Buying lofts and gardens/additional space
As a homeowner, you may want to purchase additional space. We consider all requests from homeowners to buy extra land (or other unused areas such as lofts and gardens) next to their existing property which is not owned or used by anyone else. All sales are at our discretion.
We will only agree to sell land to you if you are in credit. If we do agree to sell you land, we will sell it at the open market value set by an independent valuer. You are responsible for all the transaction costs (see below).
We aim to complete sales within four weeks of the exchange of contracts. Sales are for 100% of the equity with no option for shared ownership. The extra land will usually be on a separate lease – we will advise you of the legal arrangements after advice from our solicitors.
Transaction costs include:
- the valuation fee
- Octavia’s fee – this covers our administration and legal costs
- your own legal expenses
- the valuation fee to the lender if they revalue the property for mortgage purposes
- surveyor’s fees for producing a feasibility report (if applicable)
- any mortgage fee payable
- stamp duty (if applicable)
- the agreed purchase price.
What will happen when you contact us about a purchase
First we will check if we can sell the space. While we consider each request individually, we cannot usually sell:
- garages in a separate block
- loft spaces with communal services (e.g. shared water tanks)
- roof terraces above another home
- gardens shared by more than one property
- areas we need regular access to for maintenance
- areas containing another property’s gas meters, water stopcocks etc
- communal areas such as basement well areas and internal stairs
- areas that we plan in future to refurbish, renew or redevelop.
If we can sell the land, we will ask you to complete an application form. We charge a non-refundable £150 fee to process your application.
When you return the application we will carry out initial checks of your account. We will not agree to the sale if you owe us money.
We will make an initial in-principle decision within 15 working days of receiving your request. If we turn down your application we will let you know why.
If we agree in-principle to proceed, we will ask you to pay the valuation fee. The valuation fee varies and is dependent on the land you are buying. A valuer accredited by the Royal Institute of Chartered Surveyors will carry out the valuation. The valuation is valid for three months. You can apply to the district valuer for another valuation (at your own cost) if you do not agree with the valuation.
If you agree to the valuation we will formally agree to the sale. Our solicitor will prepare the lease and / or variation of lease documents for you to agree. We will notify you if we need to vary your service charges.
For some transactions, further costs may be incurred, for example, we require a feasibility report from a chartered surveyor for loft conversions. We will advise you what is required for each transaction.How to contact us buying additional space.