to be sold on. 

Did you see the estimated total project cost on the planning application form?

No, I didn't. And as I have to work this Saturday I won't be able to look until this evening. I'm guessing it won't be cheap....

The bottom end of the range is £2m.

That doesn't surprise me, basement constructions underneath existing houses are unbelievably expensive, there's a few near me - but these are usually going in underneath houses worth north of £3m.

It surprised me. I never dreamed it would be that expensive. My neighbour has an underground garage underneath their house, that was added in the 70s.  For houses that don't have any sort of basement at all. I wonder how much it would cost today. Disclaimer: I am *not* even *dreaming* of putting one in. 

That £2m may be the cost of putting one in where one doesn't exist - the existing construction might actually be propped up, meaning that you'd almost be taking on a completely new excavation - proceeding with a bit of a hole may not be cheaper.

Looking at the photo, the houses may not have very deep foundations, so you need some serious engineering to stop the whole street toppling into the hole when you dig down.

Seriously engineering = ££££

BikingBud

RHemmings said:

jimbog said:

RHemmings said:

Section62 said:

I hope whoever buys it reads the planning case documents before bidding.

Pass the parcel? 

There is so much info on every property available online these days that I'm always surprised that potential purchasers don't scrutinise leases/freehold titles/planning applications/flood maps before even instructing solicitors or paying for a survey

I hate to mention this example, in case the poster is still here. But, I did see a cautionary tale here where someone bought a property at auction and only realised after purchase that the garden wasn't included. 

I used to obtain the title register and plan for every property I viewed even. But, that was back when they were £3 each, not £7. If I was to buy again, I'd probably purchase the documents immediately after a viewing if I was still interested. 

I would offer £7 before even going to view is an entirely reasonable and justifiable cost. How much is your time worth? How much would you spend on travelling, fuel, etc?

If you pitch up with the register and plan and start asking pointy questions of the EA or the vendor and see them squirm and waffle, then you can abort the process immediately.