The Client here was the leaseholder of a first floor, 1 bedroom flat in Wimbledon who proposed to convert the loft space with an L-Shaped extension into a further 2 bedrooms and bathroom. She also owned a share of freehold and with the other share of freeholder on good terms, Peter Barry were instructed to undertake a single joint expert report.
Architectural plans and a quote from a local contractor had already been obtained and an inspection of the property was undertaken. Analysis of similar 1 bedroom flats concluded that the existing value of the property was £500,000 and £650,000 once work was complete:
Subject as Existing:
62 m2 / 667 ft2
Ground Floor Flat, 115 Russell Road SW19:
£525,000: 56m2 / 603 ft2
First Floor Flat, 192 Hartfield Road SW19:
£498,000: 61m2 / 657 ft2
Subject as Proposed:
98 m2 / 1,059 ft2
Ground Floor Flat, 127a Graham Road SW19:
£613,000: 89 m2 / 958 ft2
First & Second Floor Flat, 75a Gladstone Road SW19:
£635,000: 79m2 / 850 ft2
The uplift in value as a result of the works was concluded to be £150,000. From this was deducted, build costs and professional fees to give a profit of £75,550. It would be typical to make deductions for risk with higher amounts for more risky projects.
This was ultimately a typical and straight forward scheme, so 10% was deemed appropriate. With the Client owning a share of freehold, the final compensation figure was £17,000.
We handle hundreds of loft space valuation cases every year so if you would like to know more about valuing your roof space then speak to our friendly and exerienced team for help and advice.