Selling a share in driveway

silvercar

You may encounter an issue with your lender. They will likely require a valuation of how much the value of your property will drop by the sale of this land and they could require you to use some of the sale money to reduce the mortgage balance.

tenantincommon

Thanks G_M. I discovered I co-own the land as a prospective buyer has been ferreting through all the records online and he told me during a viewing. I then get a note from my neighbour this morning, along with an old letter about the access road to her property, asking me if I'll sell my share before I move. The reason I didn't know about the driveway is that I have no documents that show this, I have no use for the driveway other than to cut my hedge. Do you ever find something in a cupboard that you never use and didn't know you had?! I have the Title Deeds and the outline in red covers the plot of land that the property sits on but not this driveway. Sorry I'm no expert, I buy a house every 15-20 years or so, usually they consist of a house that sits on a plot of land and are straight forward.

Surely having part ownership of the drive that leads to your house is better than just having a ROW? From what I've heard it is much more difficult to sell a house that you have no access to other than ROW. It's hard enough to sell property with shared driveways. I would think my neighbour has a bit more clout if she part owns the drive rather than owning absolutely nothing?

moneyistooshorttomention

tenantincommon wrote: »

Thanks G_M. I discovered I co-own the land as a prospective buyer has been ferreting through all the records online and he told me during a viewing. ..................I would think my neighbour has a bit more clout if she part owns the drive rather than owning absolutely nothing?

But she doesnt "own absolutely nothing". She co-owns it. Actually I can't really even see why she would want to fully own it - as she is a co-owner already. As such - she can grant her own continued use of her own ROW to herself basically.

I guess she just wants to own your half share too just to "neaten things up" more than anything else. As such - she's not likely to be prepared to pay much for it at all.

G_M

tenantincommon wrote: »

Thanks G_M. I discovered I co-own the land as a prospective buyer has been ferreting through all the records online and he told me during a viewing.
OK - a reliable source then?
I then get a note from my neighbour this morning, along with an old letter about the access road to her property, asking me if I'll sell my share before I move.
and another?
The reason I didn't know about the driveway is that I have no documents that show this,
well, what documents DO you have?
I have no use for the driveway other than to cut my hedge. Do you ever find something in a cupboard that you never use and didn't know you had?!
Yes, but that's hardly an appropriate comparison!
I have the Title Deeds and the outline in red covers the plot of land that the property sits on but not this driveway.
So on the face of it you do not own the drive.

But I repeat from previous post - have you done a Map Enquiry at the Land registry?

Sorry I'm no expert, I buy a house every 15-20 years or so, usually they consist of a house that sits on a plot of land and are straight forward.

Surely having part ownership of the drive that leads to your house is better than just having a ROW?
On the contrary, it could be worse! If the ROW does not require any contribution towards maintenance, then ownership would be more onerous and expensive than a ROW!
With no upside that I can see.

From what I've heard it is much more difficult to sell a house that you have no access to other than ROW.
What is your source?

It's hard enough to sell property with shared driveways. I would think my neighbour has a bit more clout if she part owns the drive rather than owning absolutely nothing?

Again - not an appropriate comparison.

Look - this tenuous belief that you now own/part-own the drive may be true - but until you verify it, it's meaningless.

* what " records online" did the buyer find?
* what did the neighbour's 'letter' say?
* what does the Land Registry Map Enquiry show?

* And please give fuller details of the exact wording in your own Land Registry Title, as well as full details of all coloured lines in the LR Plan.

Or better still, since I assume (given your self-confessed 'non-expert' status) that you were not planning to DIY your sale conveyancing, you must have a solicitor? What does he have to say?

agrinnall

moneyistooshorttomention wrote: »

But she doesnt "own absolutely nothing". She co-owns it. Actually I can't really even see why she would want to fully own it - as she is a co-owner already. As such - she can grant her own continued use of her own ROW to herself basically.

I guess she just wants to own your half share too just to "neaten things up" more than anything else. As such - she's not likely to be prepared to pay much for it at all.

Re-read the thread, it's stated several times that she doesn't have any ownership of the drive, it is shared by the OP and a third party.

tenantincommon

Moneyistooshorttomention...she doesn't OWN any of it. I own half along with another landowner. She has right of way only. She has no other means of getting to her house or garage other than using her ROW which is fine. She just wants to have a share in it which I think makes sense.

TBagpuss

I'd suggest speaking to a surveyor or valuer, and getting them to advise about the likely increase in value (if any) of your neighbour's house if she buys your share, and the likely decrease in value of yours (if any) if you sell.

It makes no sense for you to sell for less than the amount by which the value of your property will fall. Your neighbour may or may not feel that that figure is too high, depending on the actual numbers.

And you may limit your potential pool of buyers - you don't use or need the driveway but a buyer might want to; for instance, having that option for access would potentially allow them to extend into the driveway on the other side.

If the numbers were that the value of your house would go down by £10K and the value of hers would go up by £15K, then £12-£13K might be a fair price - you make £2-£3K, she benefits b a similar amount.
On the other hand, selling it would cause your property value to fall by £10K but hers would only rise by £5K, then you are unlikely to be able to agree, as nothing under £10K is worthwhile for you, but anything more than that is likely to be unreasonable for her, as she'd be paying more than double the amount that she'd gain.

TBagpuss

It may be that the way to go would be to sell but retain a ROW for your property. Her concern may be the risk of a future neighbour dispute, and feel that having legal ownership, even if shared, will strengthen her position if things go wrong.

Retaining a ROW for your property just reverses the current position and leaves some flexibility for a future owner of your home, too.

tenantincommon

TBagpuss, thank you. My property has been marketed as not having that driveway anyway, so the value shouldn't drop. I've had so many viewings and I told prospective buyers that it was a private road! I could kick myself! I did think that if I didn't sell my share then it might be a good selling point as you could alter the parking/garage situation and make space for a large extension.
That's a really good plan re me keeping a ROW for this property �� thank you.