nvr
02-03-2011, 15:30 PM
Hi,
I was wondering whether someone can advise me on this...
The scenario is that I have a first floor flat with a loft space and I would like to convert the it into an attic room. I have a share of the freehold with the owner of the ground floor flat. My lease does not specify that the loft is mine though I was told that it was when I bought the flat 10 years ago. Now I have started the process of combining the loft space into my lease (variation of lease) but the owner of the ground floor flat wants payment in return (as he has a share of the freehold though have no access to the loft) and he has indicated that this would be around an estimated added value of the conversion. I know I will have to pay something but have no idea how to arrive at a figure. How does one go about to find out the 'estimated added value' and what propotion is a reasonable payment.
Could you please advise?
Thanks
I was wondering whether someone can advise me on this...
The scenario is that I have a first floor flat with a loft space and I would like to convert the it into an attic room. I have a share of the freehold with the owner of the ground floor flat. My lease does not specify that the loft is mine though I was told that it was when I bought the flat 10 years ago. Now I have started the process of combining the loft space into my lease (variation of lease) but the owner of the ground floor flat wants payment in return (as he has a share of the freehold though have no access to the loft) and he has indicated that this would be around an estimated added value of the conversion. I know I will have to pay something but have no idea how to arrive at a figure. How does one go about to find out the 'estimated added value' and what propotion is a reasonable payment.
Could you please advise?
Thanks