This is a note of explanation of the landlord company’s policy regarding the sale of roof voids, i.e., the empty spaces above the top-floor flats.

Morshead Mansions is comprised of 13 contiguous blocks each of which is in turn comprised of 8 flats arranged in pairs, two on each floor with a basement storey situated below the raised ground floor flats and a pitched roof above the third floor flats.

In 2015, the company was approached by Ms. Adamson, then the new owner of flat 40 Morshead Mansions, a top-floor flat.  Ms. Adamson wanted to buy the roof void above her new flat and to develop a duplex apartment.

Despite the doubts we had about the project’s viability, both physical and financial, Ms. Adamson was determined to achieve her goal and she overcame our doubts and the company made its first roof void for the price of £75,000.

Since 2015, down to the end of 2023, the company had agreed and completed the sale of a further 12 roof voids, all of which were sold at the same price of £75,000.  Towards the end of 2023, we agreed the sale of the 14th roof void and a S5 LTA 1987 Notice was duly given to all of the leaseholders to that effect on 19 October.

Though it was agreed in 2023, the sale of the roof void above flat 23 Morshead Mansions was completed on 20 January 2024 and proceeds of sale duly received by the company.

So, down to January 2024, the company has sold 14 roof voids realising £75,000 on each sale, making a total revenue realised during the past 8 years of £1,050,000.  All of that money has been applied to the objects of the landlord company and has thereby reduced by a like total the amounts that would otherwise be sought from shareholders in the annual precepts authorised by resolutions passed under Article 16.

We have 12 roof voids left which presently remain unsold and which are available for sale.  As the development of a duplex apartment has been demonstrated to be viable we expect that eventually, all of the remaining roof voids will be sold off.

Having dipped recently, but now boosted by the impact of the common parts stairwell refurbishment, values of Morshead Mansions flats are recovering and are apparently finding a new level at somewhere above £1.15 million.  This might justify an increase in the asking price for the remaining, as yet, unsold roof voids to perhaps, £100,000.