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Old 30-10-2015, 12:08 AM
Junior Member
 
Join Date: Oct 2015
Posts: 1
Default Buying the basement below my house

Hi.

I'm looking for any advice anyone might have on purchasing a basement from the freeholder. Here is the situation:
  • I own the ground floor flat and garden.
  • There are two flats above - both owned by the occupants
  • There is a deserted/derelict basement under the house which I want to buy
  • Freeholder is a company
  • Have approached Freeholder asking for price, they said make an offer
  • With freeholder's permission have had a survey carried out

The survey has given us an idea of potential value, work needed, local value per square foot etc. Here is where I am stuck:
  • One third of the basement is in ok condition (bone dry, floor needs dropping, walls tanking and partition walls putting up)
  • The other two thirds is currently inaccessible, almost full to the ceiling with rubble and mud (lots of work to be done)
  • Should I buy the whole basement, do the front then at a later date the back? Or just the front?
  • Do I have to declare usage? Storage or Living space?
  • How much control would the freeholder have over what I do? Can they clock whatever I do on a whim? Should part of the purchase be agreement of potential plans?
  • Do I need lawyers to ensure I don't inadvertently leave myself stuck with a dark hole I can't do anything with?

Some people I have spoken to have just emailed and offered £3K - done, then they develop. Some have mentioned more involved processes...

Any advice, example agreements etc would be appreciated.

Thanks in advance!
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