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ReggieA
Posts: 18 Forumite
Hi. Our house needed renovation when we moved in, but family health problems, financial problems etc etc meant that more than 30 years later our house is in dire need. And I’m also in need to move on ASAP, and to make as much money as possible from the sale. We have a big garden with land either side of a pond and drainage ditch, the land on the ‘other side’ of the pond being large enough to build a family home, and there is already an entrance from the road that will provide the driveway. I am due to get about £200k or more from the sale of my dec’d mother’s house. I had planned to build, move in, then renovate this house and sell it, then move from the new house. But because I’ve been living with trauma for a long time, for my mental health’s sake I need to speed things up.
I was thinking maybe a kit house, huff home or whatever, might be a solution, but are they still difficult to sell on? Is it still difficult to get mortgages for them?
Then I looked at the price of land around here, and realised I could maybe sell the land involved for about £150k. How much is the value of the land affected by whether or not it has electricity, water etc? Should I maybe sell the land then try to partially renovate the house we’re in? That would be a strain emotionally. And would I then incur CGT?
I know generally people prefer just to sell with planning permission, but I do need to gain as much financially as I possibly can, in order to pull away from the trauma. Oh, even renovating my home comes with the difficulty that the garage is accessed from a farm track, which we have ‘right of access’ for. Although we have parked on it for decades, and the farmer hasn’t used the track for many years, the farmer doesn’t want to sell it, which is a huge shame. (The access for the new build is the other side of the garden - no use for the existing house.)
We are retired, no mortgage.
Massive thanks in advance for any advice and guidance.
I was thinking maybe a kit house, huff home or whatever, might be a solution, but are they still difficult to sell on? Is it still difficult to get mortgages for them?
Then I looked at the price of land around here, and realised I could maybe sell the land involved for about £150k. How much is the value of the land affected by whether or not it has electricity, water etc? Should I maybe sell the land then try to partially renovate the house we’re in? That would be a strain emotionally. And would I then incur CGT?
I know generally people prefer just to sell with planning permission, but I do need to gain as much financially as I possibly can, in order to pull away from the trauma. Oh, even renovating my home comes with the difficulty that the garage is accessed from a farm track, which we have ‘right of access’ for. Although we have parked on it for decades, and the farmer hasn’t used the track for many years, the farmer doesn’t want to sell it, which is a huge shame. (The access for the new build is the other side of the garden - no use for the existing house.)
We are retired, no mortgage.
Massive thanks in advance for any advice and guidance.
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Comments
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Is the trauma associated with your house? Do you need to escape? Would the money from selling your land mean you could get someone in to make your house a home and you could be happy to stay?0
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The trauma is to do with people. Avoiding full details as this is so public. My need to escape is emotional rather than for anything like physical safety. But I need to move away from the area to start afresh, and to live separately from my husband, whilst staying married to support him. The trauma has largely been because of another person.0
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I mean support him emotionally and with life skills, not financially. I!!!8217;d expect our finances to remain joint.0
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Short of renting it out to be used as a cannabis farm or brothel, put it up for auction, then rent for 6-12 months in whatever area you're looking to buy in so that you have time to consider what sort of property you can buy and where, and be chain free cash buyers.0
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I am sorry for what you've been through. I agree auction might be the quickest and least stressful way to get money from the property. If it has potential for development on the land that could make it very attractive to buyers and you could get a good sum for it. Auction does not have to mean 'on the cheap', especially with development potential. Good luck.0
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The first step should be to ask your local planning department about the possibility of building another house in the garden. If you could get planning permission that would be likely to add considerably to the value.
In some areas you can talk informally but others charge a fee.0 -
Thank you both. I!!!8217;m anxious that as it!!!8217;s in a rural area, there might not be enough instant attention for an auction to be profitable enough. I had originally realised (when I first thought this through a couple of years ago) that building another house would make the long-term plans more possible. Also, although I need it to be quick, it can!!!8217;t be almost immediate because I have a family member with health problems staying here, who can!!!8217;t move on that quickly, ie I can!!!8217;t see myself moving within a year, hence the thinking about prefabs.
Is there anyone out there that might be able to answer some of my initial questions?0 -
I don!!!8217;t understand all the errors in my last message. It read fine before I posted it, sorry.0
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Does anyone know why I keep getting !!!8217; instead of apostrophes? There!!!8217;s an !!!8216;edit post!!!8217; button but I can!!!8217;t get it to work. Sorry, newbie. I!!!8217;ve tried refreshing the page and restarting my mobile. Thanks.
Thank you martindow for suggesting I talk to the planning department.0 -
Auctions are usually well advertised, but if you can't move for about a year, there is no point at the moment in worrying about quick sales.
The only people who can advise on what you are asking are planners and local estate agents. You will need planning permission to build a second house on the property and even if you get this the planners could insist on a traditional build rather than a kit house.
Estate agents (ask several not just one) can advise on the best way of marketing the house and land.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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