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how much would you pay to extend your plot?
jimmy_hanson
Posts: 1 Newbie
i am the owner of a plot of land next to a house thats worth approx £226k. the owner of that house has expressed an interest in buying the plot off me. however she owns a plot behind mine too, next to her house.
imagine a square, she owns the right hand side and the top left corner. i own the bottom left corner. so in effect by gaining my plot she completes the square. therefore maybe looking at extending her property to match the house up the road that has 5 bedrooms and is worth £276k.
at the moment she cant access the top left hand plot.
so i feel i am holding somewhat of a trump card.
does anyone know if i am entitled to contact her and just say let me know what you are willing to pay or have i legally got to have a survey done to send to her to prove what its worth?
bottom line- i think its worth what she wants to pay but i don't want to spend anything to sell... any thoughts anyone?
imagine a square, she owns the right hand side and the top left corner. i own the bottom left corner. so in effect by gaining my plot she completes the square. therefore maybe looking at extending her property to match the house up the road that has 5 bedrooms and is worth £276k.
at the moment she cant access the top left hand plot.
so i feel i am holding somewhat of a trump card.
does anyone know if i am entitled to contact her and just say let me know what you are willing to pay or have i legally got to have a survey done to send to her to prove what its worth?
bottom line- i think its worth what she wants to pay but i don't want to spend anything to sell... any thoughts anyone?
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Comments
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A plot of land is worth whatever someone is willing to pay for it. Buyer and seller both have different values in mind, called a bid and ask. These are separate estimates and do not have to match - often they don't as neither party is willing to jump the bid-ask spread. But if they do you can have a transaction.
So you need to figure out what the land is worth to you first of all. If it's nothing, be honest with yourself - this person may be the only way to monetise the plot.
Then you need to figure out what it is worth to her. Probably a fair amount given it sounds like it will give all sorts of planning permission options on the rest of her plot.
Note that this figure is unlikely to be the full value uplift of the land with planning permission and building work, as she needs to make it worth her while; you might hold the only key to unlocking the project but that doesn't mean you should get all the value of the project as she has he own hurdle rates of return to meet to even bother throwing her capital at it.
Whatever value is left in between is just a matter of negotiation as to how it gets split.
You can contact her and just ask. Bear in mind that she may give you a fair answer or lowball you.
A surveyor might be able to help you out with estimations of value, but they cannot 'prove' anything.0 -
A figure of £20 per square meter was mentioned on here a few days ago for extending a garden.
Can you apply for planning permission yourself on this plot & see what it is then worth?
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
Why do you own it ?
Why have you held onto it ?
Have the answers changed over time ?
Does it make it possible for her to build on the plot(s) ?
Check local papers for land plots for sale.0 -
What is important is the actual width and depth of your plot. If it is wide enough to allow a house to be built then it has what is known as "hope value" (the hope that PP will be granted for a new dwelling to be built on the land) and is worth considerably more than garden land.
If her plot adjoins her garden I can't see why she is unable to access this.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
A figure of £20 per square meter was mentioned on here a few days ago for extending a garden.
Not a bad estimate for garden, but this is likely to be something much more important.0 -
lincroft1710 wrote: »What is important is the actual width and depth of your plot. If it is wide enough to allow a house to be built then it has what is known as "hope value" (the hope that PP will be granted for a new dwelling to be built on the land) and is worth considerably more than garden land.
If her plot adjoins her garden I can't see why she is unable to access this.
Probably also needs to have or allow it to have easy road access too, in order to get PP.
Would a local estate agent be able to give you a reasonable idea ?
Good luck with it
Linda
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Is the OP in NI, surname Robinson?0
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If the land does stand a chance of PP for another house, make an "overage" provision within any sale. ie If the new owner gets PP she owes you £x more.I'm an ARB-registered RIBA-chartered architect. However, no advice given over the internet can be truly relied upon since the person giving the advice hasn't actually got enough information to give it with confidence. Go and pay someone!0
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This is an open forum, anyone can post and I just did !0
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