Is my London property suitable for a basement conversion

Is my London property suitable for a basement conversion

It is essential to know whether or not your property is suitable for a basement conversion, particularly if you live in London. The United Kingdom, and particularly London, is a hotchpotch of property styles. Here, houses range from period properties to new builds. In majority cases, a basement conversion is a realistic possibility.

It is essential to know whether or not your property is suitable for a basement conversion, particularly if you live in London. The United Kingdom, and particularly London, is a hotchpotch of property styles. Here, houses range from period properties to new builds. In majority cases, a basement conversion is a realistic possibility. You may still get it if you own a ground floor flat.

However, the most significant question remains for you as a homeowner: is a basement conversion worth it? You have to be sure whether the money spent will get you the space you are expecting. Also, whether it will add value to your property? With exorbitant property prices in London, it often leads you to one answer: your basement conversion is worth-investing. Mainly when the cost of moving is too high.

Will a basement add value to your property?

According to property expert Phil Spencer, the typical cost of a basement conversion is £300 per square foot. This amount included both the dig out and the fit-out. Zoopla released a map in 2016, which showed London's tube map with the average price per square foot. According to it, the most economical was Dagenham East at £302, while the costliest was Knightsbridge at £2214 per square foot.

Another thing you need to consider while planning a basement conversion is the cost of moving. It may cost you around £30,000 in fees and stamp duty to move to a new house, according to estimates based on London house prices.

Can I have a basement conversion if my London property is leasehold?

Yeah, it’s possible. You can have a basement conversion if your property is leasehold. Yet, for this, you will have to seek permission from the freeholder first. Occasionally, leasehold agreements do mention how much land and sub-soil is granted to the leaseholder. However, these kinds of agreements can be tricky. So, it is ideal to have a legal consultation over the contract before starting any work on it.

What if my property already has a cellar?

In case your house already has a cellar, then it is often possible to have it converted. Still, it largely depends on which borough you reside in. Sometimes, you require to ask for planning permission. You can find further details by seeking professional help.

Can you have a basement conversion if you have a flat?

You can still have a basement conversion if you have a ground floor flat. Yet, you will have to check the terms of your lease if your property is leasehold. In this case, you may also have to seek the freeholder’s permission. In specific cases, you may also require to have a party wall agreement drawn up with the owners of the adjacent flats. In addition, you may also have the same agreement with the neighbours with you whom you share a wall with.

Whether you live in a period property, or a newly built house, a basement conversion is a great option. Particularly in cities like London, where the property prices are too high for you to afford to move to another home. By undergoing the basement conversion option, you will not only extend your living options but also will add value to your property.

If you are considering to have a basement conversion on your London property, simply find the best professional service.


   

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