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Selling your garden
Selling Your Garden
Are you in the fortunate position of having a property with a large garden? If you are then maybe you might want to consider it’s potential suitability for development and if so how much it may be worth.
Some key questions to ask yourself before you even consider whether this is the right step for you are: “Do I use all of my garden all of the time?”, “Is a large garden as important to me now as it was when I first bought my home?”, “Do I have too little time to manage a large plot?” “Am I physically unable to manage my garden as I once could?” “Am I prepared to put up with having builders in my back garden?” “Is a large cash windfall worth the inconvenience?”
There are many companies who are experienced at identifying gardens with potential for development so a first start is to make contact with such an organisation. Indeed, at the present time there is a great need for small plots of land that would be suitable for small or even single developments.
Rather than approach a developer direct it can be easier to go through an estate or land agent in the first place to obtain good, honest and open advice without feeling pressurised into making a hasty decision – it is often easier to walk away from a third party rather than a developer if you feel that it’s not in your best interests to sell.
At present, in most cases any profit is tax free for the development involving your Private Principal Dwelling (PPD), however Capital Gains Tax may apply if you are selling part of a property that you don’t live in.
Taking independent legal and tax advice is always recommended if you are thinking of going down this route.
Sympathetic planning and landscaping is essential to avoid ending up with an eye sore at the foot of your garden so take great care to ensure that if you do go ahead you retain control over the way in which the development is designed and that you are able to see and agree all plans before making a commitment to sell.
Another key consideration is whether you will de-value your existing property by selling off your land. As modern lifestyles have created a trend for properties with low maintenance gardens it is possible that your existing property will actually lose very little or no value when you come to sell but it is essential either to study the local market yourself or take expert advice before assuming that this will be the case.
Another tip is to find out from others who have been down this route about their experience because as with any profession, there are good and bad consultants out there, so getting first hand feedback and hopefully a recommendation for an agent or developer who has given first class service is a good idea.
As research into the potential for planning permission will always be a necessity before any sale will be considered you should factor in a reasonable time period before you are likely to proceed.
An alternative is for you to apply for outline planning first but obtaining planning can be fraught with difficulty and high costs and normally requires expertise and knowledge. You could end up paying hefty architect’s and solicitors fees only to find that your planning application is rejected and you have wasted your time and money as well as damaging future planning possibilities.
If you would think that your garden might have the potential for development, we are able to provide help and guidance in conjunction with our legal, tax and development partners so please get in touch by calling 02072054060 or email email@example.com or visit thehomecloud.xenacia.com