Traindriver
05-09-2006, 20:42 PM
Hi,
I added this post to the Planning & Development but was referred here instead.
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 fine however the freeholder states that this would involve a valuation of the garden and deed of variation applied to the lease. They also stated that a purchase price and legal fees would need to be agreed but state that this could cost up to 4k per flat. BTW having spoken to the other leasees, they also agree to splitting and buying their allocation of the garden (The garden is 100ft+’)
Can you confirm whether the information provided by the LA is correct and also what is a fair or standard price for land 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 added this post to the Planning & Development but was referred here instead.
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 fine however the freeholder states that this would involve a valuation of the garden and deed of variation applied to the lease. They also stated that a purchase price and legal fees would need to be agreed but state that this could cost up to 4k per flat. BTW having spoken to the other leasees, they also agree to splitting and buying their allocation of the garden (The garden is 100ft+’)
Can you confirm whether the information provided by the LA is correct and also what is a fair or standard price for land 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