Developers offer on my property

Kinada66

I've been approached by a land agent who represents the farmer who owns fields to the side and rear of my property. They have offered to buy my house so they can demolish it to gain access to the fields so they can build in excess of 150 houses on it. Current offer is a £100,000  for a 5 year option to purchase and if successful in getting planning they will pay me double of the market value of my property. As I see it they have no other way of getting access to the land and my question is does this look like a good deal. I'm of the opinion it is but the wife reckons it's probably worth more to them. They say this is there final offer so not sure what to do as I have little to experience in these matters

RobM99

150 houses? How much each? Let's say £250,000 That's an income of £37.5 million. Their offer seems weak to me.

Kinada66

In my area most new builds go for around £450,000

UnderOffer

Can they approach any other neighbour with same offer to gain access or is the only access point at your property? If a neighbour accepted this, you end up with 150 houses at end of your garden, would you possibly regret not having accepted? I’d get an independent quote on the value of the access via your home to compare to their offer and start from there. 

theartfullodger

Thank them for their kind offer.  But note, not at that price.  Then say nowt until their next offer.  Keep us informed.

Kinada66

Ours is the only one they can get access through, they do say they have other options to explore but I feel that's just a negotiating tactic. 

Gavin83

I’m a little confused by the layout. If the farmer owns fields all around your property why is your property the only potential access route?

It would be extremely unusual that your property is the only possible route. I think this needs clarifying before you refuse what is in all honesty a good offer to hold out for more, only to find out they’ve taken a different route and you get nothing but a devalued house and years of building work to put up with.

Kinada66

theartfullodger said:

Thank them for their kind offer.  But note, not at that price.  Then say nowt until their next offer.  Keep us informed.

This is their 2nd offer, first was a 30k option over 10 years and 30% over market value. 

babyblade41

If this is an affordable housing scheme backed by the council, would there be a possibility to compulsory purchase your property ?

I would get some advice but as @Gavin83 you could end up with  a much de-valued house 

Kinada66

Gavin83 said:

I’m a little confused by the layout. If the farmer owns fields all around your property why is your property the only potential access route?

It would be extremely unusual that your property is the only possible route. I think this needs clarifying before you refuse what is in all honesty a good offer to hold out for more, only to find out they’ve taken a different route and you get nothing but a devalued house and years of building work to put up with.

To the side of my house is a narrow right of way for farmers access, however its to narrow to provide a suitable width road for the development. 

youth_leader

Do seek advice.  Friends of ours were approached by developers and held out for more. The developers withdrew their offer and built around them, months and months of noise and disruption.   One night a scaffolding plank flew through their daughter's window from the build next door, onto her bed.  They eventually managed to sell but were traumatised by the experience.