selling a portion of my garden

moneyistooshorttomention

husky11 wrote: »

oh dear, im not good at this maybe its not "very large" all i know is that it is approx 55ft in length 30ft in width and is triangle shapes, (the portion i intend to sell him) sorry for appearing so thick

Errrm...one thing to be aware of is that many people won't regard a garden that size as "very large".

I only have pretty standard "house expectations" (nothing luxury - I wish....which means a "My Home" type house in my part of the country is only around the £250,000 mark and I cant afford it actually) and I would regard that as a size that "will do just about" and wouldn't even regard it as "large", never mind "very large".

If a house is built on this very standard size garden, then it will be reduced from "standard size - just about liveable" (in many peoples opinion) to "absolutely weeny and I'm not interested at all".

It's down to personal perception, but it will honestly only be a tiny garden in pretty much anyone's view if a house is built on part of it and you will vastly reduce the number of people interested in buying your house in the future.

At present size of garden I would have a look and wonder if I could maybe manage with a garden that small. Reduce the size of the plot by a house worth (and its attendant "garden") and I will instantly pass on even assessing the house any further and I'm sure there would be many more like me.

So, if you are prepared for your house to become a FTB only house, then maybe you can investigate further. But, if its a "forever home" level house currently it will lose that if any of the garden vanishes underneath another house imo.

freeisgood

NB: I think the 55ft by 30 ft is only the plot Husky intends to sell to his son, not the size of the whole garden. The whole garden is 3 times this size. Yup, still not that big though.

By the way Husky, your son can try obtain planning permission, even if he does not own the land yet. Just to see if building is allowed.

Land_Registry

Your lender may insist on you using a conveyancer/solicitor to be involved in the actual legal transfer of title to the part of the garden.

It will need to be released from the existing mortgage and the legal transfer will be completed using form TP1. The process of how to transfer ownership of the legal title is covered in one of our online FAQs. The FAQ refers in the main to a transfer of the whole of the title/property but the guidance can be used to understand the Transfer of part aspect also.

The registration aspect usually comes at the very end of the process normally and as other posters have suggested it might be advisable to see if planning permission can be secured before completing any transfer of title.

roger196

If you are selling the land to son for below market value ( ie the value of the land with pp or likely to obtain pp), there is a transfer of value for IHT purposes measued by the fall in the value of your estate. There is also the problem of deprivation of assets for care home fees.
Do you have any other children. Are they likely to be happy with the proposed arrangements. same question for spouse who may not be happy with their inheritance disappearing if you fall off your perch.
Will there be any restrictions on what the son or subsequent owners can do with the building land.
Just some thoughts.