Loft & Roof Space Valuation
Are you considering buying your loft space?
In order to maximise the value of your property it may be possible, subject to the necessary planning consents, to extend into the roof space. Our honest, approachable experts are here to help you.
I am a Leaseholder
What do I need to consider when buying loft space?
In order to maximise the value of your property it may be possible, subject to the necessary planning consents, to extend into the roof space. For freehold houses this is not a problem but for leasehold and share of freehold flats there may be various obstacles that you need to overcome in order to maximise value.
Firstly it needs to be established what is demised to you in your lease?
Do you own the loft space?
Do you own the roof structure?
If the answers to any of these questions is “no”, you will need permission from the freeholder/s to undertake any works. If they own the roof space they can prevent you from extending.
In some circumstances the freeholder can look to charge a premium or to sell you the loft space or roof structure and air above.
It may be possible to look to enfranchise with the other leaseholders in order to obtain the roof space or it may be possible to negotiate with the freeholder to buy this from him.
At Arnold & Baldwin we specialise in the valuation of roof spaces and advise on the best method of acquiring the space.
I am a Freeholder
What do I need to consider when buying loft space?
In order to maximise the value of your freehold it may be possible, subject to the necessary planning consents, for you or the leaseholder to extend into the roof space or air space above the building.
Firstly it needs to be established what is demised to the leaseholder and what do you own as the freeholder?
Do you own the loft space?
Do you own the roof structure?
If the answers to any of these questions is yes, you own something that has potential value. In some circumstances you can look to charge a premium or to sell the loft space or roof structure and air above. If you have direct access to the roof space from the communal area/staircase you may be able to develop it yourself.
At Arnold & Baldwin we specialise in the valuation of roof spaces and advise on the best way of maximising its value.
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