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  • FIRST POST
    • GSR1000
    • By GSR1000 22nd Sep 16, 3:17 PM
    • 2Posts
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    GSR1000
    Selling a garage
    • #1
    • 22nd Sep 16, 3:17 PM
    Selling a garage 22nd Sep 16 at 3:17 PM
    I have been approached and asked whether or not I would like to sell my garage. It is part of a block of 4 garages, 60 yards or so away from my house. The other garages are all owned by residents. I am tempted to do this and have read some earlier posts. None precisely matches my situation, however. Firstly, unlike earlier people posting, I own the house outright. There is mo mortgage. Secondly, because it is part of a block, there is no chance of the purchaser knocking it down and trying to build something else. I already understand that I would have to seek legal advice and deal with issues of land registry.

    I would like help with 2 main queries:
    (i) I have no idea what would be a reasonable price to accept. (Location is south Hertfordshire, North London borders. Garage size is "small to medium car".)
    (ii) what are the likely legal fees involved and who, in a transaction of this nature, should pay them?

    Any help would be gratefully received.
Page 1
    • Guest101
    • By Guest101 22nd Sep 16, 3:26 PM
    • 11,187 Posts
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    Guest101
    • #2
    • 22nd Sep 16, 3:26 PM
    • #2
    • 22nd Sep 16, 3:26 PM
    i: You can ask a surveyor to do a basic valuation, I suspect it's not worth a huge amount.
    ii: Legal fees are going to be fairly standard, in the region of 500-1000. Who pays them is up to you


    When you say it's part of a block, do you mean it's part of a block of flat, or garages?
    • davidmcn
    • By davidmcn 22nd Sep 16, 3:29 PM
    • 3,424 Posts
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    davidmcn
    • #3
    • 22nd Sep 16, 3:29 PM
    • #3
    • 22nd Sep 16, 3:29 PM
    Value depends on local market (how much pressure there is on parking etc) - have you checked what other garages have sold for?
    I would expect each party to pay their own fees.
    • foxy-stoat
    • By foxy-stoat 22nd Sep 16, 4:21 PM
    • 1,069 Posts
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    foxy-stoat
    • #4
    • 22nd Sep 16, 4:21 PM
    • #4
    • 22nd Sep 16, 4:21 PM
    If you dont need the money, I would not sell it, as it will be worth more money when the rest of the garages get bought up and a house gets built on it.

    Just rent it out for £100 a month.
    • booksurr
    • By booksurr 22nd Sep 16, 4:36 PM
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    booksurr
    • #5
    • 22nd Sep 16, 4:36 PM
    • #5
    • 22nd Sep 16, 4:36 PM
    as your location is too vague to really help here are the results of using "Hertfordshire" in rightmove. You certainly should not accept less than £12,000 if it is "North London borders" and more if it is built of brick rather than being a prefab concrete job ...

    £12,500 in a block in Tring. This is the lowest asking price on that search result. http://www.rightmove.co.uk/commercial-property-for-sale/property-44438868.html

    £14,000 x 2 Letchworth garden City (obviously well outside of your area!)
    http://www.rightmove.co.uk/property-for-sale/property-37883451.html
    http://www.rightmove.co.uk/property-for-sale/property-54980797.html

    £15,000 not a garage at all, just a parking space in Ware
    http://www.rightmove.co.uk/commercial-property-for-sale/property-55164430.html

    £25,000 garage in St Albans (hence the price!)
    http://www.rightmove.co.uk/property-for-sale/property-60609785.html

    £25,000 Berkhampstead
    http://www.rightmove.co.uk/commercial-property-for-sale/property-41980410.html
    • phoebe1989seb
    • By phoebe1989seb 22nd Sep 16, 4:54 PM
    • 2,843 Posts
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    phoebe1989seb
    • #6
    • 22nd Sep 16, 4:54 PM
    • #6
    • 22nd Sep 16, 4:54 PM
    How will the lack of a garage effect the value of your house should you decide to sell further down the line?
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • G_M
    • By G_M 22nd Sep 16, 5:01 PM
    • 35,965 Posts
    • 39,301 Thanks
    G_M
    • #7
    • 22nd Sep 16, 5:01 PM
    • #7
    • 22nd Sep 16, 5:01 PM
    Rather than looking at the value of the garage, look at the drop in value of your house.

    House with garage = £X00,000

    House without garage = £Y00,000.

