How much should I pay for some land ?

tabath

We live in a semi detached house in lancashire. the last one on the row, and down the left hand side of our house is a cul de sack with terraced houses on one side. Between our house and the street is a piecce of land 20 ft by 100ft which has a pre fab garage built on it and the rest is garden. However it belongs to one of the terrace houses across the street. That house has now been put up for sale (along with the land) by the children as their parents have died.

I am interested in buying the piiece of land for a few reasons. It will give us extra car parking spacce and a garage. It will enable us to maintain the gable end of our house and we won't have issues with any neighhours over boundaries etc.

I very much doubt anyone would get planning permission to build on the land as its small and there is no way current parking rules(access for a car to park and turn around) in planning could be satisfied.

We have already extendedd our house to the maximum permitted development allowed so would not get permission to build on it either.

Give these facts what would be a sensible price to offer for the land?

What value if any would it add on to the value of our property?

What would it cost to get someone professional to advvise on this ?

Thanks for advice you can give?

Rambosmum

First things first, would they be prepared to split the property and sell you the land?

If so, then they (or you can offer) to get a valuation from a local agent and take it from there. It's very hard for strangers on the internet to value it with the information you've given.

tabath

The piece of land was originally owned by the old lady we bought our house off. The people who lived in the terraced house were the executors and they were left the land . Given what I've said above I wouldn't have thought the land which is across the street from the terraced house would add much to the sale price of the terraced?

Would I just get an estate agent to value it and if so what could I expect to pay?

cattie

Nobody here can tell you what you expect to pay. You need a local valuer for that. A house with land, even if across the way is always going to be more than with no land & is quite a decent size from the measurments you've given. I'm sure houses have been built in London on smaller plots, designed by very clever architechs.

I very much think that a decent valuer would advise them not to sell the land off separately unless they were to have an offer too good to refuse.

Grenage

It's really hard to value this sort of thing, and it's entirely down to whether they think it's 'worth it' - which is heavily subjective.

All you can do is ask them if they'd consider the sale, and take it from there. Once you're both at a figure with which you're happy (if that happens), that's it.

Garages go for a fair amount around here, so for example, I would expect to pay 20k+ for the garage and right of access (no land, and not adjoining).

PasturesNew

tabath wrote: »

a piece of land 20 ft by 100ft which has a pre fab garage built on it and the rest is garden.

I very much doubt anyone would get planning permission to build on the land as its small and there is no way current parking rules(access for a car to park and turn around) in planning could be satisfied.

It's not THAT small. Most modern 2-bed houses are 11-12' wide and 35-40' long. Often with 20-30' of garden.

There's scope for a smart alec to work out how to arrange parking - and it's already used for parking/garage.

Cakeguts

Buy the whole lot and then split the land off and put the house back on the market is probably the simplest way.

Doozergirl

PasturesNew wrote: »

It's not THAT small. Most modern 2-bed houses are 11-12' wide and 35-40' long. Often with 20-30' of garden.

There's scope for a smart alec to work out how to arrange parking - and it's already used for parking/garage.

With you. The OP's house could be turned into a terrace! :eek: It the land is a corner plot then it would be easy to arrange side access for a car. Using a cul-de-sac as the turning space is usually acceptable.

Permitted development and PP are different things as well. Just because you use up PD rights, it doesn't mean you can't extend a house further.

If they are selling without PP then the land cost might be minimal but I expect there would be an uplift clause should anything be built on it.

I can't see how anyone here could put a value on it. Presumably the estate agents will be doing that already if it's going on the market. And they'll know that it might be of most value to the next door neighbour

eddddy

Based on land valuation 'theory'... if the land was transferred to you..

How much would the value of the terraced house drop? - Let's say £10k

How much would the value of your property increase? - Let's say £20k

So you agree a price somewhere between £10k and £20k.

If you agreed £15k - you would each make £5k 'profit'.


So to do things 'properly', a valuer (or a few EAs) would value each property with and without the land.

But negotiations are rarely that simple!

(Obviously, if the land would allow you to extend, or build an extra house, that might increase the value of your property substantially - maybe perhaps by £50k or £100k. So you would use that figure in the above calculation.)

lincroft1710

A piece of land 20ft by 100ft? Plenty of room for a single dwelling and with some forethought, 2 dwellings would not be difficult. What's the going rate for a building plot in your area, because that's the sort of money you'd be looking at.

Hoploz

You need to buy this land, use the front section for your garage (plus extension on top perhaps!?) Then divide the bit behind off and build a house on it yourself. There's certainly plenty of room, and when local councils are desperately trying to increase housing supply they are particularly keen on this sort of infill development in my experience.

But how to get it ... Well you already have some sort of historic relationship so I suggest a not through the door or better a letter if you can find the address of the sellers. Explain in your letter how you want it to use as part of your home to put a garage on. They can then tell you what they're prepared to accept.

It's definitely better for you to have than someone with a house opposite. But it'll be worth much more to a small buider/developer than you seem to realise.