Developer wants to buy some of my Garden

myr90646

Hi Guys

This is my first post and I am looking for some advice.

I live in a detached 3 bedroom house in Surrey which has a garden that extends to around 200 feet. I have just been approached by developers who have purchased some houses on The road behind our house which they intend on demolishing and building some new homes on. They have asked if myself and some of my neighbours would be interested in selling a section at the end of our gardens (around 60-70 feet long) as the development will run parallel with our land.

We have been told that the development will go ahead regardless of our decision to sell so I wanted to find out what we can expect to charge per foot for the land and also if this will have a significant impact of the value of the house if sold (going from a 200 foot to 130 foot garden?)

The developer is already trying to play down the value of the land and stated that it would not be a 'lottery win' but may enable us to buy a new car. I have no idea what figure would be relalistic or indeed fair?

Any advise you can provide will be greatly appreciated.

RAS

hi

A relative sold a plot of a similar size, 38-70 foot-ish, for £150,000 before the height of the property boom.

Two neighbours obtained planning permission jointly and sharted the spoils. The developer paid £301K. I think he was an idiot as it was a lot higher than the next bid but.....

Cannon_Fodder

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E61324&sortByPriceDescending=false&displayPropertyType=land&oldDisplayPropertyType=land

Having a development underway, I suspect they "know" they can get planning for whatever they need in relation to it...so price it accordingly, rather than as "without planning"...?

Whilst initially thinking of how to maximise the price, after a few moments it occured to me that it would be a great thing to keep the 200ft barrier from the unknown neighbours you will shortly have to tolerate...

Are a few £000s of more importance than the peaceful enjoyment of your house?

The ideal would be for the neighbourhood to set, and stick to, their preferred approach, rather than be divided and conquered...so have a bbq to consult the neighbours...

Doozergirl

You would be best to employ a surveyor for a valuation. Not being funny but the plot should easily fetch you a very nice BMW, never mind 'a new car' with planning permission.

Their argument might be that only they can make use of it, unless you can gain access to the back and gain permission yourselves, alone or with your immediate neighbours in which case you can sell it on to whomever and fetch a better price.

The value of your property wouldn't be affected vary much at all to be honest as it's so long anyway. Over 100ft is considered a big garden by anyone's standards.

myr90646

Thanks. I guess the difference here is that the developer has already obtained planning for the land behind our garden and the development will go ahead with or without the sale of our land. A mailed a local estate agent who advised that we can only expect to receive a 'nominal figure' for this reason.

Any body else have an experiences/advice?

Doozergirl

I don't see why it's worth 'a nominal figure' at all. Only if they are the only ones who can benefit but building land where I am used to be £1,000,000 an acre; I can only imagine that yours is still worth that, considering where you are.

As garden land it's worth not much but as a rule, with permission, it would be worth approx 1/3 of the finished value of the house/houses stood on it. As I said, they might use the fact that only they could use the land (because of access) as a bartering tool, but nevertheless, they can make a pretty penny from it and you should hold out for as much as possible based on a proper valuation of it as a building plot.

Hippychick

How much is the land worth to you? if a 'nominal' figure isn't needed I would walk away and enjoy my nice long garden.

Soot2006

Do you badly NEED the money?
If not, name a high price and see if they bite. Then say you'd only half heartedly sell as you were going to put a big wildlife pond there for your noisy, smelly, flea-y ducks ...
+ some kennels for your dogs as you can't stand the smell too near the house ...

(sorry, long day in the office, going doolally!)

RAS

Alternatively, you and your neighbours could explore the possibility of getting planning permission and then see what happens? Cost about £225 plus £17.50 for the maps about 5 years ago.

or write a development clause into the contract where the developer has to pay you any time in the next 10 years, increasingly common these days.

googler

If the development is going ahead whether or not he secures the purchase of your land, what does he need your land for?

looby-loo_2

my boss sold his average width garden for £1000 per meter about four years ago. He walked up and down counting off the holidys he could have. In the end he sold 40 meters which gave his a nice lump sum of £40,000 in the bank. Then he retired.