Identical maisonettes, one with roof terrace *floor plan included*

[WittyUser]

Hi everyone. I’ve been thinking about putting an offer to my landlord to buy the flat that I currently live in (he had floated the idea a year ago). An almost identical flat a few doors down came to the market last year, and after a few months it remained unsold and the owner decided to rent it out. The asking price was £875k. I have attached the floorpan of this other flat.

My flat is the same, except it doesn’t have any of the outside space (balcony and roof terrace). This is in London Zone 2. There is a big park 20 seconds away, so I’m not too fussed about having my own garden as someone in my late 20s (though admittedly corona may have changed that slightly!)

My question is, what would you offer for my flat (starting offer, final offer).
What value would you put on the roof terrace and balcony (and how much might a roof terrace cost to install? It would require a half set of steps from the top floor and I’d like to do this in a few years when I have the money)

Thank you

Anywhere between 12 to 20% added value depending on the location's desirability.
You'll need to reinforce the roof in a non steel framed building and get planning permission & permits. Have a structural engineer look at it and give you some proper figures, whether it's even feasible for the property and the likely attitude of the local authority

Thanks @onceuponatimeinsuburbia, so would you say £780k could be a good starting point? I can afford about £20k more than that

What is he asking for the flat ?
You may unwittingly offer more than he wanted and he will of course accept
Has he given you an idea of the price ?
Plus the other flat may be overpriced so I wouldn’t put too much store in That as a guide

Thanks for your thoughts @Pajamagirl, he hasn't suggested any price. I think you're right on the other one being overpriced since it didn't sell.

As an aside, one thing I'm worried about is him marketing the property to get a better price, and then getting kicked out! Though maybe in this environment that won't happen for several months yet

If you ask him re the price then you know what u r working to ... and tbh it will prob be easier and quicker for him to sell to you As you are already in there
But prices May drop Due to corona so be cautious
Ask him and then you can go from there ?

Would an estate agent value the flat for you even though you don't own it? Is that allowed?

That's not a lot of space for quite a bit of money. Is now the best time to offer on a flat in London. Was trending downwards before Covid19 & Brexit. Can't see it getting any better, especially for flats. Whatever you do, do it with caution!

Yes, probably simpler to just ask him to point me to the right ball park!

@Mosaic123 I did have a colleague do that, but only under the guise that he owned it! A bit dubious and not something I could get away with (last transaction on the flat was when I was 8 years old)

@Kamma89 that's a fair point, definitely worth bearing in mind!

That's interesting, thank you @WitchWindows

Using that vein of thought then, a flat without outside space should come at an even bigger discount than I originally thought perhaps.

Can you clarify on the area? There is some variance in London. On the floorplan alone, and in this current market, I wouldn't offer more than £750k.

@Smallgoon it’s Battersea/Clapham

@WittyUser Ahhh, I did wonder if it was Brixton you were referring to, so I wasn't too far off. I still think 750k would be a good offer, certainly a good starting point.