The lender was approached by a developer it had worked with several times before to fund his latest project which was the construction of 12 new apartments on top of existing apartment blocks where he already held the freehold.

UTB has found that building on the roof of an existing building was an increasingly common way of extracting additional value from a freehold interest. 

However, the process in not straightforward and experience is required, but fortunately UTB found the developer had already addressed the important issues.

The developer had undertaken a full structural survey to ensure the building could support the weight, as well as investigating and resolving any potential rights of light issues.

He had secured consent from the building’s leaseholders – many of whom had lived in the building for some time. 

Finally, the developer had agreed any changes required to the external appearance and upgrading of common parts, while he had also found and employed a contractor experienced in this type of construction.

After UTB had visited the site and was assured that the developer had completed all of the additional planning required, the funding was agreed and building has now begun.