We have a small piece of land that a neighbour has asked us about selling, it's just about 50 sq. m. where a shed used to stand which is of no particular use to us but the neighbour would add it to his yard. It's just an eyesore really with the remains of the walls still standing but it would give the neighbour extra yard space and better access. Has anyone any idea of a valuation in a situation like this?
Selling a little piece of brownfield to a neighbour
- Thread starter Raider112
- Start date
farmerm
Member
- Location
- Shropshire
Its worth as much as the Neighbour is willing to pay...
do you mean 50sq m (ie a little over 7m by 7m)
I will stick my head up and say it is going to be worth between the Arable value of say £10,000/ha = £1/m2 ie £50 and the residential value which in London might be £30,000,000 per ha ie £600,00.... Probably nearer the former than the latter though. Make sure the buyer is to cover all the costs else any legal fees you incur may be more than the value you are paid!
do you mean 50sq m (ie a little over 7m by 7m)
I will stick my head up and say it is going to be worth between the Arable value of say £10,000/ha = £1/m2 ie £50 and the residential value which in London might be £30,000,000 per ha ie £600,00.... Probably nearer the former than the latter though. Make sure the buyer is to cover all the costs else any legal fees you incur may be more than the value you are paid!
Half the value it adds to the property.
- Location
- M6 Hard shoulder
Think you might have your acres and hectares confused, will be £25k/ ha
farmerm
Member
- Location
- Shropshire
my bad!Yes around 8m x 6.5m, wasn't sure if I needed a 2 or a 3 so did it that way.
That sounds vaguely familiar but probably need professional advice in that case.
- Location
- South Wales UK
Why does he want it really?
Can't say for certain but it would give him better access to his yard and it would improve a bit of an eyesore at the same time.
essex man
Member
- Location
- colchester
Had something similar several times, generally find people expect to pay around 10% of value added to their property.
Also never expect to pay your costs which can be substantial in proportion to money involved.
If I increase the value of your property by 50 k, why not give me 40k?
You will then be 10k up plus extra space for whatever you need it for, plus future uplift plus 50% development rights
Also never expect to pay your costs which can be substantial in proportion to money involved.
If I increase the value of your property by 50 k, why not give me 40k?
You will then be 10k up plus extra space for whatever you need it for, plus future uplift plus 50% development rights
primmiemoo
Member
- Location
- Devon
Best get things in writing. Doesn't need much space for a cabin. Even if your neighbour is absolutely good and true, and does nothing with that 50m sq footprint of a former shed and yard, someone could.
- Location
- S. Staffs
No matter how little the actual value, the legals will cost the same, it’s got to be transferred properly and registered with the LR, so make sure that the buyer is willing to pay all your costs as well as his, and if any fencing is involved, that it is at his cost and to be maintained by him or his heirs in perpetuity. Too easy to land yourself with unforeseen future costs if you aren’t very careful.
betweenthelines
Member
- Location
- southwest
Love in The Countryside meets Homes Under the Hammer?
- Location
- Sedgefield
Stock answer for me is £50/m2 and tight covenants to restrict use and planning etc
He could have my whole farm at that price
He could have my whole farm at that price
- Location
- south norfolk
It will add value to his property.ask for £15k,he pays all fees and add every covenant going.in my experience helping people out with various things allways comes back to bite you in the arse.if you really don’t need to sell it I’d keep it
Nick...
Nick...
We were bitten once,sold a small awkward corner of a field,within a year the guy had built a swimming pool on it.
Since then it’s strictly half the value it adds to the property.
If the current person won’t pay it the next one may.
What's the problem with him building a swimming pool on it?
- Tags
- health maintenance