Selling a garage

GSR1000

I have been approached and asked whether or not I would like to sell my garage. It is part of a block of 4 garages, 60 yards or so away from my house. The other garages are all owned by residents. I am tempted to do this and have read some earlier posts. None precisely matches my situation, however. Firstly, unlike earlier people posting, I own the house outright. There is mo mortgage. Secondly, because it is part of a block, there is no chance of the purchaser knocking it down and trying to build something else. I already understand that I would have to seek legal advice and deal with issues of land registry.

I would like help with 2 main queries:
(i) I have no idea what would be a reasonable price to accept. (Location is south Hertfordshire, North London borders. Garage size is "small to medium car".)
(ii) what are the likely legal fees involved and who, in a transaction of this nature, should pay them?

Any help would be gratefully received.

Guest101

i: You can ask a surveyor to do a basic valuation, I suspect it's not worth a huge amount.
ii: Legal fees are going to be fairly standard, in the region of 500-1000. Who pays them is up to you


When you say it's part of a block, do you mean it's part of a block of flat, or garages?

davidmcn

Value depends on local market (how much pressure there is on parking etc) - have you checked what other garages have sold for?
I would expect each party to pay their own fees.

foxy-stoat

If you dont need the money, I would not sell it, as it will be worth more money when the rest of the garages get bought up and a house gets built on it.

Just rent it out for £100 a month.

booksurr

as your location is too vague to really help here are the results of using "Hertfordshire" in rightmove. You certainly should not accept less than £12,000 if it is "North London borders" and more if it is built of brick rather than being a prefab concrete job ...

£12,500 in a block in Tring. This is the lowest asking price on that search result. http://www.rightmove.co.uk/commercial-property-for-sale/property-44438868.html

£14,000 x 2 Letchworth garden City (obviously well outside of your area!)
http://www.rightmove.co.uk/property-for-sale/property-37883451.html
http://www.rightmove.co.uk/property-for-sale/property-54980797.html

£15,000 not a garage at all, just a parking space :eek: in Ware
http://www.rightmove.co.uk/commercial-property-for-sale/property-55164430.html

£25,000 garage in St Albans (hence the price!)
http://www.rightmove.co.uk/property-for-sale/property-60609785.html

£25,000 Berkhampstead
http://www.rightmove.co.uk/commercial-property-for-sale/property-41980410.html

phoebe1989seb

How will the lack of a garage effect the value of your house should you decide to sell further down the line?

G_M

Rather than looking at the value of the garage, look at the drop in value of your house.

House with garage = £X00,000

House without garage = £Y00,000.

On a practical level, is the garage on he same title as the house, or seperate? Is it leasehold or freehold?

Guest101

Hypothetically you could sell with an up lift clause, or via a long term lease.

GSR1000

I'm new to this forum and not sure how to use it - especially for thanking the various people who have offered to help me. Hopefully this post will say "thank you" to all of them in one go! In terms of replying to individuals:
a) when I say 'block' I just mean a single storey block of 4 garages, facing a similar block of 4 with a turning-in space between them
b) I never realised that "Rightmove" would quote for garages as well as houses. I will visit the site forthwith.
c) in relation to those who have mentioned that the house will be worth more with a garage than without, I understand this. However it is a second property (inherited) and I am more concerned, in the long term, with the value of my main property. I also have an immediate need for any money generated from the sale. A rent of (say) £100 a month (as someone suggested) would take 10 years or so to generate the same amount as the suggested Rightmove value. I'm already above retirement age (even in the current climate!). Who knows where I'll be in 10 years time!

Thanks again for everyone's ideas and suggestions.

agrinnall

Why not sell the house and garage together now?

davidmcn

Also bear in mind that some properties have a title restriction which prevent the garage being sold separately from the house (or at least being occupied by someone other than an occupier of the development) so you might want to check that.