Valuation for buying roof space for a loft conversion
Space is at a premium. Families are growing. Many of us want more space. One increasingly frequent way of doing that is by extending into the loft. What if you don’t own it though?
Very often whoever does own the loft (typically the freeholder) will be pleased to sell it to you. After all, it may be worth less to them than it is to you. Sadly, though, that doesn’t mean you can buy it for what it is worth to them.
A loft or roof space valuation considers the increase in value to the rest of the property to whoever extends into it. Along with considering the loss to whoever is selling the loft space, that increased value is considered in determining what a fair price is. This is the Market Valuation report.
If you are a leaseholder considering extending into the loft space, the first thing you should do is to check whether or not it is in your demise. To do this, look at your lease. We’ve known leaseholders extend into space they don’t actually own previously because they incorrectly assumed that just because the loft hatch is within their property, they owned the loft. That can leave the freeholder in a position where they can ransom the leaseholder to pay a high price or have to remove all of their hard work.
Loft conversions also often require Building regulation approval and sometimes planning permission. Please do not mistake either approval for ownership, even if the local authority are the freeholder. They are different things.
If you decide to extend into the loft space, you may want to speak with an architect to design something that works for you. Architects drawings also help us in providing a valuation as it helps identify what the space could look like.
We can be appointed by those buying or selling the roof space and appointed to provide an RICS Red Book Valuation report. This is in impartial opinion of the Market Value. Quote often, we’d be appointed jointly by both buyer and seller to determine that fair price. The parties can then agree terms if they wish or decide that it’s not for them.
Once instructed to carry out a Valuation, we are normally able to provide our report within a week and can often, if necessary meet tighter deadlines where required. Larger portfolios may of course take longer but we will discuss implications with you at an early stage.
At Websters, we are Chartered Surveyors, regulated by the Royal Institution of Chartered Surveyors. Our services span most of London and some surrounding areas including Hertfordshire, Buckinghamshire, Essex and parts of Surrey and Sussex.
Please contact us if you would like to discuss your requirements on 020 8017 1943.