I want to make an offer on the basement flat beneath us - how do I get a price?

[lingle]

We live in Wharfedale, in an expensive town, in a converted duplex apartment within a period property, 5 rooms+bathroom+loo, 2 children. We had a valuation of about £300K near the peak. Own backdoor and front door (the freehold is spread over two adjacent houses so the flats above us have communal entrances next door).

We love the location so much (have our own garden with gate on to the moor in lush beauty spot) that we cannot bring ourselves to move.

We would like to buy the basement flat beneath us to create a large playroom/music room and a guest bedroom with additional bathroom.

I spoke to the owner in about October 2007. He came back with a valuation of £200K which I thought fanciful. The estate agents who gave him that valuation have gone out of business.

I would like to get the basement flat surveyed - find out all the things that are wrong/consents not given, that kind of thing - and then make an offer which I could effectively keep open just varying it as the market falls and rises.

Who do I get to value it and check it out for me? A surveyor? How do I find one? Do I then contact the owner and tell him I'd like to survey it with a view to making an offer?

Thanks for reading.

[noddyholder]

First ask a local agent to give you an idea of what sinilar have sold for recently.then i would approach the owner and say you are interested in buying it and whatt are his feelings on its value in teh current market.If it sounds similar to what the agent says i would instruct an independent survey and then offer?

[austinsmam]

I agree with Noddys comment.
The problem you have, is that the owner of the basement flat may love the location as much as you do. And you may need to offer above the current market rate to get them intrested.

[noddyholder]

When we were selling our maisonette in 2007 it was peak of market.One of the people viewing it only was interested if the girl below wanted to sell too.She approached her and offered her about 235 k which at the time was about 10k over its price and she said no as felt rushed.We were in teh upper maisonette sounds identical to yours!We sold eventually to someone else but now the flat is only worth about 175 so has fallen a fair bit in teh time.I agree though you will probably pay over to get im out!

[lingle]

oh that's very similar noddy. There is absolutely no soundproofing between the basement and our maisonette (there is a tenant downstairs who is suffering from the noise of our feet) so combining them would remove a big disincentive against buying ours one day IYSWIM.

I also flirted with the idea of buying one of the upstairs flats, the value of which probably peaked at about £140,000 but then you'd have a high-value maisonette with a basement flat owned by someone else underneath still - with a survey pointing out the lack of soundproofing - probably offputting to a large number of buyers do you think?

The basement flat is actually not that nice though it's been done up. It's very dark with no views and no access to the moor (and those footsteps overhead!). The kitchen window looks out at a brick wall! He is renting it out and would find it hard to sell atm I think.

[austinsmam]

Lingle while he is renting the flat i am sure the owner will be in no rush to sell.

Maybe worth finding out, how long the tenant is planing to stay. Only with the prospect of the flat sitting vacant for some time, may you be able to negotiate a better deal on the price.

The reality is, the property is worth more to you, than maybe someone else. IYSWIM

[noddyholder]

Is the flat the freeholder?It depends too on how long the landlord has had it as if he bought it cheap he may still be getting a good return renting and would be less desperate to sell although as you say teh soundproofing is an issue and the views of a brick wall!

[lingle]

well, the tenant has complained twice about the noise (made by our shoeless feet) and will leave as soon as he can.

The owner bought the flat (1000 lease like mine) for £70K or so about 12 years ago so won't be under too much pressure.

[lalalonglegs]

Tbh, if that is what s/he paid for it then, providing there has been no remortgaging madness, there will be absolutely no inclination to sell. The only way you could hope to tempt him/her is if another flat comes up next door or very locally in similar or better condition which you could offer to buy for him/her (plus probably a cash incentive) in return for letting you have basement flat but it's a bit unlikely... We have our eye on a couple of places which current owners seem uninterested in getting rid of - bloody people not wanting to sell - grrr .

[lingle]

It's not the owner's home - just a rental property.

But this thread is proving very useful - putting things in a different perspective (you know how when it's just you thinking about it your own preferred explanation/position seems plain and obvious).

[lalalonglegs]

I know, that's why the owner is even less likely to want (a) to sell in a downturn - no desire to trade up now that leaps on rungs on ladder have shrunk a bit (b) to sell at all if they have no problem getting tenants in there. Are there any similar properties that you can afford and might tempt him/her?

[lingle]

Hmm, I don't want it enough to bend over backwards for him IYSWIM.

I suppose when he said in 1997 that he was thinking of selling he had the double motivation of a buoyant market and rising interest rates.

The upstairs flat owner would probably be more interested - he divorced therefore downsized to this flat but now has a new partner, good job, etc - probably more likely to be ready to trade up.

Oh dear, maybe we'll all just have to squash in for a while yet!