Roof terrace on shared freehold property - 'compensation'

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Hi everybody,

My partner and I own the 1st and 2nd floor maisonette of a shared freehold building. The other shared freeholder owns the ground floor maisonette and the garden. We own 50% of the freehold each.

We are top floor an our maisonette has access to the roof space and seemingly the lease suggests that we also own the roof (see photo). Our maisonette does not have any outdoor space.

Subject to planning permission we would like to convert the roof into a roof terrace. This we would pay for and we would wish to own the roof terrace outright while retaining a 50/50 split of freehold ownership.

The other owner and I have discussed this, and while he is generally against the idea, we both amicably agree that a 'compensation' payment could see us reach an agreement. The trouble is neither of us know what would be considered a fair figure.

Can anybody give any advice or experience on what would be considered a fair figure in such circumstances?

Also if anybody understands the lease extract in the photo, can it be confirmed that we do own the roof?

Thanks in advance.

 
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Planning Permission aside.

The subject of what is a fair figure for this kind of thing has come up before on the forum, the fair figure is the figure that you can both agree on. It might sound unhelpful but no one on here can dictate that, one or the other of you will have to come up with a figure and gauge the reaction of the other party.

It seems reasonable that you start the bidding but who knows if the bidding should start at £500, £5000 or £25000 or whatever.

I think it will also depend upon your long term thoughts with regards to the property, if you expect to sell within say 3 years then I would think a much lower figure would be appropriate than if you say expect to live there until you pop it!
 
Sounds more like he's irked that you can add a roof terrace to your upper storey flat and boost its value without him being entitled to any of it.

Ask your solicitor whether anything in the lease prohibits you from carrying out your desired works because the fragment there simply looks to me like you're 100% responsible for a leaking roof, you're responsible for your walls and you and he are jointly responsible for all other walls (i.e. the walls that support everything that you own) - you're looking for clauses that restrict you from carrying out alterations without all freeholders being in consent etc
 
Having consulted with two solicitors it appears that our demise includes the roof while both maisonettes are jointly responsible for the maintenance.

It goes on to say that all structural works are to be done only with the permission of the shared freeholder, therefore in effect we simply need their agreement for the works to go to planning.
 
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the neighbour has smelled free money for no sacrifice and is just playing his cards to obtain maximum. I would suggest you offer barely enough to make it worth his while, and hold firm on it.
 

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