I've just bought the freehold of a property. More specifically...
- The property is a 3-storey House, with a 2-storey maisonette on the first 2 floors, and a separate flat on the top floor.
- The freehold is undivided, being the freehold for the whole 3-storey building
- The top flat is occupied on a lease; the 2-storey maisonette is occupied by the freeholders (now us.) without a lease.
Our conveyancer mentioned that the tenant may be interested in buying a share of the freehold, but that we could address that after the purchase.
How do I go about assessing an appropriate market value for that transaction?
I know how to work out the value of a property, for sale, but I don't know how to assess how much the freehold of a property is worth, nor how to calculate the value of splitting it even if I could establish its value.
Purchase price was £715,000 in North London, UK.
Though, I think the fair market price was probably a little closer to £705,000. We overbid to ensure we won it.