    On a practical level, is the garage on he same title as the house, or seperate? Is it leasehold or freehold?
    • Guest101
    • By Guest101 22nd Sep 16, 5:11 PM
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    Guest101
    • #8
    • 22nd Sep 16, 5:11 PM
    • #8
    • 22nd Sep 16, 5:11 PM
    Hypothetically you could sell with an up lift clause, or via a long term lease.
    • GSR1000
    • By GSR1000 23rd Sep 16, 6:53 AM
    • 2 Posts
    • 0 Thanks
    GSR1000
    • #9
    • 23rd Sep 16, 6:53 AM
    My thanks and response
    • #9
    • 23rd Sep 16, 6:53 AM
    I'm new to this forum and not sure how to use it - especially for thanking the various people who have offered to help me. Hopefully this post will say "thank you" to all of them in one go! In terms of replying to individuals:
    a) when I say 'block' I just mean a single storey block of 4 garages, facing a similar block of 4 with a turning-in space between them
    b) I never realised that "Rightmove" would quote for garages as well as houses. I will visit the site forthwith.
    c) in relation to those who have mentioned that the house will be worth more with a garage than without, I understand this. However it is a second property (inherited) and I am more concerned, in the long term, with the value of my main property. I also have an immediate need for any money generated from the sale. A rent of (say) £100 a month (as someone suggested) would take 10 years or so to generate the same amount as the suggested Rightmove value. I'm already above retirement age (even in the current climate!). Who knows where I'll be in 10 years time!

    Thanks again for everyone's ideas and suggestions.
    • agrinnall
    • By agrinnall 23rd Sep 16, 8:09 AM
    • 14,970 Posts
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    agrinnall
    Why not sell the house and garage together now?
    • davidmcn
    • By davidmcn 23rd Sep 16, 9:14 AM
    • 3,424 Posts
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    davidmcn
    Also bear in mind that some properties have a title restriction which prevent the garage being sold separately from the house (or at least being occupied by someone other than an occupier of the development) so you might want to check that.
    • silvercar
    • By silvercar 23rd Sep 16, 9:31 AM
    • 33,710 Posts
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    silvercar
    Also consider the upkeep costs. At the moment is there an agreement (registered with the house) that you all pay a share of the upkeep of the garage block Ensure that is transferred over with the sale.
    • D_M_E
    • By D_M_E 23rd Sep 16, 10:24 AM
    • 485 Posts
    • 11,862 Thanks
    D_M_E
    I once bought a house which came with a garage in a separate block of 6 about 25 yards away.

    The garage had an electricity supply which was connected to the house supply.

    If the garage which you want to sell has the same setup you should get it disconnected from the house before you sell.
    • G_M
    • By G_M 23rd Sep 16, 11:53 AM
    • 35,965 Posts
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    G_M
    On a practical level, is the garage on the same title as the house, or seperate? Is it leasehold or freehold?


    ps - underneath each post you should see a blue button marked 'thanks'. Click it!
    • martindow
    • By martindow 23rd Sep 16, 1:20 PM
    • 6,490 Posts
    • 3,480 Thanks
    martindow
    Do you have a mortgage? If so you will need their agreement to do this. By reducing the value of the house you are increasing the LTV percentage. They may well refuse permission.
    • AndyBSG
    • By AndyBSG 23rd Sep 16, 1:42 PM
    • 764 Posts
    • 929 Thanks
    AndyBSG
    I live in Essex and have been trying to buy a single garage with driveway space for a single car off my local council(house is ex council and garage backs onto my rear garden and was part of the house but seems when the house was bought off the council the garage wasn't included).

    They've not actually agreed to sell it yet as someone rents it so won't open discussions until he vacates but the guy I spoke to at the council told me to expect to pay an absolute minimum of 8K
    • booksurr
    • By booksurr 23rd Sep 16, 2:40 PM
    • 2,898 Posts
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    booksurr
    There is mo mortgage.
    Originally posted by GSR1000
    Do you have a mortgage? If so you will need their agreement to do this. By reducing the value of the house you are increasing the LTV percentage. They may well refuse permission.
    Originally posted by martindow
    try reading the OP in full?
    • booksurr
    • By booksurr 23rd Sep 16, 2:43 PM
    • 2,898 Posts
    • 3,331 Thanks
    booksurr
    b) I never realised that "Rightmove" would quote for garages as well as houses. I will visit the site forthwith.
    Originally posted by GSR1000
    it doesn't,

    but you can set your search criteria to exclude properties over a max value (I used £50k) and not to include flats or bungalows. What is left will be commercial properties (because some are priced per sq metre so appear "cheap"), mobile ("park") homes, building land and garages....
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