Developer wants to buy some of my Garden

chickmug

myr90646 wrote: »

Developer came round on Friday evening to discuss the companies plans.

-Basically they are going to apply for permission to build 8 bungalows on land behind our gardens that has already been secured.

-Offers have been made to 8 of us for 15k a person for 25 metres of garden. Each section is fairly narrow 5-6 metre's.

-Offer is dependant on at least 4 of us (in a row accepting)

-If 4 of us accept then one additional bungalow will be built.

-If 6-8 of us accept, two additional bungalow's will be built.

-Offer has been made based on the land being worth 25% of the value of the finished properties.

-It's a 'take it or leave it' offer with no room for negotiation.

-The guy ended the meeting by say 'it will be great to have you on board but we will be going ahead with the development with or without you'.

So assuming this is true, not sure there is much point in paying out for professional advic? Its a case of us deciding if we want to take 15k or keep the development 25 metres further away.

Sounds like the developer has won.

Haven't you even asked a professional what their charges would be to advise you with just their initial thoughts

Catblue

Well, you only have their word that bungalows would be put on the land. They may be contemplating putting 3-storey townhouses on it instead, but don't want to tell you. This would obviously have an effect on these houses overlooking your land.

One of the property programmes stated that only 300 bungalows were built last year in the whole country, so I'm a bit suspicious that a developer would decide against putting more densely packed housing (and therefore more profitable houses) on that land.

Strangely, there is a developer near us who has bought up some land and wants to buy additional land from people's gardens. He says that these houses will be bungalows also, but has yet to put in any plans. Maybe just my suspicious nature.

Bibliophile_2

myr90646 wrote: »

.

-
-It's a 'take it or leave it' offer with no room for negotiation.

I doubt it!!

Why would the developer go to all the trouble to contact you, then meet with you, if they weren't that interested in buying your land. It doesn't stack up.

Like the other posters said, seek professional advice.

chickmug

Catblue wrote: »

Well, you only have their word that bungalows would be put on the land. They may be contemplating putting 3-storey townhouses on it instead, but don't want to tell you. This would obviously have an effect on these houses overlooking your land.

One of the property programmes stated that only 300 bungalows were built last year in the whole country, so I'm a bit suspicious that a developer would decide against putting more densely packed housing (and therefore more profitable houses) on that land.

Strangely, there is a developer near us who has bought up some land and wants to buy additional land from people's gardens. He says that these houses will be bungalows also, but has yet to put in any plans. Maybe just my suspicious nature.

All spot on.

We rarely ended up building in accordance with any plans drawn up.

Developers know all the tricks and use them all.

myr90646

chickmug wrote: »

You must take professional advice now!

You must take professional advice now!

Silly question but would it be an estate agent that I would need to consult for a valuation??

Gwhiz

Land = 25% of finished property. Where?????

In my experience the land these days is at least 50% of the property whereas the old adage was 33% land, 33% build, 33% profit.

I think the developer is trying to pull a fast one!

franklee

Well there are eight of you, so if a survey and advice from a professional cost a grand then that's only 125 each Not that I know what a pro would cost but it's gotta be worth enquiring.

Also talk directly to the planning office, see what they say about what's likely to be approved and if they've seen any plans for the extra bit yet etc.

I'd be sceptical about the bungalow story too.

Get all eight of you together and work as a team.

hostman

My boss sold some land to a house a few metres away from his. The house had access, but not big enough to fit a car down it, so my boss sold a strip of land allowing for the owners to use the access as a driveway. The payment allowed him to pay off his mortgage a few years early. In this instance the value of the property is greatly increased by improving access, your case may not be as value increasing, I have no idea.

One of the other people who sold land to this guy was very clever with it and added a clause forcing payment every time the property is sold.

JayZed

Chickmug is right. Seek professional advice, preferably together with your neighbours. Whatever you pay for it will almost certainly be worth it. I would have thought that you would need a chartered surveyor, rather than an estate agent.

My completely uninformed, amateur guess is that £15K for 25 metres of your garden is probably a lowball offer. I suppose it must depend partly on how wide your garden is!

pinkshoes

Go round and visit ALL your adjoining neighbours, give them a copy of your email address/phone number, and ask them for theirs. Discuss the development with them, tell them what you know, and ask their thoughts on it.

You can then start a group email, notifying everyone of any new information you find out (land prices, professional advice cost), and see what they think. This way, less informed neighbours won't be tricked into selling at a low price.

IF the developer is saying £15k, then it's probably worth nearer £30k...