Selling off land from house

martincoult

Recently I got planning permission on part of my land attached to my house, after 4 years of trying.
Originally I wanted to build on the plot, but I can't raise the finance, presumably because I am 61. So instead I notified the building society I wanted to sell the plot. They in turn told me I would need a valuation - they would get valuers and I would have to pay for it.
I had several valuations from local estate agents locally which varied from £440-500k on my house, and £175-250 on the land. I owe £315k on the house.
Now they came back and said we got two prices from 2 valuers - £610 or £975 - which do you want?
Seems to me I'm getting ripped off here... do I absolutely have to accept their request?
Thanks
Martin

davidmcn

This is just to revalue your house on the basis of the plot having been sold? Seems like hefty fees, but your lender doesn't need to agree to your request for the sale at all, so they can make any conditions they like.

kingstreet

Presumably they want to use qualified chartered surveyors and you've used the shiny-suited 23 year-old lister from YourCounConMove for your valuation?

I'd say if you want them to do what you want to action your plans, you'll have to pay the price. The lower one of the two, of course.

You'll need a 'proper' valuation for CGT purposes anyway. This will put a marker down for the value now against the value when you ultimately sell the land, assuming there's a gap and the two aren't the same.