How to know how much for land?well bit of garden!

I,M_SAD

I still own a small bit of a garden from a previous house sale.House went to auction in 05,it was an investment property in a town centre,but it had a fair bit of land with access off main road.

Bear with me now,I bought house and half of next door,s garden too.Well it appears when house was sold the piece of garden was not included in auction.The new owners I understood have contested it,but the land(piece of garden)I have recently found out is still registered in my name.The new owner came to my house last night:eek:,he stated he has been looking for me for months,and found me via electoral role.He has offered me £4000 for land,as he wants to sell the piece he did buy and "my bit" to local solicitors for car parking.I have no idea how much land is worth,I know it is in a prime spot,but if you can understand it is behind the bit he does own,so it,s an isolated bit which I have no means of getting access too,only via his land.I am pretty happy with £4000 and it will be done through solicitors,although he did say he would pay me £2000 today and £2000 on completion.I hav,nt contacted him as yet and I am not sure why,but feel a bit overwhelmed with this guy I have never met coming to the house.Maybe a bit of a paranoid woman on her own syndrome.I don,t want a huge hassle but I did tell him I wanted time to think.Speaking to a friend today he suggested getting some advice as to how much it,s worth.How would I do that?Do I ask an estate agent?I really am not sure what to do and how to go about it.I am not comfortable with taking £2000 in cash today,I am not sure either why would he have offered that?Bar me giving him a receipt of money,I just did,nt see how that was "safe"for him.If any money is transferred to me,I think it should all be done legally and via solicitor,what do you think,or am I overthinking it too much.Any advice would be welcome.thanks.

notisis

Hi

Glad you are being cautious. What the guy told you may be true and yes you gain £4000. But there's also the scenario that your piece of land is worth much much more. I would check local planning applications (most can be done online) to see if there are any development plans around your piece of land (e.g. flats, new homes, shopping centre - anything). I would also contact a few local agents and have a general chat to them perhaps without revealing exactly what you own as it may be they have a sniff of what is in the pipeline without a formal planning application having been made.

I'm suspicious and think there may be more to this than meets the eye, particularly if he's keen to give you £2000 cash there and then. On the other hand he may simply be naive!

Good luck but make a few enquiries before committing to anything.

Notisis

silvercar

sounds like he has a buyer lined up. I would be inclined to tell him you will sell to his buyer with him and divide up the money according to size of plot.

lawrie28

Hold out, if he needs your land, then the price will shoot up, up,up. You were right not to take the cash. money laundering etc, or avoidance of tax....

I,M_SAD

Thank you so much for replies.I wondered whether I was just being a bit weird.I guess I was ok until he started saying he would pay me cash today.I don,t get what his security is on that scenario,I was a bit freaked when he asked for me by my married name!The house was always in my maiden name,plus stupid things,he left a number,but just a 1st name,personally if I was wanting to do business with anybody,I would leave full name and land line number.O.k I did,nt raise that,but if you came to a an unknown woman,s house,and the house was only ever in my name only,would you just leave a first name for contact.It was like he was reciting my life,but reluctant to say who he was.Can you guess I have had my fingers burnt?If I sound like an old bag please excuse me,I think a part of me is scared really.I have no idea who this guy is really,he seems toknow a lot about me though.I do want everyhtng done by the book though,would you all agree.I do think some of it is he was a very pleasant man,but told me his son said to offer me a £1000 and he said he wasn,t like his son and would,nt insult me.
I said nothing but I felt intimidated and embarassed.Even I know you would,nt spend that much time looking for me if they were,nt bothered.I don,t say much but I never asked him to buy land ,but a part of me does,nt want anything that is not ok either.

PasturesNew

How big is your bit? How big is his bit?
It's probably a case that his bit alone is of no interest. But with your part it's worth something
So he needs your bit to sell his.

Doozergirl

You can appoint a solicitor to value the land for you.

If you sell, don't do a simple Land Transfer. Appoint a solicitor and ensure appropriate covenants are put in place ie. if PP is gained on the land, you are entitled to 50% of any uplift in value. Make him pay for the solicitor too.

Otherwise it makes sense that you sell the land to this firm of solicitors, not him.

God I hate this site sometimes. Three times I wrote the last paragraph. Many moons ago it used to save everything even when you hit the back/forward buttons without posting properly.

I,M_SAD

Thank you everyone for replies,the thanks button has,nt come up today,so posting thanks!
Well think you are all right,I did originally have P.P for a build on land,which he states is now lapsed and he can,t renew it,I did ask him.

I have kept most paperwork as the property had a few investment options,and I have found the buyers name,address,etc.That made me feel better!

In fairness though,he can,t renew P.P.as the P.P.was only ever granted after the previous owner to me, bought the next door,s garden,which is still my bit.

The town is going through a massive uplift at moment and I think for my own peace of mind I will go to planning and just check out my options a bit more,I don,t think my bit is worth millions but I don,t want to be "blinded"by £4000 either.And I think it is a case of although his bit is on road side,he can,t do that much with it,without my bit behind it,which will double the size of the plot.Doozer girl I,m not sure what you meant exactly,would you elaborate a bit more?
Yes,I did say I would,nt pay any solicitor,s costs,I do feel better today,it got me up early though!!

Doozergirl

When your solicitor draws up the sale contract, they put clauses in which will protect you in the case that he does get planning permission at some point.

If your £4000 suddenly becomes worth £100,000 because he's got planning permission for something, he will have to pay you half of the increase in value It's very standard pratice.