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Do You Own Land that Could Have Development Potential?

Do you have a vast garden?
Is your property set on a large corner plot?
Do you own a vacant outbuilding?
Have you a plot of land which is currently unused?
Do you have a redundant factory site that could be redeveloped?

If you can answer yes to any of these questions, you could be sitting on a potential goldmine!

Did you know that there is huge demand for developable land?

Currently land is in high demand because there is a constant need for new housing to be built, and builders are desperate for new sites. Because of this, buyers are prepared to pay premium prices and this means that if you own a decent sized plot you could be sitting on a substantial amount of cash!

Property developers are increasingly taking the opportunity to buy large gardens or disused outbuildings from homeowners who can see the financial benefits, not to mention the long-term security.

Of course, selling your land or a plot with outbuildings is a big decision and so here, we answer your top three questions.

1. Can you sell off part of your garden?

Yes, you can, but first you must ascertain whether your land is suitable to sell for development purposes. Crucially, your land must be at least a quarter of an acre in size and should also be in a desirable area. 

2. How do you value garden land?

The true value of your land will depend on the following factors:

  • Its location
  • Its condition
  • Its accessibility
  • The size of the plot
  • The amount of other land in the area for sale
  • The local competition
  • Nearby property values
  • Planning consents

It’s important you seek professional advice from an expert when getting your land valued to ensure all these crucial points are factored in.

3. How much tax do you pay if you sell land?

If your land is part of your garden and enjoyed as part of your principal residence, rather than for business purposes, then your sale will be free of tax.

However, if for example you pick fruit from the trees on this part of your land, make it into jam and then sell it locally, the land is not being used domestically, and you could then become liable for tax. These definitions are strictly enforced.

A tax advisor will be able to provide you with detailed guidance on this before you decide to sell your land.

If you think you may own land or outbuildings that have development potential get in touch with Alan Hilditch, Sales Director at Satchells.

Satchells Land and Development team have expert knowledge and experience and can help you unlock the potential of your land. We act for many of the major developers across Hertfordshire and Bedfordshire and will work with you to help develop your asset and allow it to reach its full potential.

We will appraise your land, help you find the right developer and we’ll also deal with all other aspects including assisting in obtaining planning permission.

Call the Satchells team on 01462 410394 or email us at salesadmincentre@satchells.co.uk

 

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