Land valuation query

[One More Solo]

Our garden adjoins a patch of woodland that is not part of our title deeds but has been used by previous occupants of the house as an extension of the garden. It's approximately 0.25 acres. We've approached the landowner about buying it and they're open to discussion, but have put it to us to name a price. The land does not have planning permission and it is very unlikely to be granted - it's green belt and is also subject to a tree protection order.

While not giving us a guide price, the landowner has indicated our offer should take into account the fact it would add to the value of our house, which is fair enough. He seemed to think it would add £40-50k which seems bonkers to me but felt like more like an opening gambit than a serious proposal!

My question is, who would be best placed to give us a value for the land? An estate agent?

 

[Quartz]

I think you need to get proper professional advice because the matter may not be able simple. For instance, if it is designated woodland it may be free from Inheritance Tax. OTOH some scrote of a civil servant may deem that it has 'development potential' and demand a lot of money.

 

[tom_e]

IIRC @kai went through something similar so might have some advice

 

[Martynt74]

I think that i'd be looking to pay a fee to a professional valuator as not sure the value should be based on the value it adds to your property, although that would potentially impact what you'd be willing to pay for it.

Can't say for sure, but at a quick good of "land for sale in Yorkshire" There are 3 which might give *some* idea.

£180k for 1.5acres with full planning permission which would hugely increase it's value vs yours. At the same cost/plot you'd be around £25-30k

Doncaster DN6 Land for sale - £180,000

Under The Hammer - Birmingham present this Land for sale in Doncaster DN6

www.onthemarket.com

£60k for >5.5acres - Might be more comparable being a bit more rural/undeveloped but again that would put yours much lower down

Land At Wetwang, Driffield, East... Land for sale - £60,000

Savills - York, River House present this Land for sale in Land At Wetwang, Driffield, East Yorkshire, YO25

www.onthemarket.com

£80k for 0.5acres - Historic planning for multiple dwellings but this would put yours at 40k on the same cost basis

Denfield Lane/Ramsden Street... Land for sale - £80,000

Whitegates - Halifax present this Land for sale in Denfield Lane/Ramsden Street, Halifax, HX3

www.onthemarket.com

Hard to say as i know the above won't take location into account and yours might be a particularly desirable area, but based on the fact there's unlikely to be planning granted i would've thought £20k would be logical. Other than increasing appeal, i don't think i'd massively value a house with qtr acre of woodland much more than an identical house without that qtr acre. I'd probably say it'd add less to the value than the 20k value i guessed at.

 

[One More Solo]

Thanks @Martynt74. My thinking was similar that the additional area would probably add negligible value to our house so would be an odd way of valuing it - we already have a large garden and paddock so it doesn't materially increase our outdoor space, and it is very shaded so has limited "amenity" use. We have no interest at all in building on it, but I think the chances of getting planning permission are next to nil so that would massively reduce its value to a third party. I think that is a factor in the owner's willingness to sell.

Acquiring it is more for our own piece of mind than any plans to do anything with it.

 

[Martynt74]

As someone who needed to buy a 2.5 acre plot to be granted planning but actually bought ~11acres to avoid neighbours and lack of control i fully get that ​

 

[PAz]

Get a redbook valuation and then remember that is only by the book, you are a special purchaser so may pay more.

 

[sovietspybob]

For something like that it's really just between you and the seller, you could agree on £500 if you were both happy with it, there's no set price for land.

Realistically though you're probably looking at a lot more.

We paid 30k for 0.25 of an acre next to our current 0.25 acre plot of our house 10 years ago to give us half an acre in total, so 40-50k seems reasonable 10 years on. That obviously had a fairly big impact on the value of our house as it doubled the size of land and meant that no one could build another one right next door so it's really dependant on each circumstance.

 

[radderfire]

My question is, who would be best placed to give us a value for the land? An estate agent?

I would say just offer what it's worth to you and what you think is "fair". As above, price is determined by where buyer and seller can agree. As long as you are polite in your initial offer and word it nicely, the seller can always get back to you with a counter offer.