Buying a single room from another property

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  • jazzythumper
    started a topic Buying a single room from another property

    Buying a single room from another property

    This is probably a slightly unusual suggestion and I wondered if anyone has any experience of anything similar.

    I live in a ground floor flat and have an idea of how I can extend our flat further (we have already built a rear extension and there is no further opportunity to extend on the ground floor) utilising a single room from the 1 bedroom flat above us.

    Do to the configuration of the flat I have I worked out that this can be done very easily leaving the flat above to function as a studio flat, it is currently rented out by the owner, so if they are able to maintain a rental income this may be amenable to them as an idea.

    I wondered if anyone had any experience of buying part (not all) of an adjoining flat and adding it to their demise.

    We think we might be able to approach the owner on basis of ascertaining the difference in rental income between a small one bed flat and a studio flat and offering the owner a sum of money to purchase the room that means they can still retain a healthy but reduced rental income and receive a large lump sum payment for the sale.

    I was wondering how to approach the owner, whether a simple offer would be too simple and seen as flippant or too chancing or whether this should be backed up by a simple feasibility report with some solid rental/valuation information and calculations that would seem more serious?

    Thanks for any advice anyone can give me!

  • Lawcruncher
    replied
    Originally posted by jazzythumper View Post

    I am able to deal with most of these complications, we don't want to move as we love where we live and what we have already done to our flat, it is our home and if possible we'd like to stay.
    The complications I refer to are legal ones. Most long leases prohibit assignment of part. If the landlord allows such an assignment the split needs to be done carefully so that the rent, service charge and obligations are apportioned correctly. If the other leaseholder agrees but the price is insufficient to pay off any mortgage, he may have difficulty persuading the lender to release the part to be sold.

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  • jazzythumper
    replied
    Originally posted by HazeltonLane View Post
    Do you own the freehold? If not you will have to have permission from the freeholder, and he/she/it will likely want payment as well. They would normally ask for a percentage of the uplift in value of your flat.
    I am aware of this as we previously paid a fee for the extension we have built

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  • jazzythumper
    replied
    Originally posted by Lawcruncher View Post
    The idea has too many complications. If you want a larger flat it will be cheaper and easier to move to a bigger one.
    I am able to deal with most of these complications, we don't want to move as we love where we live and what we have already done to our flat, it is our home and if possible we'd like to stay.

    Leave a comment:


  • Lawcruncher
    replied
    The idea has too many complications. If you want a larger flat it will be cheaper and easier to move to a bigger one.

    Leave a comment:


  • HazeltonLane
    replied
    Do you own the freehold? If not you will have to have permission from the freeholder, and he/she/it will likely want payment as well. They would normally ask for a percentage of the uplift in value of your flat.

    Leave a comment:


  • jazzythumper
    replied
    Originally posted by nukecad View Post
    What incentive would the owner of the flat have to go along with your proposed scheme?

    Unless he's strapped for cash then why should he accept a lump sum now and reduce his future rental income?

    Why not offer to buy the whole flat, then if you want to you can split off a studio and rent it out?
    If you think it should work for him then it should equally work for you.

    Oh, don't forget all the issues surrounding planning permission, freeholder permissions, etc.
    Thanks for the advice, I think it is the right approach to offer to buy the whole flat and split it if required, I guess the question is whether to ask them what they want now or whether to make an offer, and in that case it's trying to work out what its value is.

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  • jazzythumper
    replied
    Originally posted by leaseholder64 View Post
    And building regulations, and fire safety, if you are thinking of putting stairs, or a lift, between the levels.
    Thanks for these notes, I am aware of these issues and will bear them in mind

    Leave a comment:


  • leaseholder64
    replied
    And building regulations, and fire safety, if you are thinking of putting stairs, or a lift, between the levels.

    Leave a comment:


  • nukecad
    replied
    What incentive would the owner of the flat have to go along with your proposed scheme?

    Unless he's strapped for cash then why should he accept a lump sum now and reduce his future rental income?

    Why not offer to buy the whole flat, then if you want to you can split off a studio and rent it out?
    If you think it should work for him then it should equally work for you.

    Oh, don't forget all the issues surrounding planning permission, freeholder permissions, etc.

    Leave a comment:

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