Lobster wrote:
Bit OT but I'm sure within this group's expertise...

My parents have recently been approached by their next-door neighbour
who wishes to buy a strip off the end of my parent's garden, presumably
with a view to gaining rear access to their property.

My parents just *might* be interested in doing this. One of several
questions raised, though, is how would you put a valuation on this bit
of land? From memory, my guess is that the land would be of no
particular use to anybody else; ie not large enough to build a separate
property on. So I really it's a case of how badly does this guy want
the land, and how much my parents would miss it versus how much they'd
like the cash realised... but where on earth do you start in terms of
coming up with a figure for something like this? My parents (and I)
literally don't know whether 100, 1000, or 100,000 GBP would be the sort
of expected value. Is it something an impartial professional can advise
on? Or is it simply a case of my parents coming up with a figure they
could live with, and the neighbour liking it or lumping it?

Thanks
David
The value is what they can get for it !

So how much does gaining rear access increase the value of the
neighbours property -
- does it allow the neighbours site to be developed further ?
- does it allow off-street parking ?
- are your parents likely to move in the next few years ?

Keep in mind :

- is anyone else in a position to sell him land which would give him
access ?
- would development affect your parent's properties value or their
enjoyment of its amenities ?


Then decide how much of that increase in value you think they could ask for.

Maybe up to 50% ....

A professional valuer would advise - probably for a fee ! You might want
to get some feel for how serious the neighbour is and how much money
they are thinking of before paying for advice.
You may not want to pay for advice if the neighbour is only willing to
pay a couple of hundred and the value added is likely to be several
thousand.