Associated costs
There are many costs involved in purchasing spaces from the council. Please read carefully as you and any other owners of your property are liable for these costs. It will help you decide whether you wish to proceed if your application is successful.
Administration and consultation fees
There is a fee for processing and assessing your application. This fee includes consulting the other residents in your building about your plans for the space you intend to purchase. The cost for this is £250.
Consent to alter
Before you make any structural changes, you will need to pay to request permission to alter the property.
Survey and valuation
We will have to have the area surveyed and valued to see whether it saleable or not. The cost for this is £600 including VAT.
Value of the area to be purchased
This depends on the valuation report. The valuation of the sale will be based on the development potential of the space. You will be notified of this cost in a notice of sale.
Floor plans
New plans will need to be issued to show the new space added to your existing demise. The cost for this is £240 including VAT.
Surrender and re-grant of lease and associated legal costs for the sale
Due to the significant changes that will need to be made to your lease, the old lease will need to be surrendered. A new lease will be granted, incorporating the newly-purchased area. The council will also charge any reasonable legal costs associated with the sale of the space.
The cost for this is:
- £750 for surrender of lease
- £1,600 for re-grant of a new lease.
These might be increased if your purchase becomes more complex.
Insurance
We will need to contact the insurance department to inform them of the new space that you will be purchasing. This purchase will affect your insurance premiums and indemnity insurance premiums, as you will be adding extra space to your original demise.
What you need to know...
- All costs are accurate at time of going to publication and are subject to change.
- All costs will be confirmed in writing, when requested.
- Legal costs are approximate and may vary depending on the nature of the sale.
- Depending on the nature of the sale, you may incur additional costs, which you will be liable for.
If you any queries about costs, please contact Home Ownership Services.