Can you sell a parking space at your property?

Sellers11

Can anyone help please?
I have a property which has 2 parking spaces (side by side) at the back of the property. My neighbour has asked if I would consider selling one of the spaces to him? Does anyone know if this is allowed? If so, I presume I would need to get solicitors involved etc to change the land registry details etc.? Does anyone know how much this could cost or how long the process could take? Would anyone recommend selling the space (if allowed)? Thanks!

HampshireH

Two spaces are far more valuable than one. I wouldn't buy a house with one space.

If you want to sell it then you need to decide what value you put on it.

You would need to have your title plan and land registry changed and of course a formal agreement.

Presumably your neighbour has offered to pay all costs as well?

Why do they want it? Could they extend their property by having it?

A less formal arrangement would be better for you providing its one which can come to an end.

Perhaps draw up an agreement whereby they have access for 2 years and then a review period and he rents it for that time from you? It's an option

RAS

Do you have a mortgage? Would your provider agree? As it would de-value your property.

eddddy

Do you own the freehold of the parking space? Is your property mortgaged.

Your mortgage lender might want to send out a valuer to revalue the property without the second parking space. If the valuer is unhappy, they might refuse or ask you to pay off part of your mortgage. Your deeds will need to be updated. You mortgage lender will insist that you use a solicitor.


It would be much, much simpler to rent the space to your neighbour - maybe an agreement were you rent it for 2 or 3 or 5 years or until you sell the property, whichever is sooner.

Sellers11

Thanks very much for your comments and suggestions! Very helpful!
The property is mortgaged with Barclays. I also pay annual ground rent on the property and so I have also asked them about it (but no response as yet). To be honest I hadn't even thought about renting out the space and drawing up a private agreement etc.! Thank you!

Section62

Sellers11 said:

Can anyone help please?
I have a property which has 2 parking spaces (side by side) at the back of the property. My neighbour has asked if I would consider selling one of the spaces to him? Does anyone know if this is allowed? If so, I presume I would need to get solicitors involved etc to change the land registry details etc.? Does anyone know how much this could cost or how long the process could take? Would anyone recommend selling the space (if allowed)? Thanks!

In addition to other points already raised, check the planning consent for your property.  Was having two parking spaces a condition?  If you sell one then in theory the planning authority could make you provide another second one.

And in particular, as HampshireH says, beware of them using the space to develop something which devalues your property by even more than the loss of 50% of the parking.

A rental arrangement would be far less risky, so long is it is done properly.

eddddy

Sellers11 said:

I also pay annual ground rent on the property and so I have also asked them about it (but no response as yet).

If you pay ground rent - that sounds like something is leasehold. Either the parking space or your whole property.

That would add a different layer of complexity to selling the space - the freeholder would need to be involved, leases would need to be changed, etc.


BUT... you need to read the lease to see what it says about renting out the space. It may not allow it.


If the lease doesn't allow renting out the space, some people might suggest that you don't say anything further to the freeholder - and just rent the space out on the understanding that the rental agreement will have to end if/when the freeholder complains. 

user1977

I've seen covenants prohibiting parking spaces being traded separately from the rest of the property (which may or may not be connected to planning conditions) so that's another thing to check.

Sellers11

Thanks so much everyone! This is my first post/question and I really appreciate all the comments and feedback!

Martian2035

Why do they want to buy it from you, rather than rent it from you? If it's actually for parking, rather than repurposing the space, would that be a more pain-free arrangement? 

zagubov

The main MSE website covers this. It links to sites where you can check the average income it'll generate in your postcode.
If it's over £1k it'll be taxable.