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?

My understanding is that a ransom strip is valued at 40% of the value of the
land to be developed. IIRC that's a precedent set in court.