Jaymo Posted January 22, 2021 Report Share Posted January 22, 2021 Our neighbour has what is effectively a ransom strip behind our place measuring 60mx6m. Thought she would see out her days there, but she has decided to leave which is fair enough except the adjoining farmer has been eyeing up this piece of land for years as it could potentially allow him to apply for Planning ( highly doubt the story but you never know?) So, today she offers me this piece which we don’t really need but might be nice as it would join our garden to the woodlands. Ive been trying to ascertain its value using various websites, but I’m not getting anything worthwhile! Any advice/ ideas? Would leave it and our garden the size that it is- just think it would be a ‘nice to have’ and would also stop anyone purchasing her place, placing a shed/barn/ kennel etc there. Moved there for the peace and quiet, along with the woodland views. Quote Link to comment Share on other sites More sharing options...
Konnie Posted January 22, 2021 Report Share Posted January 22, 2021 Years ago when brother did the same was done on a scale of what it add to property on a sliding scale, 1/8 acre ok 1/4 acre not bad 1 acre unless the property was sufficient it was just land not grounds as in mansion size and so on. A good estate agent would advise Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted January 22, 2021 Report Share Posted January 22, 2021 As another has said contact the estate agent you used when you bought your house OR other agents who have properties for sale. If you've a solicitor ask him or her to contact an estate agent they know. Always get a second and third opinion. Quote Link to comment Share on other sites More sharing options...
Old farrier Posted January 22, 2021 Report Share Posted January 22, 2021 Lots depending upon how much it’s worth to you and would devalue your property if the wrong person bought it asking her how much she wants is a good start suggest you maybe consider how much she would be able to sell it for without paying capital gains tax on the money just a few thoughts Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted January 22, 2021 Report Share Posted January 22, 2021 (edited) It's worth also seeing if there is any right of way, or restrictions or covenants or "charges" or obligations on it. You may be paying for something that's a pig in a poke. I'd certainly for sure ask the Land Registry. Beware! Edited January 22, 2021 by enfieldspares Quote Link to comment Share on other sites More sharing options...
eggy74 Posted January 22, 2021 Report Share Posted January 22, 2021 can you not just ask her what she would like for it ? Quote Link to comment Share on other sites More sharing options...
Walker570 Posted January 22, 2021 Report Share Posted January 22, 2021 2 minutes ago, eggy74 said: can you not just ask her what she would like for it ? That is the first move and even then do the searches as Enfield suggests. You can do that without her knowledge. I was blown away when someone told me they had made enquiries about buidling permision on another persons property without their knowledge on a similar plot. Quote Link to comment Share on other sites More sharing options...
ninjaferret Posted January 22, 2021 Report Share Posted January 22, 2021 I recently bought some land from the council no use to anyone but me, think it's about 200 square feet, needless to say they took my hind teeth. Quote Link to comment Share on other sites More sharing options...
figgy Posted January 22, 2021 Report Share Posted January 22, 2021 (edited) I looked a house going to auction, there was a peice of grass to side of the house which Jones the main road behind a bustop, village out skirts so next no use of bustop. Land was wsste basically. I approached the council about how much to buy the land, they wanted more for the bit of scrap land than the house sold for. House and garden was about same size as the land to the side and would only ever be garden due to rules on the sale. Not sure if it was ever sold. Council person in charge must have been drinking asking what they did. Hope your neighbor isn't asking the moon for the strip of land. Edited January 23, 2021 by figgy Quote Link to comment Share on other sites More sharing options...
robbiep Posted January 22, 2021 Report Share Posted January 22, 2021 If it is land that could potentially be of use as a ransom strip, then the general rule is that it's worth 25-33% of the value of the development land. If I was selling such a piece of land at a cheap rate (i.e. at less than above), I'd want a considerable clawback arrangement in place in the deeds, lasting 30 years or so. Basically, something on the lines of "If this land is sold in the next 30 years, it is agreed that 50% of the increase in value shall be immediately payable to Mrs Jones or her legal beneficiaries or their descendants" Quote Link to comment Share on other sites More sharing options...
oowee Posted January 22, 2021 Report Share Posted January 22, 2021 What is the land holding to ransom? Otherwise it's worth what you are prepared to pay or that the owner will sell for. It might be worth having to stop something less desirable happening? As Walker says starting point is to ask for a price. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted January 23, 2021 Report Share Posted January 23, 2021 4 hours ago, robbiep said: If it is land that could potentially be of use as a ransom strip, then the general rule is that it's worth 25-33% of the value of the development land. If I was selling such a piece of land at a cheap rate (i.e. at less than above), I'd want a considerable clawback arrangement in place in the deeds, lasting 30 years or so. Basically, something on the lines of "If this land is sold in the next 30 years, it is agreed that 50% of the increase in value shall be immediately payable to Mrs Jones or her legal beneficiaries or their descendants" Saw a house last year with that covenant on. If the field out the back were made into a massive housing estate and the few acres of field the house owned sold as part of it the old seller was entitled to a load of the money you would make. Quite obviously, the house has gone unsold for a considerable time. If people want to take the risk of the land dramatically increasing in value then hang onto it!! I didn’t see anything in the paperwork about the seller giving you a load of the money back if the estate went ahead without the 2 field and the idea of the house value plummeting. Quote Link to comment Share on other sites More sharing options...
