Overage vs ransom strip when selling

chappers

00ec25 wrote: »

but will presumably sell for a large gain based upon its then status compared to its previous status a mere 50ft strip of isolated garden land

Depends upon how it is sold, the OP could keep possession of the land and instead sell an easement over it.

lincroft1710

How many 4/5 bed houses could you get on your 0.25 acre, because in most areas, the bungalow would be bulldozed and very expensive houses built in its place

chappers

glasgowdan wrote: »

As a buyer I'd find this disgusting and wouldn't dream of buying it.

If someone buys a used car, renovates it and increases its value it's unheard of that the former owner would get any of the profit. Why do some people accept it with property?

would be unusual to find this in a straight forward residential property deal but happens all the time in commercial deals or for example where a piece of land was sold with outline planning permission.

leslieknope

but you didn't invest anything in the property. you inherited it. so any return will be a profit for you. i think you'll be hard pressed to have your cake and eat it too.

Davesnave

leslieknope wrote: »

but you didn't invest anything in the property. you inherited it. so any return will be a profit for you. i think you'll be hard pressed to have your cake and eat it too.

OP has asked a question regarding maximising the return from an inherited property, which is a legitimate topic for this forum.

"Not investing anything" has nothing to do with it, but as some of us have pointed out, trying to anticipate an uncertain future value through some sort of restriction on the title will negatively impact the the price others will pay, if they'll buy at all. Everyone wants all of the cake.

It's also presumptious to assume that a probate property has had 'no investment' from those inheriting, as some may have made considerable personal sacrifices keeping an elderly person in their home, rather than in care.

leslieknope

OP wants to hold a piece of land at ransom because he *thinks* that the property might increase in value should a potential scenario occur. good luck finding a mug happy with that deal i guess.

rdbb18

I wonder has a decision now been made about selling this plot to take account of future uplift? I am in a broadly similar situation with a piece of land and was going to start a post.

Mr.Jelly_2

Many thanks to everyone who responded to my question. In the end me and my brothers just went for a conventional sale. My original motivation was to respect my father's wishes regarding his opposition to overdevelopment of the village. Our solicitor was not keen on the idea of overage or a ransom strip. As we sold the property to a young family from the same village in the end, my concerns about undesiable development were sufficiently allayed. And we got a good price. Dad was generally pragmatic so I don't think he would have disapproved.

martindow

Thanks for coming back to update the thread Mr J. A lot of threads would benefit from similar 'what happened next' posts but are left open ended.