developer interested in my house and three others in road

fergurr

Wonder if anybody out there has any information on if the developer buys all the houses how the money gets split because our house is double the size of the other houses and has about double the land. Any help in what to do would be helpful.

IveSeenTheLight

fergurr wrote: »

Wonder if anybody out there has any information on if the developer buys all the houses how the money gets split because our house is double the size of the other houses and has about double the land. Any help in what to do would be helpful.

They would have to make you an offer on your own home, it would not be linked to the other three houses.

Try to sit tight and see if you are the last to accept.
If you are they may be likely to offer much more to get the full land

ameliarate

surely you would sell to a developer the way you would sell to any other buyer? Get your house valued by a couple of estate agents and, sit tight until he offers you the money it is worth.

clutton_2

if he is going to knock it down and build on it - its gotta be worth more than if a family want to buy it

Badger_Lady

ameliarate wrote: »

surely you would sell to a developer the way you would sell to any other buyer? Get your house valued by a couple of estate agents and, sit tight until he offers you the money it is worth.

Guess it depends on whether he can get a Compulsary Purchase Order :eek: (as far as I know the price on these is non-negotiable???)

golddustmedia

Compulsary purchase orders only apply to official uses, e.g. roads, railways, government use etc.

From the sounds of your post it's a private developer interested in building houses or some other venture. As such the developer must negotiate the price with you like any other buyer.

Do yourself a favour and get 3 estate agents round to value the place and don't mention the developer, that way you'll have a genuine market value on the place and use it as a starting block for your negotiations with the developer.

Just because they are a developer DOES NOT mean you have to lower your price! In fact, on the basis they need you to move when perhaps you do not want to (?) then they should be making you an offer that reflects not only the market value of the property but your own costs and inconveniences. For example if it were me and my property valued at say £200k I may be asking £210k to allow for costs I may incurr perhaps in renting for 6 months while finding another home.

At the end of the day, if they don't like the offer they are under no obligation to buy BUT you can always sell to another buyer and that's something they don't want!

Essentially you're in a very good position and should be smiling about it! Good luck!

golddustmedia

In addition to the above a bit about CPO's :http://en.wikipedia.org/wiki/Compulsory_purchase_order

"Compensation rights usually include the value of the property, costs of acquiring and moving to a new property plus sometimes additional payments. Costs of professional advice regarding compensation are also usually reimbursed by the Authority and therefore anyone affected by a compulsory purchase order is advised to seek advice from a solicitor and a surveyor as soon as possible."

Badger_Lady

golddustmedia wrote: »

Compulsary purchase orders only apply to official uses, e.g. roads, railways, government use etc.

Um, yes... but this also includes "regeneration" projects authorised by the council and managed by contractors - this can be "remodelling" streets of housing to "increase investment in the area".

Thanks for the Wiki link .

Like you say, it sounds like a private developer out to make some dosh for themselves... just heard alarm bells when the OP said "several houses on my street" .

jarrod1

A developer would pay at least 45% more of the market value of the property if it was going to be used as a site. My uncle was offered £75'000 for his back garden by a developer when his house was worth approx £300'000. He ended up selling the whole property for somewhere in the region of £900'000 because his property was in the middle of other properties that the developer had bought.

You may find that if the developer is trying to buy yours and your neighbours properties then they have probably already applied for planning permission for the land and had it passed and therefore would be more willing to offer a higher price to get it.

eco123

If I were you, I would go to your local planning office & see just what the developer is planning to do. He may have a large development planned & he could stand to loose millions if you do not sell yours, in which case you can almost ask what you like for it... I wish I were you!

free4440273

by sheer coincidence...i have just been approached by a developer also...but this has happened so many times in the past, over so many years, that we almost think it's a running joke