Sequence of events - creating 2 flats from 1 large flat in a small block of 3 flats

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    Sequence of events - creating 2 flats from 1 large flat in a small block of 3 flats

    I have a large 3 bed which used to be a 2 bed and mechanic's garage long before I bought it. The 'garage' bit is large enough to be a studio flat or 1 bed if allowed to build upwards (it's a separate annexe to the main block). I'm really confused with what to do first. I want to sell the flats in 2 years. It's on a fixed term mortgage with 2 more years left on it. Share of freehold so 33.3% per flat. So there's planning consent, leaseholder's consent, mortgage company needs to be informed, splitting the title deeds etc. I will be selling this (personal btl) to my own company (ltd btl) so no urgency there. One of the leaseholders isn't that friendly so I'd like to get everything in order before approaching them.

    #2
    Possibly best to obtain planning permission so that approved plans can then be show to the other two freeholders for permission to go ahead with approved development.

    The freeholders will then have to agree to issue new leases to the separate flats and what costs will be required to do that.

    As you are one third owner of the freehold, that will mean you only need to pay two thirds of the valuation for the new leases to be issued.

    It is the opportunity to seek payment for the new leases that may encourage the other two freeholders to agree to your proposal.

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