Goldfish Posted January 23, 2021 Report Share Posted January 23, 2021 (edited) I have done the same with my neighbour, land was useless to them but made a great allotment for me. For info the land was 30m x 4m and I paid £2,000 and their solicitors fees, plus my fees so about £3,200 in total. There is no way to value these strips it is really down to how much your willing to pay and how much the seller wants and finding common ground. I valued the land as the extra garden and storage space is perfect and the now 50m air rifle range is great fun 😁 "Moved there for the peace and quiet, along with the woodland views." Sounds like you need to secure it, keep it friendly and have a chat with the seller. Edited January 23, 2021 by Goldfish Quote Link to comment Share on other sites More sharing options...
Jaymo Posted January 23, 2021 Author Report Share Posted January 23, 2021 Morning everybody. The reason she has it is that it was to provide a storage area plus stop the neighbouring farmer obtaining planning. Our cul de sac ends adjoining this farm field. Part of the boundary to this is owned by one neighbour and this ‘strip’ that I’m interested, forms the other boundary. So without both properties, then access to the field could not happen. Have been onto the Land Registry site and downloaded the boundary limits and a copy of the title with its easements. She is asking £10k plus legal costs, the piece could never be used to construct anything. Part of me thinks it’s over valued and another part of me thinks that to preserve our outlook, it’s acceptable. Shall ring the Estate Agent for their opinion later today. Quote Link to comment Share on other sites More sharing options...
WalkedUp Posted January 23, 2021 Report Share Posted January 23, 2021 £10k doesn’t seem bad value, what are the houses worth? Our client sold a 3x1.5m strip for £6k. It wasn’t developable and just extended their neighbour’s garden and tidied up a few land registry anomalies. Quote Link to comment Share on other sites More sharing options...
mel b3 Posted January 23, 2021 Report Share Posted January 23, 2021 10k is a very small price to pay for your peace of mind 👍. Quote Link to comment Share on other sites More sharing options...
Modafinale Posted January 23, 2021 Report Share Posted January 23, 2021 £27 m2 not much more than the price of an average fitted carpet ! just buy it Quote Link to comment Share on other sites More sharing options...
peck Posted January 23, 2021 Report Share Posted January 23, 2021 Just be careful about which Estate Agent you ask, you never know who knows who. Quote Link to comment Share on other sites More sharing options...
figgy Posted January 23, 2021 Report Share Posted January 23, 2021 60m x 6m would make a nice little home plinking range. A nice shed one end and a bin /tool store type with double opening doors the other for putting targets. You could start negotiating with 1k per meter width plus you pay legal fees,6k plus costs. It maybe to stop the farmer developing but if she is selling the house who else is willing to buy the strip. Quote Link to comment Share on other sites More sharing options...
TIGHTCHOKE Posted January 23, 2021 Report Share Posted January 23, 2021 Get in QUICKLY! Quote Link to comment Share on other sites More sharing options...
Jaymo Posted January 23, 2021 Author Report Share Posted January 23, 2021 35 minutes ago, peck said: Just be careful about which Estate Agent you ask, you never know who knows who. Agents says he cannot value it without her say so.... That leads to the dilemma of if he comes back significantly less or greater then how does either party stand? The vendor has agreed that she will only sell to us. Its not that we even need it, esp as it’s shaded by the woodlands- but I’m sure I would regret it if I don’t take it on. There goes the new car fund. Quote Link to comment Share on other sites More sharing options...
London Best Posted January 23, 2021 Report Share Posted January 23, 2021 New cars are only a waste of money. They ain’t making any more land! Quote Link to comment Share on other sites More sharing options...
harrycatcat1 Posted January 23, 2021 Report Share Posted January 23, 2021 1 hour ago, TIGHTCHOKE said: Get in QUICKLY! This Quote Link to comment Share on other sites More sharing options...
JDog Posted January 23, 2021 Report Share Posted January 23, 2021 At that price just buy it. There is a well established principle regarding ransom strips - look up Stokes v Cambridge. In reality the value is what you are prepared to pay but another guide is how much the land will add to the value of your existing property. Quote Link to comment Share on other sites More sharing options...
millrace Posted January 23, 2021 Report Share Posted January 23, 2021 Start talking "cash".......... Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.