More Loft conversion questions !

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    More Loft conversion questions !

    If this has been answered before (highly likely) i apologise in advance, i have searched to forums but would still like to have a direct answer to put my mind at rest !

    I am a freeholder (along with 2 other flats and one leaseholder) i live in the top floor and wish to convert to loft (not currently owned so will get deeds of variation drawn up) The other freeholders have agreed in principle but am getting stuck on a few issues and i just need to now the common method of dealing with these, so any help appreciated.

    1) Which is the most common practice, either take over responsibility for the roof or leave it as shared ownership ? If its left shared can i still fit a velux window ?

    2) Although the other flats initially didnt want any money for the loft, i suspect that the question of money will inevitably arise. I read the formula (value before/after minus costs = net profit then divided equally between freeholders) is this the fairest way to do it to keep everyone happy, or could we offer slighly less as weve created all the profit ?

    3) in terms of changing the service charges, would this depend on what our lease stipulates ? at the moment its equally divided between the four flats, can they force me to pay more if its just a set charge divided between flats ?

    many thanks in advance, im rapidly going off this conversion idea due to the mountains of bureaucracy, unfortunately we are unable to move at the moment...

    #2
    In my opinion, I would offer to take over the responsibility and upkeep of the roof to get right to have the loft demised to you and be able to put in velux windows. I suggest that the service charges should be altered to be based on square footage of each flat (we used EPC measurements) thus increasing your share. You would also have to pay for the Deeds of Variation to the lease for yourself as well as all the other 4 flats. Perhaps this way you may get things done without having to pay sums for profit.

    Comment


      #3
      Thanks for the reply bbva didnt think about using an epc for that purpose. I think the neighbours would prefer to keep the roof shared responsibility so im still wondering is that route is feasable ?

      Comment


        #4
        Having just paid out £4000 for my share of replacing the roof, re-insulation, replacing rotten rafters and guttering, I would be quite happy not to pay for that upkeep (I am a ground floor flat) I am not sure what the length of your lease is but when doing the Deed of Variation, all leases could be extended to 999 years with no ground rent. Just trying to think of ideas that would be attractive to the other flat owners without you paying additional lump sums to them. The reason I mentioned service charges was our service charges were split equally although the top flat has a loft conversion and the basement is larger. We felt this was unfair so when we extended the leases we determined the service charges on square footage.

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