Purchasing loft space to extend leasehold first floor flat

[adrianahome]

Hi

I have purchased a flat and I would like to extend the property to include the loft space. There are only two flats on the property and only mine has access to the loft. My objective is to increase the value of the property.

The loft is not demised on the lease so I would need to negotiate with the freeholder and get it included in my lease. I am not sure what the value of the loft would be or how it is normally calculated. I would be very grateful for any tips or indication of how to calculate a fair price for the loft.

Thanks

[wales01man]

Re: Purchasing loft space to extend leasehold first floor flat

The value is what you are prepared to pay for it?
If you are considering purchasing the loft space to convert into habitanle rooms you should ask your local council if planning permission may be granted this could save the expence of buying it trying to convert into living space after purchase without permission could prove costly get advice befpre spending your money

[IanM]

Re: Purchasing loft space to extend leasehold first floor flat

Before spending any money have a look around the street you live on to see how many loft conversions have been done already, if there aren't any it may be permission has been previously denied in the area.

If there are already loft conversions then politely ask the householders with one as many questions as they are willing to answer as to the design, cost and permissions needed. If they are happy to discuss it with you ask them what difference to the value of the property it made once completed and then consider that most basic loft conversions(2/3 bed terrace) can start at around £20k.

Another cost to factor in if you go ahead with it is somewhere to live while the conversion takes place as all your ceilings and some interior walls will be taken down to get the support RSJ's, flooring joists, and staircase in place.

[alham]

Re: Purchasing loft space to extend leasehold first floor flat

The value is what you are prepared to pay for it?
If you are considering purchasing the loft space to convert into habitanle rooms you should ask your local council if planning permission may be granted this could save the expence of buying it trying to convert into living space after purchase without permission could prove costly get advice befpre spending your money

Majority of loft conversions are "permitted development". Additions to the lease are calculated as a percentage of increase in the value of your property. BTW do you have a direct access from your flat to the loft? If YES, is it unique, i.e. is there another access from the communal area? If the only access is through your premisses you might be able to argue that it is within a curtilage of your premisses (may be worth a legal opinion as the legal advice might be cheaper than an additional lease). However, please note that, of course, you will still be breaking through the structure of the envelope of the building (new windows) and as such you will still need your freeholder's permission.