How much is a car park space worth

Shropshirecar

Hi,
I have quite a complicated question and would be grateful for any advice before I get the professionals in and cost myself a fortune!

Last year I bought an end of terrace cottage, there are 3 in the row and the middle cottage has vehicular and pedestrian access across my back garden. This is fine, we have no issues at all. As the year has gone on, we have seen that that the neighbours use the pedestrian access to put their bin out and have their coal delivered but don't use the vehicular access as they have extended the rear of their property and they park on the main road instead. They are fairly old and have to cross the busy road to get to their house. Anyway we have a massive driveway, enough for 6 cars (lots of land tiny house 😂) So I said I really don't mind if they use the corner of my drive to park off road and make life easier for them. So this doesn't infringe on my privacy as they park, leave the drive and walk on the pavement to theirs. So me and my husband start talking about maybe extending the house and doing the garden up as they don't use the access we could make it nicer. I discussed this with the neighbour and we are both really struggling to figure what it's worth.
She said she had been told 10k but isn't greedy, I've read 10% of the property value but they still have pedestrian access so it's not cut and dried like some cases. Would the change of deed to reflect a permanent off road parking space for them on the front of the land instead of rear vehicular access to their property be worth about the same?
So complicated!!

getmore4less

Could be more than just a parking space

vehicular access to the rear even if rarely used can be quite valuable.
Did it come in handy when they had the extension done?

If they lose it does everything have to go through their house?

Shropshirecar

The extension is a lean to type building, as they would still retain pedestrian access then not everything would have to go through the house but thank you I didn't think of that point. I do know they haven't used the vehicular access for a number of years and couldn't actually fit a vehicle into their garden due to the buildings they have put up.

getmore4less

not clear the layout but something like a pallet of bricks or 1 tonne bag of sand/gravel etc. could be dropped off at the back rather than carted through the house or round your extension.

Although that sort of delivery only needs a couple of metres and a decent trolley.

G_M

How much is a car park space worth

How long is a piece of string? In central London? Central Liverpool? The suburbs of Swindon? The outskirts of Plymouth? The village of Lessor Parkington?

The value will vary hugely.

Also depends who's buying. Some buyers might value it more than others.

Shropshirecar

Shropshire, on a main road with a few traffic collisions into parked cars per year.

Our neighbours just want the best deal for themselves and their family as would anyone else, It's just so difficult to value something like that.

I've contacted the estate agents we bought from last year and they said they'd do some research for me so it will be interesting to see what they say

ProDave

I take it you want to stop their vehicular access so you can turn what is in effect their driveway across your back garden into something better?

How about rather than any money changing hands,. negotiate a deal where you stop their vehicular access and in return grant them permission to park one car in an agreed position on your front drive?

Ozzuk

Don't forget if you have a mortgage you'll need the lenders approval. Also check you deeds for any easements that might be required as that can push the cost up. Can easily be £800-£1200 solicitors costs for each party.

PasturesNew

Their ROW being removed is as valuable to you as a new parking spot on your land is to them.

Only conversations with a local surveyor and estate agents would know what's most likely a value to you both.

Cirias

Could it not affect the resale value of their property if they lost the access?

Shropshirecar

This is what I want really but it's trying to figure out how much both are worth. I think they are of equal value and the front parking space being more accessible and easier to use than the back they can't use anyway.