Loft/roof space valuations can help you understand the value of your property and how much added value you could gain from an extension. Loft/roof extensions are subject to the necessary planning consents so it is important to whether it is possible to extend into your roof space before getting a valuation.
RES Property Surveyors appraises loft and roof spaces for both leaseholders and freeholders and report relevant market premiums. As well as quantifying value, we also advise on best methods to realise this, such as informal negotiation or statutory freehold enfranchisement.
Do I own the loft in my flat?
The answer to this question will be subject to the terms of your ownership of the property. Leaseholders in a flat may have access to the loft space but may have no rights over it, the rights instead belonging to the freeholder. If you are the sole freeholder of your property, you will have the right to your loft space.
You could also have joint ownership of the loft space with another freehold owner. In this situation, you would most likely need to negotiate with the other freeholder or obtain a licence to alter to gain their approval before making any changes to the roof space.
What happens during a roof space valuation?
A valuation will firstly identify whether the space can be used as a separate dwelling or only for use by the leaseholder into its existing demise. This will also take into consideration whether the development would be viable and possible.
A valuation is also used to identify the potential increase to the value of the property. Similar to the terms of a lease extension application, the freeholder of the property is typically compensated for the increase in value of an extended property with half the sum of the extra value.
RES Property Surveyors have a team of professional valuers and surveyors capable of accurately determining the value of loft-roof space in relation to the London property market, allowing you to get the most from your property.
Why get a loft/roof space valuation?
In addition to providing your property with extra space, a loft extension can add value to your property for resale. Valuation of the roof space is also important as part of the negotiation between leaseholder and freeholder. As a freeholder, you may be entitled to the value improvement from a roof extension and having a clear understanding of the level of value this extension would bring will allow you to achieve this.
Why use RES Property Surveyors?
The experts at RES Property Surveyors have years of experience in valuation and surveying in order to maximise the value of property. We have substantial knowledge of the London property market and are able to confidently advise leaseholders and freeholders on proceeding with a loft space valuation.
If you would like to know more about valuing your roof space or to speak to an expert about how to determine your rights to the loft space, contact RES Property Surveyors today.
Get Professional Property Advice
If you are considering a roof space valuation or would like to understand your options, contact the team at RES Property Surveyors Ltd for expert advice today.