Page 32 - March 2024

PROPERTY ADVICE PROPERTY ADVICE

deeds: “If the title deeds expressly set out
the ownership of the common parts, which
include the attic space and roof, then that
position will prevail. If the title deeds do not
specify who owns the attic space or roof of
a tenement, these fall within the ownership
of the top floor proprietor.”

Derek adds: “When converting shared roof
space, the same caveat applies of ensuring
that you have a fully compliant fixed staircase
providing access to it. There may also be
the small matter of having to take on sole
responsibility for roof repairs, where previously
that may have been a shared responsibility
between all owners within the stair. If in doubt,
ask your solicitor to check your title deeds for
guidance on the subject.”
“In order to be properly considered as ‘rooms’,
a fully compliant staircase is a must,” explains If you’re still unsure about whether converting
Derek Brien, Head of Sales at VMH. “The space your loft is right for you, think about your core
that a staircase might take up within your reasons for doing so. Lisa says, “There really
current layout will have to be considered when isn’t a one-size-fits-all answer to whether
planning your conversion. A comparatively easy you should go ahead – it all depends on the
and cost-effective way to provide additional reasons that you’re considering converting.
space might be to floor and line the attic, install If it’s to add extra space for you and your
a roof window and have access by way of a family, and it works financially, then go for
fold-down or fixed ladder via the existing access it – but if your sole purpose is to add value
hatch, but whilst such ‘accommodation’ might to the property, then I generally wouldn’t
be useful for your own current requirements, recommend it, as the costs of materials and Are you thinking of helping your children to buy their first property? We share
when it comes to selling, a surveyor or agent labour remain high, meaning there may not everything you need to know about gifting the funds to pay their deposit.
will simply view it as nothing more than storage be much profit to be made.”
space, and the only value it might add would
be by way of appeal to a buyer who might also f your child is currently trying to buy a property for The ‘bank of mum and dad’ has long
have the same need.” the first time, you’ll likely already be aware of the been a popular source to draw on for
Idifficulties they may be facing. The impact of the those who can afford it, to provide
Once the plans are drawn up, a loft conversion cost-of-living crisis, coupled with substantial rises in grown-up children with the funds to
specialist will help to bring the drawings to rents, has been affecting first-time buyers’ ability to save purchase a property. However, there
life. Then you will need to find an experienced a sizeable deposit – an essential when purchasing under are strict requirements surrounding
builder who can turn the plans into reality – ask the ‘offers over’ system. Perhaps higher mortgage ‘gifted deposits’ that both you and your
around for recommendations, especially if you interest rates have impacted on the loan amount their recipient need to abide by. It’s not as
know someone who’s recently done the same. lender is willing to offer, meaning they have found straightforward as simply transferring the
themselves with a smaller budget to work with. money into your child’s bank account.
If you are the owner of a top-floor flat where
there’s prime attic space sitting empty, you In short, your child may need more financial support If you’re thinking of offering this incredibly
might be wondering if you have the right to than they first thought, to buy their first home. And generous gift to your own children, here’s
convert it, but as Lisa explains, it’s all in the that’s where you come in... what you need to know.

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