Can I ask you for your opinions on the following please? Sorry it's a bit complicated:
DS2 owns (with a mortgage) a 2 bed flat in Hove in a small modern block. Half of the flats have parking spaces allocated. His does not have a space.
A flat in the block is just now up for sale. DS2 called the estate agent and offered to buy the parking space (only) of the flat that is for sale to add to his flat.
There was no response after a day or two, and he was uncertain as to whether his suggestion was passed on so DS2 emailed the owner of the flat who he knows enough to say "Good morning" to and had a reply to the effect of "What would you want to offer for the space?"
DS2 currently parks on the road under the residents' parking permit scheme at a cost of approx £130 a year. He had to wait 5 months to obtain a permit as there is a long waiting list. In the meantime he rented a space for £50 a month which he told me was a bargain as he needs a car to get to work.
A parking space would undoubtedly make DS2's flat more valuable, easier to sell eventually and be more convenient for him than hunting for a space every night when he comes home from work. It's less than 10 mins walk to the sea so a busy part of Hove.
An article I found suggests that a parking space adds 5% to the value of the flat which in this case would mean it should cost around £15k (flat is worth approx £300k).
Of course it's a leasehold flat so the permission of the Freeholder would need to be obtained too.
Has anyone been in a similar situation, what happened and does anyone have any opinions as to what to offer? Does £15k sound right?
Presumably the value of the flat for sale would be a little less but the current owner might actually make more money by selling the flat and the space separately and the new owners (if they didn't want that space) would still get the flat, a bit cheaper and and with a slight reduction in Stamp Duty.
Residents can buy visitor's permits for parking on the street BTW (although it's not that easy to find an actual space).
I know he is very lucky to be in this position. Your advice please?
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How much should a parking space cost in Hove (when DS2 already owns a flat in the block)
12 replies
fabulousathome · 04/03/2016 22:18
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