Developer wants to buy my house

k3lvc

The property is needed for the development to go ahead. There is no way for the developer to build around it

That's what the guy in the middle of the M62 said

SadieO

k3lvc said:

The property is needed for the development to go ahead. There is no way for the developer to build around it

That's what the guy in the middle of the M62 said

Apparently untrue, unfortunately, as it's a good story to think of a stubborn old farmer causing such disruption! https://propermanchester.com/feature/the-real-story-behind-the-house-in-the-middle-of-the-m62/

OP, what is the current market value of similar houses to yours? I'd think about adding 10 or 20% to that. Plus, as others have said you should price up what it would cost you to move and add on a whack for inconvenience, especially if they seem to be waving chequebooks around. Have you thought about what you'd be happy with accepting, if they came to you tomorrow with a number?

You should also consider how long this offer may be on the table for, and how generous they may be. If you dig your heels in and refuse to move, or ask for silly money, they may just walk away from you. You don't want to end up living with this new development being built around you in a way that you may hate. Or, in the future you may end up having to accept a low price if they eventually find a way to force you to sell. If they're spending as much money on the developement as you believe (how did you find that out by the way?) then sadly they are unlikely to let little old you cause them to lose huge amounts of money, or even to prevent it going ahead at all! If you don't play ball now they might find a way to make your life miserable. Take the opportunity to come out of this with a big payout while things are still at an amicable negotiation stage!

user1977

pinkshoes said:

If you're happy to move, then look up what your house is worth, find something you'd be happy buying (perhaps an upgrade in area or size) then factor in all moving costs (stamp duty, packaging and removal, legal fees etc...) then ask for this plus a little more for inconvenience. 

Even if the value to the developer is significantly more than that? The OP should really seek professional advice.

k3lvc

SadieO said:

Apparently untrue, unfortunately, as it's a good story to think of a stubborn old farmer causing such disruption! https://propermanchester.com/feature/the-real-story-behind-the-house-in-the-middle-of-the-m62/

I know but there are plenty of other examples where home/landowners felt they had the power and held out only to find themselves in an untenable position with no buyer and no chance of a future buyer.

Given the alleged size of the OP's project I can't believe the developer doesn't have a back-up plan (or were stupid enough to no have made a pre-emptive move to secure OP's property before it's (potential) value became apparent 

peter3hg

k3lvc said:

The property is needed for the development to go ahead. There is no way for the developer to build around it

That's what the guy in the middle of the M62 said

Or the family on the roundabout in North Wales.



https://www.thesun.co.uk/money/20420784/family-home-middle-roundabout-best-worst-wales/

dimbo61

A little bit of wishful thinking !
The housing market has changed from a Bull market with low interest rates and rising house prices to one going the other way.
They may never build One house on this land if the bank's say NO.
So be careful what you wish for.
Look at local sales of properties like yours and add say 20/30% unless you have a huge garden where they can build 3/4/5 houses.
Could they buy the property next door and gain access to the site that way.
You could end up next to a building site for years.

Section62

dimbo61 said:

A little bit of wishful thinking !
The housing market has changed from a Bull market with low interest rates and rising house prices to one going the other way.
They may never build One house on this land if the bank's say NO.
...

Very wishful.

Realistically, if they are still at the stage of pulling together the land they need then the first occupation is likely to be a good two years away - by which time forecasts/guesses suggest things will have stabilised again.  And the shape the economy is in has no significant bearing on our growing population and demand for homes, just the ability (of some people) to pay for them.

If the site has PP for £50m+ of new homes then it will be built on. Perhaps not by this developer in the next couple of years, but a site like that with PP is a valuable asset and it won't go unexploited for long.

TripleH

What is on the land they want to build on now? Another point to consider is if it has buildings they intend to pull down, unless work will start soon then they may be less concerned about keeping these other buildings looking tidy.

If the land is held for future development (due to economic uncertainty now), if in 3 years you want to sell, buyers have to be enthusiastic enough to want to buy a house bordering a future building site which currently hosts tatty looking buildings thus dropping your value further.

GDB2222

Mojisola said:

davi23 said:

The property is needed for the development to go ahead. There is no way for the developer to build around it

Check your deeds thoroughly - a nearby owner thought he was in that situation and refused to sell, even when the property developer turned up with his cheque book and said "Tell me how much you want".

Someone, apparently quite a junior member of staff, decided to delve into the paperwork and found that the area needed for the entrance road into the development has just been fenced off and used as a garden by the homeowner many years before but had never been legally dealt with.

The homeowner ended up losing half of his garden and having the estate built behind his house and spoiling 'his' view.

The developer’s solicitors would probably have noticed this, anyway, even if the house owner had accepted the offer.

ProDave

GDB2222 said:

Mojisola said:

davi23 said:

The property is needed for the development to go ahead. There is no way for the developer to build around it

Check your deeds thoroughly - a nearby owner thought he was in that situation and refused to sell, even when the property developer turned up with his cheque book and said "Tell me how much you want".

Someone, apparently quite a junior member of staff, decided to delve into the paperwork and found that the area needed for the entrance road into the development has just been fenced off and used as a garden by the homeowner many years before but had never been legally dealt with.

The homeowner ended up losing half of his garden and having the estate built behind his house and spoiling 'his' view.

The developer’s solicitors would probably have noticed this, anyway, even if the house owner had accepted the offer.

If the homeowner had been properly advised, he would have got his application for Adverse Possession in as soon as there was a sniff this might happen.