Selling a small bit of my land

Sue7

Hi all hope that this is in the right place to post....
The people that own the house that runs at the end of out property have built an extention, yesterday they asked if they could buy a small strip of our land at the end of our garden, this will enable then to access the rear of their property much easier.
My question is how do i find out how much this strip of land is worth... it will only be about a foot wide by about 6-8 foot long.

Thanks in advance

Sue

looby-loo_2

I have no idea what the land would be worth but whatever you do go through the proper channels and get it registered with the Land Registery.

Just last year my friend was all set to move when the house at the bottom of their garden said a small piece of land was theirs, about 12' x 4'. They said the previous owner had put up the fence in the wrong place over 20 years before my friend moved in. They had photos going back 15 years so it must have happened 35 years ago, however, because nothing could be proved either way they were stuck and had to pay the £8000 the 'owner' demanded. He knew they were desperate to move and that the whole chain would fall and deliberately put in his claim about 3 days before completion.

So what ever you do get it properly registered with careful plans and scale drawings.

Geenie

You need to get it properly valued Sue. Not only will you be adding to the value of their property by improving their access, but also you will be reducing the size of yours so need to get a fair price. You may also want to consider that any expenses incurred to you if you do sell, ie changing Land Registry details, solicitors involvement etc should be paid for by the people wanting to buy and this should be agreed before proceeding. We used a land agent in the past to do this same thing, but it may come under Estate agents as well. Others may be able to say who is best.

plzhelpmesave!

definately look into it properly - check with a local solicitor in terms of what you would need to do to sell it legally. Value wise - maybe check with an agent and solicitor? Also ask the neighbours what sort of figure they were looking to pay?

At our last house, we had a 2nd car parking space at the end of the drive (don't know why!) that the houseowners next to it wanted to buy. He offered £3k and to pay all legal costs - so maybe a similar arrangement would work for you?
.

Sue7

Thank you so much for the speedy replies

Sue7

My neighbour wants to do everything right and she will pay all legal costs, she is getting in touch with her solicitor and will put everything in wrighting to me.

Strapped

It's worth whatever they will pay for it

PasturesNew

No idea what you do/how much, but I was surprised this week when a couple on a property !!!!!! programme on TV bought a building plot at the bottom of somebody's garden.

They then wanted to buy a right of way across the man's driveway so they could get a vehicle to the house they were building and they paid £15,000 just for the right of way I think they said!

Half the "value" is determined by what the value would be to the person buying it. So if a little old lady wanted to buy the strip to plant potatoes it would have a lesser value than to a developer for whom the land meant a house could get a vehicle round the back.

Geenie

Strapped wrote: »

It's worth whatever they will pay for it

This is true Strapped. And they may be willing to pay more for it then first realised if it makes a big difference to their own property value, so these things have to be carefully considered and not rushed. Sue can only sell that piece of land once, so as an asset needs to get the best price she can.

If she is not in any dire need of the cash then the cards are in her hands so to speak and she can wait until a price is offered she is happy with. She ought to get an independant valuation so she can tell if what they offer is fair, and at the same time get the agent to look over the fence and see what difference in value it would make to the neighbours property and factor this in too.

Sue7

Thanks all for your replies, she wants the land so that she can get her wheelie bins round the backof her property x

Oliveru

Strapped wrote: »

It's worth whatever they will pay for it

Exactly, bargain hard and you will get a good deal. Obviously make sure it's all legit and properly planned for. Sounds like a good oppurtunity to make a few grand.