Buying land adjacent to my house

Mazcabs

Hi, not sure if this is the right forum so please move if need be. There is a development on the land behind my property and I am interested in possibly purchasing some of the land to increase my garden as at the moment there is a brick building jutting into the corner of it.


The developer had partially agreed to sell this land to a neighbour but has now said he will see if they will give up this part of the land and let me have it. I need to find out roughly what would be a good price for it. Does anyone know where I would find the m² rate for London / Essex borders? Or any advice


Thanks in anticipation

eddddy

Mazcabs wrote: »

I need to find out roughly what would be a good price for it. Does anyone know where I would find the m² rate for London / Essex borders? Or any advice

If you were to ask a surveyor, they might suggest you look at the "marriage value" of the land - that is the extra value achieved by merging the two pieces of land.


In simpler terms, if the extra land increases the value your property by, say, £20k (and the land is worthless to the developer) - you might offer £10k, so you split the profit (or marriage value) between you.


But it sounds like somebody else is also interested in the land, so I guess it will boil down to whoever offers most.

leila88

I agree with eddddy. If you really want the land, don't wait too long with an offer. It may also be a good idea to ask the developer directly how much they are asking per square metre.

Mazcabs

Many thanks, its only about 5' x 10' at the most so don't think that it should be too much

lincroft1710

50 sq ft is a small amount, will it make a big difference to your garden size or is it of strategic importance? If not it will probably have a negligible effect on your house value so the marriage value would be minimal.

In this case your legal costs may be higher than the land value.

colHOX

informative

Mazcabs

Thanks for the responses. It's actually a little bigger than 50 square ft and more like 100 square ft. It will mean that the garden becomes a square shape and add more to what is not the biggest garden in the world to be honest! The developer has said that he will demolish the brick shed, put in a new boundary fence and all the drawing for land registry purposes for £2500 which doesn't seem that bad to me.


Could the land registry rep advise if I need to do anything or do I leave it to him as he is developing the plot behind? Also I guess I need to advise my mortgage company?

moneyistooshorttomention

Personally - in your position I'd say "Done" and start writing the cheque out now for it. That doesnt seem a bad amount to pay to me - considering the work he'll be doing.

Bear in mind it seems to be the norm to have to pay the land-owners legal costs, as well as one's own for this sort of thing.

teddysmum

Mazcabs wrote: »

Thanks for the responses. It's actually a little bigger than 50 square ft and more like 100 square ft.

You did quote 5feet by 10feet which is 50 square feet.

Mazcabs

Yes Teddysmum I did but I couldn't remember exactly and was guessing at that but have since measured it more accurately well as far as I can.


Thanks moneyistooshorttomention, I have asked him to confirm it all on a quote to me so I can make sure all that is being included in this cost and what other costs I need to pay - think if I was paying his legal costs he would say. And I reckon he is getting the person who is buying the other part of the land to pay all of that.
Can you advise what else I need to do - I kinda asked about it before I looked into what I needed to do so now he has agreed to sell to me I am playing catch up!

moneyistooshorttomention

Someone else would be in a better position to advise you what else to do re purchasing this land - ie that has done this already (rather than someone who keeps a close eye on likely cost of buying a bit of land just in case I have the chance ever).

Hopefully, someone who has already done so will be on soon.