Traindriver
02-09-2006, 22:48 PM
Hi,
I currently own a leasehold flat however the tenants will be vacating in the next few weeks. I want to take up the opportunity to extend the property by adding an extra bedroom at the back of the property as rents/property prices are rising in the area.
My dilemma is that the garden at the rear of the property is communal and the freeholder (the Local Authority), have stated that I would be required to buy an allocation of the garden in order to build. This would involve a valuation of the garden and deed or variation applied to the lease. They also stated that a purchase price and legal fees would need to be agreed.
Can you confirm whether the information provided by the LA is correct and also what is a fair or standard price that should be paid/ negotiated by leasees? I don’t want to undertake the expense and bother of an extension if the costs for a section of the garden outweigh my expected future rental profits.
Traindriver
I currently own a leasehold flat however the tenants will be vacating in the next few weeks. I want to take up the opportunity to extend the property by adding an extra bedroom at the back of the property as rents/property prices are rising in the area.
My dilemma is that the garden at the rear of the property is communal and the freeholder (the Local Authority), have stated that I would be required to buy an allocation of the garden in order to build. This would involve a valuation of the garden and deed or variation applied to the lease. They also stated that a purchase price and legal fees would need to be agreed.
Can you confirm whether the information provided by the LA is correct and also what is a fair or standard price that should be paid/ negotiated by leasees? I don’t want to undertake the expense and bother of an extension if the costs for a section of the garden outweigh my expected future rental profits.
Traindriver