Selling Airspace and Roof Space
Selling airspace or roof space can have some complications, however you can take steps to hopefully get a speedy and fair offer.
Your top questions when selling airspace or roof space
✅ What does it mean to sell a property's airspace?
✅ Are there any restrictions on how a property's roof space is developed?
✅ Do leaseholders have any rights when I'm selling my property's airspace?
They do, thanks to a law known as the Landlord and Tenant Act 1987, which says that leasehold owners of existing flats within your property must be given the right of first refusal, meaning that they are first in line to be given a chance to make an offer on buying the airspace. This is a legal requirement and therefore you should ensure that you comply with it.
✅ How long will I have to wait before finding a buyer for my roof space?
It can vary depending on the method that you choose for finding a buyer. Trying to sell the roof space without any assistance might take more than an entire year, and using an estate agent could take a similar amount of time. Selling through an auction will take at least many months, whereas selling to a quick buyer like LDN Properties should only take a handful of weeks.
✅ Will I be required to pay any commission when selling my airspace?
Not necessarily, and it will depend on the method that you choose for finding a buyer. Selling on your own or selling to a legitimate no-fee quick buyer will not require that you pay any fees, which will keep your costs low. But if you sell through an auction or estate agent, you will have to pay them commission that will be taken out of the sale proceeds, adding to your costs.
✅ Is there any way to check on the legitimacy of a quick property buyer?
Yes, you can ask individual companies if they are officially members of a third party entity known as The Property Ombudsman (TPO), which publishes regulations to shield owners from fraud in the fast buying industry, and all TPO members must follow those policies. For your peace of mind, you should consider only use fast buyers that can prove they are TPO members.
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