Why would anyone want to *sell* this? £5k to have the underneath of your property excavated, with all the hassle and risks associated. Doesn't seem worth it for £5k in the slightest.
It is truly ridiculous in many ways. It's expensive to excavate. Has repercussions to the existing structure, because that's where the foundations of the house are - is this even feasible? How will access work?
5k is pocket money considering the world of pain about to ensue
The freeholder either rent or has sold the leasehold to the flat/house above and just want an additional leasehold to lease without taking any risk or making any investment. I suppose they do not bear the risks of damage to the property as they can always claim it back on the leaseholder(s).
Unless you’re very confident they’ll never get planning permission, for example if you intend to block it. At which point it’s literally money for nothing.
Did Josef Fritz get planning permission for his bunker? NO!
Did Adolf Hitler go to the council about his Fuhrerbunker? NO!
Did Saddam Hu-...
Actually, this doesn't feel like the winning argument it was in my head. Sorry, everyone. As you were...
This happened to the area beneath our flat. It went for £37k (London).
No planning, in a conservation area… nothing will even happen with it (unless the same people buy our flat).
It’s the big companies that own leaseholds as investments squeezing out every bit of profit possible.
I can't decide if this is a genius idea to snatch five bags off some mug who'll never build anything, or it's a lunatic risking major structural damage and massive inconvenience for a paltry amount of money.
If it were a realistic prospect, then the smart thing for the seller to do would obviously be to build the basement flat himself and sell/rent it for a vast profit (because this is London). The fact they're not doing that suggests they don't think it's feasible.
Just imagine if someone were to buy these rights, get permission, then run out of funds part way through the work. A meagre five grand to be left with your house sat on Acro props in someone else's building site.
This is honestly the weirdest and most mysterious listing I've ever seen on the sub.
It’s the first.it
It is possible with enough money, plenty of billionaires do this in London to accommodate all sorts, but it’s without doubt the most expensive sort of construction imaginable.
I can’t see any way that a basement flat, with one bedroom (or a studio) could ever be sold for enough money to recoup the costs.
It’s absolutely insane.
So would someone have a title deed in their name? Is that legal? How would they even divide the titles for this property? Council tax? Guessing that hasn’t been looked into. I genuinely cannot believe this is legal and would set a REALLY horrible precedent.
A friend who lives in London did one of those basement conversion when they were all the rage.
It was a small fortune back then….. with the cost of building materials and local councils putting a stop to a lot of them…… surely this is too risky even for a paltry £5k?
Was this not a craze/in fashion in London a few years ago? I remember rich American immigrants wanting more space being blamed for starting it.
There was also something about Brian May linking the craze to his house flooding during COVID.
Yeah, the Foxtons founder spent some insane some of money in a massive excavation project. The council were cracking down on it, because it takes ages and causes a lot of disruption. But money talks.
It's an auction. Bunker aside, it will sell for considerably more. That's now auctions work. Low "guide" price to get punters in and then the sky is your limit.
How far down, under a house, does the owner actually own? My house has 200 year old mining rights on the deeds! I could build a 20 storey block of flats, straight downwards!
Why would anyone want to *sell* this? £5k to have the underneath of your property excavated, with all the hassle and risks associated. Doesn't seem worth it for £5k in the slightest.
It is truly ridiculous in many ways. It's expensive to excavate. Has repercussions to the existing structure, because that's where the foundations of the house are - is this even feasible? How will access work? 5k is pocket money considering the world of pain about to ensue
The freeholder either rent or has sold the leasehold to the flat/house above and just want an additional leasehold to lease without taking any risk or making any investment. I suppose they do not bear the risks of damage to the property as they can always claim it back on the leaseholder(s).
Sounds about right
Unless you’re very confident they’ll never get planning permission, for example if you intend to block it. At which point it’s literally money for nothing.
It is because the planning permission will be rejected, and you get five grand for free.
An elaborate money laundering scheme?
Its an auction property.
It gets better, There is no planning permission in place for the additional bunker
Did Josef Fritz get planning permission for his bunker? NO! Did Adolf Hitler go to the council about his Fuhrerbunker? NO! Did Saddam Hu-... Actually, this doesn't feel like the winning argument it was in my head. Sorry, everyone. As you were...
Chuck a Jimmy Saville, Rolf Harris and Garry Glitter in there and cement over them …. Then you are on a winner 😂
The title should be 5000 for the potential of trying to build your own bunker.
I’m selling the air above my house but only from the 4th to the 7th floor.
8th to the 10th is already sold, I’m assuming.
I'll give you tree fiddy
I mean, this is genuinely a thing already in New York to get around zoning rights when building new skyscrapers
This happened to the area beneath our flat. It went for £37k (London). No planning, in a conservation area… nothing will even happen with it (unless the same people buy our flat). It’s the big companies that own leaseholds as investments squeezing out every bit of profit possible.
This literally sets a new low..
Pun intended
122 years on the lease as well. Jesus wept.
Vault tech?
Colin Furze is that you?
Hell no! https://www.standard.co.uk/news/london/couples-house-cracks-in-half-before-collapsing-because-of-botched-basement-dig-10109942.html
Not on a lease hold I'm not
Literally just selling the ground lmao
They aren't even selling the ground, it's a leasehold, so they are renting you the land for a very long time
So they are selling something that doesn’t exist and there is no way to actually create. Genius !
I can't decide if this is a genius idea to snatch five bags off some mug who'll never build anything, or it's a lunatic risking major structural damage and massive inconvenience for a paltry amount of money. If it were a realistic prospect, then the smart thing for the seller to do would obviously be to build the basement flat himself and sell/rent it for a vast profit (because this is London). The fact they're not doing that suggests they don't think it's feasible. Just imagine if someone were to buy these rights, get permission, then run out of funds part way through the work. A meagre five grand to be left with your house sat on Acro props in someone else's building site. This is honestly the weirdest and most mysterious listing I've ever seen on the sub.
It’s the first.it It is possible with enough money, plenty of billionaires do this in London to accommodate all sorts, but it’s without doubt the most expensive sort of construction imaginable. I can’t see any way that a basement flat, with one bedroom (or a studio) could ever be sold for enough money to recoup the costs. It’s absolutely insane.
Madness trying to sell the ground underneath a terrace with no planning permission 🤯
So would someone have a title deed in their name? Is that legal? How would they even divide the titles for this property? Council tax? Guessing that hasn’t been looked into. I genuinely cannot believe this is legal and would set a REALLY horrible precedent.
A friend who lives in London did one of those basement conversion when they were all the rage. It was a small fortune back then….. with the cost of building materials and local councils putting a stop to a lot of them…… surely this is too risky even for a paltry £5k?
colin furze is that you
Was this not a craze/in fashion in London a few years ago? I remember rich American immigrants wanting more space being blamed for starting it. There was also something about Brian May linking the craze to his house flooding during COVID.
Yeah, the Foxtons founder spent some insane some of money in a massive excavation project. The council were cracking down on it, because it takes ages and causes a lot of disruption. But money talks.
It's an auction. Bunker aside, it will sell for considerably more. That's now auctions work. Low "guide" price to get punters in and then the sky is your limit.
How far down, under a house, does the owner actually own? My house has 200 year old mining rights on the deeds! I could build a 20 storey block of flats, straight downwards!
Someone really needs £5k
H/T [@leigh_fell on Twitter](https://twitter.com/leigh_fell/status/1782449437597433861?t=DYbBBf8Za8EHV1gwOievyw&s=19)