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Buying neighbour's roof terrace

(5 Posts)
Auntpodder Wed 04-Jan-17 10:56:15

On the off chance that anyone has had a similar experience/has advice. I share a roof terrace with neighbours who rent their flat out. I have direct access to the roof terrace, their tenants have to exit their flat and climb stairs to do it (and don't really use it). If possible I'd like to buy their share but don't know how much to offer (it's a mediumly nice bit of London) - £20,000 perhaps? We all own a share of freehold and there have been no problems between us as freeholders - relations are good. We all have responsibility for external works on the building.

YelloDraw Wed 04-Jan-17 10:58:31

Are they amenable to selling?

I woudl probably get 3x valuations of your flat with shared v private roof terrace - and 3x valuations of theirs flat with shared access v no access.

From there you will need to negotiate.

You cant just say £20k without knowing how much it will devalue their flat and how much it will increase the value of your flat.

user1471549018 Wed 04-Jan-17 14:23:58

You can also ask a surveyor to value it (well you can with gardens anyway). But in a way it is only worth what you are prepared to pay for it. And if that's below what the owner wants then you won't be able to buy it. It has no value to anyone else.

You could ask if they would consider selling and what kind of price they would be looking for first.

Auntpodder Wed 04-Jan-17 15:46:05

Thank you - really useful advice. For reasons that would be too revealing to post, there's a chance they might be willing to do so. It would be very nice for me because I could do some internal renovations. I can but ask!

YelloDraw Wed 04-Jan-17 17:29:56

I can but ask!

Indeed.

You could get 1x valuation of your flat with private v shared before you approach them, so you know the max ballpark you woudl ever go to.

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