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Buying the basement below my house

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  • Buying the basement below my house


    I'm looking for any advice anyone might have on purchasing a basement from the freeholder. Here is the situation:
    • I own the ground floor flat and garden.
    • There are two flats above - both owned by the occupants
    • There is a deserted/derelict basement under the house which I want to buy
    • Freeholder is a company
    • Have approached Freeholder asking for price, they said make an offer
    • With freeholder's permission have had a survey carried out

    The survey has given us an idea of potential value, work needed, local value per square foot etc. Here is where I am stuck:
    • One third of the basement is in ok condition (bone dry, floor needs dropping, walls tanking and partition walls putting up)
    • The other two thirds is currently inaccessible, almost full to the ceiling with rubble and mud (lots of work to be done)
    • Should I buy the whole basement, do the front then at a later date the back? Or just the front?
    • Do I have to declare usage? Storage or Living space?
    • How much control would the freeholder have over what I do? Can they clock whatever I do on a whim? Should part of the purchase be agreement of potential plans?
    • Do I need lawyers to ensure I don't inadvertently leave myself stuck with a dark hole I can't do anything with?

    Some people I have spoken to have just emailed and offered £3K - done, then they develop. Some have mentioned more involved processes...

    Any advice, example agreements etc would be appreciated.

    Thanks in advance!