How to value paddock land attached to property we want to buy?

boots_babe

Hi,

We'd like to buy a property, which has an optional attached paddock available for purchase at an additional price. We'd like to buy it, to secure our privacy.

We've just spent ages online trying to find out firstly what type of land it is (agricultural, paddock, etc), so that we can then look into how to figure out the likely value of it. We downloaded the title from the Land Registry assuming this would state the type of land designation, but it doesn't. And having spent ages googling I can't seem to find any information as to how I actually find out, what type of land it is.

Please can someone help advise?

Many thanks.

eddddy

That's not really how you would value the land.

It's a simple case of how much is it worth to you to have a paddock attached to the property - maybe £0 or £1,000 or £20,000 or whatever.

If you want to look at it in purely monetary terms, you broaden the question to "How much extra could we sell the property for in the future, if it included the paddock".

In terms of negotiation strategy, perhaps you consider questions like "If I don't buy it, who would the seller sell it to, and how much is that person likely to pay?"

oldbikebloke

start with the local council zoning maps and find out from them what it is designated as: greenbelt, agricultural, etc.
The current owner will be able to say what rates they pay on it, see if the council will confirm that (but they may not due to data protection).

greatcrested

eddddy said:

In terms of negotiation strategy, perhaps you consider questions like "If I don't buy it, who would the seller sell it to, and how much is that person likely to pay?"

Indeed. What is it worth to the seller? If you don't buy it

* can they practically keep and use it? Would they want to?

* who else might they be able to sell to, if anyone?

boots_babe

If we don't buy it , they already have a neighbour lined up to buy it for £20k, to use for fruit farming.

From Mr. Google, multiple sources tell me that paddock land average rates are currently £7-8k per acre. This land is 0.98 acres.

So that's why I'm trying to work out whether we'd be paying over the odds at £20k.

But surely the value will vary depending upon the legal designation of usage type? 

davidmcn

But being sold at £20k for fruit farming suggests it either already has consent for agricultural use or they think it can readily be obtained?

boots_babe

Quite probably yes. But that's why I want to check what usage is designated to it currently, so I know what we're dealing with. I thought it'd be easy to find out but have drawn a complete blank. 

SusieT

Neighbour may also be looking at getting planning for a house on it at some point, so may be happy to pay a rate that is  what building land would cost in the area. It is worth how much you want to pay for it, depending on the area getting change of use may or may not  not be difficult, same goes for planning permission - with it sounding as if it close to the house you like do you think planning may be easier to get?

greatcrested

Well it's clearly worth at least £20K whatever the land use designation.

The question is, how badly do you want to secure your privacy and is it worth more than £20K to achieve that?

And what if the neghbour was willing to increase their offer to, say, £25K? Would your privacy be worth £30K....?

snowcat75

boots_babe said:

If we don't buy it , they already have a neighbour lined up to buy it for £20k, to use for fruit farming.

From Mr. Google, multiple sources tell me that paddock land average rates are currently £7-8k per acre. This land is 0.98 acres.

So that's why I'm trying to work out whether we'd be paying over the odds at £20k.

But surely the value will vary depending upon the legal designation of usage type? 

Nope,
like others have said its worth what its worth to you, and as your on the doorstep its worth more to you than someone else, what you pay for it and if its "over the odds" is completely insignificant, especially if the local traveling community stumps up 50k to put 30 caravans on. What's it worth for that not to happen???
I don't know how many times iv been approached by house owners to buy plots of ground to make garden extensions, and then quote agricultural value at me, Its always met with the same answer you want to buy, I'm not interested in selling..... unless the offers to good to refuse. 

Doozergirl

greatcrested said:

Well it's clearly worth at least £20K whatever the land use designation.

The question is, how badly do you want to secure your privacy and is it worth more than £20K to achieve that?

And what if the neghbour was willing to increase their offer to, say, £25K? Would your privacy be worth £30K....?

Agreed. 

In addition, if the OP is buying it to protect privacy then we have to assume that there is some present hope value in someone gaining planning permission.  The OP is not buying paddock at the going rate because they want a paddock, they are buying privacy.  No other paddock is suitable.  Planning permission could easily send the value to £1 million an acre.  

Anyway, as you say, if there is an offer if £20k on the table, that is what it is presently worth.  I've seen people buy bits of garden for £10k.  £20k for an acre of paddock that will improve house value doesn't seem unreasonable in any part of the country.  Presumably it can also muster some sort of income.