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selling land

iwastheretooiwastheretoo Posts: 74
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in Advice #1
I have been 'unofficially' asked to think if I want to sell my 3 acre paddock (or a bit of it) on the edge of a small village for affordable housing. Does anyone know the approx price I would get for this? I was told possibly £10k per unit and the council may want to build 4 to 6 units. Does this sound right?
Also, how many units do they get on one acre?
I had the paddock valued at round £35K for 3 acres without any planning permission (for grazing).
Just exploring my options.

Comments

  • Keefy-boyKeefy-boy Posts: 13,613
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    #2
    Where the land is may have some impact on its value? Personally I'd get a professional valuation, even if it costs you £100-£200 it could be money well spent.
  • gemma-the-huskygemma-the-husky Posts: 18,116
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    #3
    probably worth £1 -2 million for the full site with planning

    agree a full price, and sell them an option to secure it for a period to let them try and get planning

    I wouldnt sell part, as a small project may affect the value of the remainder.

    they will get 12-18 units per acre easy.

    you will have to pay CGT
  • [Deleted User][Deleted User] Posts: 3,064
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    #4
    iwastheretoo wrote: »
    I have been 'unofficially' asked to think if I want to sell my 3 acre paddock (or a bit of it) on the edge of a small village for affordable housing. Does anyone know the approx price I would get for this? I was told possibly £10k per unit and the council may want to build 4 to 6 units. Does this sound right?
    Also, how many units do they get on one acre?
    I had the paddock valued at round £35K for 3 acres without any planning permission (for grazing).
    Just exploring my options.

    Get the land indipendantly valued.

    I would think the simplist answer would be that you get a valuation (as pasture) and one for (building land).
    The other option wound be to approach the council planning depeatment and see if the land can be upgraded to building land. or try to get 'building permission' for 4-6 affordable house units yourself . both of teh latter options would give you a better chance of getting a good price.

    lastly do not sell without getting a solicitor to look over any contract, sale agreement etc there are a lot of builders (even people you might think are your friends) who will pay a very small price for land then sell it with to a developer for a fortune.
  • iwastheretooiwastheretoo Posts: 74
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    #5
    Thanks - great advice. I will probably keep the land for now and maybe leave it to my kids in my will.
  • davidmcndavidmcn Posts: 12,108
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    #6
    Too many factors for people on the interwebs to give you much of an idea - you really need to get a surveyor involved (and a solicitor before you start looking at anything contractual). But £10k per unit sounds decidedly cheap.
  • Keefy-boyKeefy-boy Posts: 13,613
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    #7
    gemma-the-husky wrote: »
    probably worth £1 -2 million for the full site with planning

    How can you pluck a figure out of thin air? Is the land in the north of Scotland? Is it in Surrey?
  • killjoykilljoy Posts: 7,920
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    #8
    If you look ay hertfordshire they are buiding at 25/ acre with a plot value of £100k/unit.
  • iwastheretooiwastheretoo Posts: 74
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    #9
    I was advised by a land agent that as the land is now its probably worth about 35k. The land is near Oxford used for grazing at the moment. The council (well someone I know) has suggested it could be a good site for affordable housing and the 10k per unit figure was quoted.
    There is not any PP on the field and a no new build in the area apart from affordable housing so selling it for any other building isn't really an option.
    I don't need to sell it at the moment so will probably hang on to it for now what with the possible changes to planning coming up.
  • workhorseworkhorse Posts: 2,836
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    #10
    As a land owner I would never never never sell.its how I was reared.so that's my advice don't sell,keep your assets to pass on.
  • gemma-the-huskygemma-the-husky Posts: 18,116
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    #11
    iwastheretoo wrote: »
    I was advised by a land agent that as the land is now its probably worth about 35k. The land is near Oxford used for grazing at the moment. The council (well someone I know) has suggested it could be a good site for affordable housing and the 10k per unit figure was quoted.
    There is not any PP on the field and a no new build in the area apart from affordable housing so selling it for any other building isn't really an option.
    I don't need to sell it at the moment so will probably hang on to it for now what with the possible changes to planning coming up.

    with PP it will be worth a boat load. I obviously underestimated. as killjoy just suggested £2m plus per acre, in hertfordshire

    affordable housing will be 20/acre plus, but at 10k/plot that is only £200k

    the main cost of housing is the land, not the build. it will be worth far more than £10K per plot, if someone gets planning.

    out of interest, why would they think they could get PP on a greenfield site. social housing in a greenfield site sounds unusual to me.

    You could always approach one or two of the big builders direct. they will jump at this like a shot, and they will know about planning
  • gemma-the-huskygemma-the-husky Posts: 18,116
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    #12
    Keefy-boy wrote: »
    How can you pluck a figure out of thin air? Is the land in the north of Scotland? Is it in Surrey?

    a guideline based on knowledge. much more than that in surrey, say - less elsewhere. but good sized building land is expensive. 10K sounded ridiculously low.
  • iwastheretooiwastheretoo Posts: 74
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    #13
    Apparently there was a survey and there is a need for affordable housing in the area. The local council are looking for suitable sites and mine has been earmarked as possible. I guess if the council decide its where they want to put affordable housing, then they can get the permission.
    I wont sell it unless I get desperate.
    Really appreciate all the sensible answers - thanks so much!
  • gemma-the-huskygemma-the-husky Posts: 18,116
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    #14
    it might be a long while before the chance to get PP comes round again. depends whats in there area plan. dont turn the chance down lightly
  • [Deleted User][Deleted User] Posts: 3,064
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    #15
    gemma-the-husky wrote: »
    it might be a long while before the chance to get PP comes round again. depends whats in there area plan. dont turn the chance down lightly

    It would be silly to sell especially without good clear advice from the right people.
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