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Could You Be Sitting on a Goldmine?

Did you know that space in the UK is hugely in demand, with people constantly looking for innovative housing solutions?

It’s true! From woodlands to small gardens, to derelict barns, there is a huge rise in homeowners selling parts of their land for development that they do not use. What’s more, there are healthy profits to be made from the process with very little work – especially if you involve us! If you own land or buildings locally and are unsure of how to unlock their value, we can help.

As experts in the area, we can guide you through the whole process, advise you of the potential value and explain how to maximise that value and assist with gaining planning permission.

To give you an overview, we’ve covered some main points here:

Initial Considerations

Firstly, the situation can be very different for land that has a home situated on it and with a mortgage in place.

If this is the case, you will need to obtain permission from your lender to sell part of your land. They will assess the home's current value, considering the impact of any potential sale. Providing that the sale will not create negative equity in the property, it is likely that lenders will agree to the process. Notably, there are usually administration costs associated.

Additionally, you will need to consult a solicitor to determine whether there are any restrictive covenants attached to the property. These are clauses in the original title deeds that show specific restrictions, which may include partitioning the land.

When selling part of your land for a property to be built on, you must consider how that home will then be accessed. It may be the case that your garden or your neighbours garden will become a primary access route, which could cause problems when obtaining planning permission.

At Satchells, we are experienced in dealing with any issues that may arise during the initial process and can assist.

Should I Sell With or Without Planning Permission?

Selling your land with planning permission in place requires more time and effort. However, it means you will be able to achieve a higher price for the lot, as it removes a considerable amount of risk for the buyer.

There are two different forms of planning permission: 'outline' or 'detailed'.

'Outline' planning permission gives a broad overview of what can be built on the land. It will not provide any details and might simply describe the size of the property and where the access route will be. In contrast, 'detailed' planning permission defines the exact specifications for the building that can be erected on the land.

Alternatively, you can sell your land without the permission in place. This inevitably means the space will sell for less, as there is more risk and work involved for the buyer. However, it generally means the sale will be much faster.

How To Set a Price

Setting a price for the sale of your land can be extremely challenging. We have vast experience in this part of the process and can help you set and achieve the price that your land or outbuildings are worth.

For substantial pieces of land, the price can vary hugely. As mentioned, land with planning permission in place will sell for considerably more. Additionally, the location, surroundings, size, and condition of the land or structures will significantly impact the sale price.

For comparison, a ballpark figure given for an acre of land is between £12,000 and £15,000, but this can often rise to over £25,000 for particularly attractive pieces.

So, if you own land locally in Hertfordshire and Bedfordshire and are unsure of how to unlock its value, please call Alan Hilditch at Satchells on 01462 410394 or email us at salesadmincentre@satchells.co.uk. Whether it’s a side garden or several acres. If you own redundant barns or outbuildings, we can help you unlock its potential.

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