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Garden Land
Comments
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The land is separately registered and has no mortgage.
The area is West Bromwich, West Midlands.
I don't think he has an alternative if we don't sell.
He is building a 2storey extension to side and back.
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That doesnt really help since without knowing the location then its just picking numbers outof the air
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So the land is, to your neighbour, very valuable.
Without it, he cannot build his extension.
With it, he can build his extension and consequently greatly increase the value of his property.
The fact that to you the value is minimal, being just a small % of your garden, is irrelevant. You can ask him for a significant % of the increase in value of his property.
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As above
West brom isnt the real estate capital of the world
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How much is it worth to you?
What is it worth to your neighbour?
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Just to clarify. Has he already started building work? Or has he mentioned that he wants to start building work?
Why does Sherlock Holmes love Mexican restaurants? Because they give him case ideas.0 -
It's almost certainly extremely unlikely that if you refuse to sell your neighbour won't be able to build the extension. It might create some inconvenience but they'll likely be a way around it. So the view that you can charge what you want and they'll have to pay it is a little naive.
Ultimately though there isn't a set price. You'll need to negotiate. If you're wanting to sell (and I get the impression you do) then decide a price you're happy with. Getting too greedy will likely lead to your neighbour seeking alternatives.Naturally it goes without saying that you don't have to sell though.
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As a very very general rule, the plot a house is on is worth 1/3rd of the total value of the property, but so many variables mean this could be correct or completely wrong.
Really the only way to do it is to talk to the neighbour and come up with a figure you are happy with, or let them make an offer for it, then go from there…0 -
The neighbour won't necessarily make a profit out of building the extension, ie the building costs may exceed the increase in value.
No reliance should be placed on the above! Absolutely none, do you hear?0 -
We have been offered £1000, does this sound a fair price?
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