Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
I own a lease self contained upper maisonette with its own garden since Aug 2000. It’s part of a two flat building. The lower maisonette was recently sold and the new owners have done building works and in the process have taken two storage areas which were adjacent to their property but part of my property.
They have incorporated the space to their property such that they have gained about 1 sq meter from one area and ceiling height from the other as it was a staircase.
I am at a point in which I have sent them a letter before action and I’m about to engage a barrister. How do I go about valuing the space they have taken? I have lost about 3 sqm of storage space while they have gained a double bedroom.
They bought the flat for 425k and mine is worth about 650k. They are offering me a pittance which doesn’t even cover my legal costs to date and hey want to offer a shed in my own garden which would not make up for the space lost nor its actual value.
Solicitors so far tell me I have a very good case for trespass, but I would prefer to avoid going to court and reach a settlement. As their offers have been so low so far, I am looking for ways to value this properly so I can be clearer about my expectation.
Thanks for your help.
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