buy land from neighbour

fnc63

hi

i would like to buy a strip of land from another property that is running across the end of my garden

the size of the plot would be about 20 * 20 feet square

i suppose we could just go round and knock and say do you want to sell 20*20 of your garden for 'x' amount of pounds and they maybe happy with that, but if they were to want to try and get the max value out of it, im just wondering how we would come to know a fair price

i have no idea where to start looking to get a valuation of what this would be worth and how much we would have to pay the other properrty for it - does anyone know where to get current land prices, or how much this size plot would be, what does land sell for per sq foot ?

many thanks

Nile

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ormus

there is no formula for land valuation. the free market decides.
you and you neighbour need to come to an agreed price. if hes prepared to sell of course.


a starting point maybe say 20 quid per sq metre. for gardens.
(that figure was used by a local council recently).

also.
farm land is about 1k-5k per acre.

aa4466

Assuming that the land can't be built on (e.g. no suitable access, no chance of planning permission etc.) then the land would be classed as garden land. Why not ask a couple of local estate agents what the going rate for garden land is?

happyandy63

Its worth what someone is willing to pay for it? The problem you have if you ask he is going to think you are interested thus willing to pay more. The price is really dependant or where it is and its possible use. For example if buying this land enables you to extend and thus drastically increase the value of your home then perhaps this could influence the value. My plan of action would be to approach them to 1st see if he would consider selling. I would 1st make your garden nice to make it look like you just like gardening? He might like the idea of overlooking a nice green space without the work. I have a tiny garden but surounded by lots of green. Its ideal for me.

MsAnderson

Don't forget to add in the legal costs of changing your title deeds, etc. If you only want to use it as garden ground and not put anything on it, then ask if you can rent it at a nominal charge - however, it is temporary and when either party decides to sell and move on, the land will revert to the current owner.

Starrystarrynight

We approached our neighbour about buying some of his garden. As the property is mortgaged, he had to consult his lender - who wanted two separate valuations. It all added to the costs and made it not worth it in the end for us.
Hope you get a good outcome, OP.