Land Adjacent to the House we are buying.

mije1983

Paras wrote: »

yet, it certainly was not worth the asking price. Only to us maybe. The extra £30k will break our backs.

2 points come to mind here

1.) If it really is overvalued, then you may stumble when the lender does it's vaulation.

2.) If the extra money is pushing you to the brink, or over, now, I'd seriously reconsider going forward with the purchase. What will you do if rates rise?

getmore4less

They have done you over once for over £30k

They think they can do it again.

seriously a bidding war after after 18 months and only one low offer over a years ago.

What are the chances of 2 people stumbling on a dream property at the that especially one has been lingering for over a year?

Get the EA worried and ask to see a couple of other properties that look promising but a bit cheaper.

Slinky

We paid £30K over asking, we didn't get so much as a free bog-roll.


ETA vendor did ask £10 for a kitchen appliance which agreed to and they eventually decided to leave free.

Paras

eddddy said -

And if you want your mortgage lender to value the property as a whole (house plus the extra land) for mortgage purposes, I guess you'd have to make that clear on your mortgage application.

Thanks for this advice. Will talk to my Mortgage advisor asap on this.

foxy-stoat said -

I know buyers want something for nothing these days but that is taking the piiss

We are not greedy really, just that we are overpaying for the property and felt it would be worth it for the peace of mind to negotiate with the vendors on this.

AdrianC said -

The ten acres are almost certainly on a single title currently, so selling a portion would incur extra costs. Then there's the fencing cost, as well as making the remainder potentially harder to sell.

Thanks for throwing light on this. Yea exactly my concern, the vendor may not find it feasible to sell a portion just like that.

Hoploz said -

Is 'Agricultural' equal to use as a garden? Check.

Yes another concern, we will have to make clear the land use. Not planning on turning it into garden/residential, just wanted to square off the plot. Also, to make sure any future development of the rest of his land doesn't end up too close to our property. Just creating a buffer.

Hoploz said -

Frankly I'd also be concerned about who might buy the surrounding land. Speak to the council about whether planning permission for housing is likely to be granted.

I would be amazed if the Council would give me any information on that. Never done that before. EA says no such permission is possible at this stage, not for a few years at least. But one never knows. I just don't want the 'seclusion' of our property to get compromised at a later date. Which is why I would think a bit more land would be a good idea.

mije1983 said -

If it really is overvalued, then you may stumble when the lender does it's vaulation.

Hmm. I wonder what happens then. Not sure if the vendor would consider reducing the price. I hope it never comes to that. I am not a very seasoned buyer, some information on such a situation would be a good heads up.

getmore4less said -

Get the EA worried and ask to see a couple of other properties that look promising but a bit cheaper.

I am too too much of a chicken at this moment to do something like that, in case we lose it. Also, worried about my reputation in the current market. Market is pretty scant on 'dream homes'. lol

Slinky said -

ETA vendor did ask £10 for a kitchen appliance which agreed to and they eventually decided to leave free.

Uhh. That made me very angry. Grrr

mije1983

Paras wrote: »

Hmm. I wonder what happens then. Not sure if the vendor would consider reducing the price. I hope it never comes to that. I am not a very seasoned buyer, some information on such a situation would be a good heads up.

If that happens, then your choices are to either

• renegotiate the fee with the vendor,
• find the difference elsewhere (savings perhaps?),
• choose a different lender in the hope that they will value it at the agreed price,
• pull out

getmore4less

Hoploz wrote:

Frankly I'd also be concerned about who might buy the surrounding land.

Speak to the council about whether planning permission for housing is likely to be granted. A plot near me is 3acres and the council want to build 50 homes on it. They refused an application for 12 homes as they considered it not high enough density use of the land.

Paras wrote: »

I would be amazed if the Council would give me any information on that. Never done that before. EA says no such permission is possible at this stage, not for a few years at least. But one never knows. I just don't want the 'seclusion' of our property to get compromised at a later date. Which is why I would think a bit more land would be a good idea.

Many thought the south of our town was relatively safe until the southern bypass got onto the future plans.

Then came up with the bright idea to give the area planning for housing(2500) and the developers can pay for the road.

Councils do talk about their plans and there should be strategic documents that give clues to the direction things will go when it comes to future developments.

Our wider local area is getting around 30k houses and a lot of those probably 20k will be around the larger towns/villages in the district

Hoploz

Councils normally have a long term 'local plan.' This outlines priorities for the coming decades.

In my area they are working on the new local development plan which covers the period to 2035. They are proposing removing vast swathes of land from the Green Belt, and building a number of new towns. Local residents have been asked for our comments, but at the end of the day every local authority has a quota of housing they must supply, and if this means building on green fields then so be it.

Hence they are trying to dictate the current application for homes should be high density - so they can reach quotas of numbers of homes, by developing smaller areas at higher density. In our case the developer is happy to build 12 homes worth over £1m each, which will be the same profit as 50 small homes at maybe £250k each. (can't remember the actual figures but you get the idea)

So basically ... Ask your local council whether they have plans for the site and the surrounding area - it's all in the public domain.