Unbelievable, Room for Sale!!

[cgksheff]

The house has been converted into 6 separate flats for which there are separate titles plus this property which is listed on the title as a "Store Room".

Whilst it does encompass one full half of the first floor, one would assume that it is unlikely to have any plumbing etc.

It would be of greatest value to one of the existing Flat-Owners, especially the owner of Flat 3 on the other half of the first floor.

[Cyclone]

Otherwise you're throwing £11,000 a year away on rent and going no-where.

 

Of course the 11k comes with interest attached unless you have it spare lying around. And presumably something similar to the maintenance fees you pay for owning a flat.

And the conveyancing costs of buying and selling.

[truman]

Of course the 11k comes with interest attached unless you have it spare lying around. And presumably something similar to the maintenance fees you pay for owning a flat.

And the conveyancing costs of buying and selling.

 

I would expect the room will go up in value......probably cover those costs...

[geared]

Of course the 11k comes with interest attached unless you have it spare lying around. And presumably something similar to the maintenance fees you pay for owning a flat.

And the conveyancing costs of buying and selling.

 

None of which will even come close to paying £11,000 a year in rent, so you're still quids in by a huge margin.

[poppet2]

None of which will even come close to paying £11,000 a year in rent, so you're still quids in by a huge margin.

 

I agree. I can see this becoming the next big thing in the particularly in London. The thing is, if each room is leasehold, similar to a flat, I wonder if buying rooms in a house exempts purchasers from HMO and licensing rules?

Maybe this is a new phenomenon that the government are going to have to act on later for safety reasons, if HMO rules don't apply.

[Cyclone]

It will be interesting to watch at least, it's not a flat, it doesn't have any services apart from electricity, but on the other hand it costs about 1/8th or even less of what a flat would cost, and as someone said about 1 years rent, even with the extra costs that I mentioned.

[geared]

I agree. I can see this becoming the next big thing in the particularly in London. The thing is, if each room is leasehold, similar to a flat, I wonder if buying rooms in a house exempts purchasers from HMO and licensing rules?

Maybe this is a new phenomenon that the government are going to have to act on later for safety reasons, if HMO rules don't apply.

 

You'd want to take plenty of legal advice on that, if the government do change the law to prevent this it'll be the owners of the room that end up carrying the can not the people who have been selling them.