Is this loft conversion feasible?

[Groovybug]

 

Hello everyone,

 

 

We are looking to buy our first home, ideally a project so we make it our own. We have come across this relatively big one bed room top floor flat that we are hoping to extend into a two bed. We understand that we have not owned the flat yet and there will be a lot of unknown, but we appreciate any advice you can give. This is in London, non-conservation area. 

 

The flat is a split-level second floor flat and we are hoping to make a loft conversion on top of the kitchen, which is on the lower level (please see images), plus with a terrace on top of the rest of the lower level. A house nearby has done this extension (see satellite image, the one I'm buying is mark X, and the house with extension is two doors up), but I can not find planning application for it, so it might be done a long time ago. The file "Extension plan" is the floor plan of that house.

 

 

1. An extremely naive question, do you think the planning application for this would be granted? Or asking in another way, is this kind of development normally permissible in London? We will only buying if we can, however I dont know how we can be sure. 

 

2. Could you please give an idea of cost, as well as any increase in value if any? Does it make sense financially, considering the space gain is not that significant?

 

 

Thank you all.

 

 

 

 

 

Edited September 10, 2020 by Groovybug

[Ferdinand]

No one can give you that sort of detail without a lot more info.

 

But given that only one place has done it, it looks questionable as an investment imo.

Edited September 11, 2020 by Ferdinand

[PeterW]

If you are referring to the one to the left then that is a massive structural job that will need party wall approval from the neighbour plus some serious engineering. To create the deck / open balcony you will need to remove the entire roof on the side you want plus support the roof from the other property and complete a retaining structural wall. This also assumes there are no tanks or other items in the attic space, plus requires the removal of the chimney and most of the roof on your proposed property. 
 

Given this is a top floor flat and roof, I expect the freeholder and other leaseholders will want assurances that this isn’t going to cause water damage to their properties when the roof is off. You will also need extensive - and expensive - scaffolding due to the height and shape and the works to be done. 
 

I would expect given this is London, if you saw change from £3-400k I would be surprised. It’s a major structural job on a partial building, and I can’t see the value in doing it. 

[ProDave]

Check first that the lease even gives you "ownership" of the loft. If not your first negotiation is with the freeholder.

 

Do you really want to be buying a flat with no garden at a time when just about everyone else wants to sell city centre flats and get away to somewhere with a garden?

[the_r_sole]

Only buy something that would need planning permission if you are happy to live in it as it currently is - it's a huge risk to purchase in the hope of getting planning to extend.

It's technically possible, but it could be very expensive to do and you don't know yet what the detail of ownership is within the deeds...

It's difficult to do proper due diligence in a siutation like this as solicitors don't usually let you back in after offering and they probably won't let into the deeds either until there's an agreement in principle

[Groovybug]

Thanks everyone for your advice. 

 

A few more info, this is a share of freehold and we do have ownership of the loft. We are buying to live, not as an investment. We need a two bed room flat however also considering one bed if it's possible to convert/extend it in some way. 

 

@PeterW: Would it make more sense and more feasible to do just to extend to have the upper room, without the the terrace? I think there is a structural wall already between the two side of the roof (on the proposed terrace) but I need to double check that. 

 

@ProDave: Garden would be nice, but it's also a luxury for us in London, and we don't have the choice to move away right now. 

 

@the_r_sole: You are right, it is tough situation. I imagine we can convert the existing space into a two bed, however it would not be ideal.