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selling a garage
boyse7en
Posts: 883 Forumite
We have two sets of neighbors who want to buy a garage that belongs to us. How do we get the best price for it without annoying the neighbors who don't get it?
Secondly, when we moved into our house five years ago, one of the neighbors wrote and asked if we would sell the garage. At the time we didn't want to sell so we wrote back saying no, but that we would give them first refusal if we changed our minds. Is this likely to make matters difficult (assuming they still have the letter), or is first refusal not reognised as a contract term?
Secondly, when we moved into our house five years ago, one of the neighbors wrote and asked if we would sell the garage. At the time we didn't want to sell so we wrote back saying no, but that we would give them first refusal if we changed our minds. Is this likely to make matters difficult (assuming they still have the letter), or is first refusal not reognised as a contract term?
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Comments
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Why sell it? It adds value to your home. Rent it to one of them.0
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We have two sets of neighbors who want to buy a garage that belongs to us. How do we get the best price for it without annoying the neighbors who don't get it?
Secondly, when we moved into our house five years ago, one of the neighbors wrote and asked if we would sell the garage. At the time we didn't want to sell so we wrote back saying no, but that we would give them first refusal if we changed our minds. Is this likely to make matters difficult (assuming they still have the letter), or is first refusal not reognised as a contract term?
You probably need a solicitor to transfer the land, but I can't see the first refusal thing as a problem as contracts require consideration(that both parties offer something of benefit to the other) and they didn't in this case. I would have thought the best way is to ask each of them how much they are prepared to pay for it and try and get them to bid against each other. If neither offer is to your liking then don't sell. This way you are bing honest and giving both the first refusal.0 -
poppysarah wrote: »Why sell it? It adds value to your home. Rent it to one of them.
Actually this sounds like a better solution unless you really need the lump sum now.0 -
It's a much better idea because if you want to sell you just give them notice and then your house has the benefit of a garage again. Something which some people find really important.
And does your mortgage company need to know if you're selling off a bit of what they've given you a mortgage on?0 -
poppysarah wrote: »Why sell it? It adds value to your home. Rent it to one of them.
It is actually half a small barn-type structure attached to the side of one of the neighbor's houses so it is about 100yds from our house. They want to buy it so they can build a proper double garage next to their house.
The other neighbor wants it so that he can get rid of it and make his driveway wider so that he can get his new motorhome in easier.
Since we moved in we have built a double garage next to our house, so I don't think having a remote-sited third garage actually adds anything much in value.0 -
poppysarah wrote: »And does your mortgage company need to know if you're selling off a bit of what they've given you a mortgage on?
No, as when we bought the property the garage comes on a separate set of deeds, so is not technically mortgaged.0 -
As mentioned by other posters if the garage comes with your property if you sold it you would lose some value. But if you want to get the best price and give your neighbours a fair chance of buying it let them both make you an offer.0
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We have two sets of neighbors who want to buy a garage that belongs to us. How do we get the best price for it without annoying the neighbors who don't get it? ...
Invite them round, ply them with ale, and let the bidding begin. :beer:"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Oh dear, whichever one you sell it to, the other's going to be peed off.
One thing to bear in mind is the value... if they can get planning permission for a garage, it's possible they could get planning permission for an annexe or 1-bed self contained house to sell.
So the land might have more value than you think. As one or other of these neighbours will never speak to you again once this is over you need to at least get as much as you can for it.
You could rent it out, but as a garage it seems of no use to either of them, except the one that says he wants to build a garage there ... but he might be lying.
You can get it independently valued. Get some estate agents to come and give you an idea, a free valuation. Look on Rightmove and see how much other garages are selling for - but this one has a premium attached to it because of its importance to both the neighbours.
With prices in mind, I'd then fget together with them both and set out the dilemma. You want to sell, but which one to sell to. So you probably have to go to sealed bids or something equally nasty.0
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