London is made up of a mishmash of property styles – ranging from Georgian townhouses to new builds, and for the vast majority of these properties a basement conversion is a possibility. It may even be possible if you own a ground floor flat.
The biggest question you need to ask yourself as a homeowner is – is a basement conversion worth it? Does spending the money required create the space your need and/or add enough value to your home? With property prices as high as they currently are in London, it can make financial sense to undertake a basement conversion – especially when the cost of moving is taken into consideration.
Will a basement add value to my house?
According to property guru Phil Spencer, the average cost of a basement conversion is £300 per square foot; this takes into account both the dig out and the fit out. A map released by Zoopla in 2016, shows a tube map of London with the average price per square foot, the cheapest was Dagenham East at £302 while the most expensive is Knightsbridge at £2,214 per square foot.
The cost of moving is also something you need to think about when weighing up a basement conversion. Based on the average London house price (now standing at £650,000; correct as of March 2017) it will cost almost £30,000 in fees and stamp duty to move.
Can you have a basement conversion if your property is leasehold?
It can be possible to have a basement conversion if your property is leasehold; however, you may have to seek permission from the freeholder first. Some leasehold agreements do state how much land and sub-soil is granted to the leaseholder. Leasehold agreements can be complicated, so it is best to have a legal professional look over the contract before any works are started.
What if my property already has a cellar?
If your property already has a cellar then it is usually possible to have it converted; however, depending on which borough you live in, you may still need to ask for planning permission. For more information on cellar conversion, click here.
Can you have a basement conversion if you have a flat?
It may be possible to have a basement conversion if you have a ground floor flat. However, if your property is leasehold, you will need to check the terms of your lease and you may have to ask the freeholder’s permission. It is also likely that you need to have a party wall agreement drawn up with the owners of any other flats, as well as any adjacent neighbours you share a wall with.
Whether you live in a Victorian terrace, a 1930s detached home or a Georgian townhouse, a basement conversion might be what you need to make your home perfect. Contact Simply Basement today for a free site survey.Share this: