Value of garden in East Dulwich per square foot

[EmED]

Our neighbours are interested in buying a strip at the back of our garden in SE22.

The total size of the garden is 15.5 feet wide and 55.3 feet deep.

The area they'd like to buy is about 15.5 feet wide and about 4 feet deep.

Does anyone have any idea at all of a ballpark figure that might be about right for this? Has anyone done anything similar?

Thanks so much for any help at all on this! :)

[gm99]

Assuming you are the freeholder: if there's no development potential and it's not going to have a material impact on the amenity of your garden and therefore value of your house then it's worth somewhere between what you want and what they are willing to pay, factoring in neighbourly relations etc. If they want the extra garden to enable them e.g. to build an extension then it may be worth more to them than if it just for a veggie patch.

I have heard figures around ?3-5k for around 20m2 of undevelopable garden (ie no access), but that may not be relevant to your case as it is only a small strip relative to the size of your garden. If you decide to sell, make sure that your neighbours pay your legal fees (including a survey for the purposes of land registry records) and if you have a mortgage check whether your mortgage co needs to be notified.

Disclaimer: I'm not a legal professional - these thoughts are based on my own previous enquiries.

gm

[lameduck]

I would seriously think twice about selling any part of your garden

at this moment i am being bombarded by developers and have had offers on parts of my place for access etc

had i sold any, i would not be in such demand

is it possible to rent the piece of land to your neighbour

you never know you may need it in the future

lynne

[EmED]

Thanks so much, this is all really helpful.

[Curmudgeon]

You also need to fit into the equation whether they wat it to build right up to the boundary? In which case you may find it less appealing

[Dr De Soto]

For a typical East Dulwich house with 15ft wide garden, my rough estimate (from looking at how house prices vary with garden size) is around ?1,000 per extra foot of length, i.e. for a 60ft garden you might expect to pay ?30k more than for a 30ft garden. If this is the case, then you'd be looking at around ?4k for your strip of garden.

[LondonMix]

Dr De Soto's equation sounds about right to me. However, I'm not sure you'll get less for you house for losing the 4ft. The pricing difference really quicks in one you go from medium size to small or from small to tiny.

Have they told you what they want to do with it?

[Dr De Soto]

LondonMix, how about this little formula for ED houses:

Value of (15ft wide) garden = ?10,000 x sqr(length of garden). So:

Length (ft)......Value (?)

0.................0

25..............50,000

50.............~70,000

75.............~85,000

100........... 100,000

[wee quinnie]

.

[LondonMix]

Looks good. I might have the value tale off more above 75ft. Anything more than 75ft I think is just a burden but that might just be me!

[wee quinnie]

Hmm. I bought a section of my neighbour's garden about 2 years ago. It is about 60 ft by 90 ft (the bit i bought). I paid a lot less than Dr Soto's formula might suggest.

[LondonMix]

You bought a 90ft by 60ft section of someone elses garden!? The section you bought is signficantly larger than any whole garden (particularly the width) I've ever seen in ED. Was this a house in ED?

[wee quinnie]

LondonMix Wrote:

-------------------------------------------------------

> You bought a 90ft by 60ft section of someone elses

> garden!? The section you bought is signficantly

> larger than any whole garden (particularly the

> width) I've ever seen in ED. Was this a house in

> ED?

Yes I have a big garden by ED standards - it pretty much doubled the size of my garden. My garden is L-shaped btw - so instead of having 3 gardens adjoining me, I now have 6.

As for the valuation - i am related to an estate agent on LL, I asked his advice. He told us that it was quite a tricky one to estimate as in his opinion, the transfer of land would knock more off the value of our neighbour's house than it would add to ours. All of the sums he mentioned were a lot lower than what is mentioned further up this table. We bought the land specifically to garden in, and our deeds forbid building, and there is no access to the road from the new bit - so I can't see that there is a development potential, btw.

[Penguin68]

and our deeds to forbid building

That is a useful thing to remember, you can sell land with restrictive covenants on it, which would preclude a purchaser (or his/ her purchaser downstream) doing things which you don't want - i.e. building on the land, using it for commercial purposes and so on. Some covenants can be challenged (I have a property (not in ED) formerly bounded by agricultural land where I am obliged to provide cattle-proof fencing - however the land is now entirely surrounded by other domestic properties and I could probably get the covenant altered on that basis).

In general, the more restrictive covenants, the less you may be able to ask for the land (as you are reducing its potential value) just as getting e.g. planning permission for an extension or second building, even where you don't plan to build yourself, can increase the land value.

[char1i3]

?200 per square foot is a decent price for land - ?400k for a 2000sqft plot to build on. Your neighbour wants around 60sqft so start with a price of ?12k and then agree a price that you are both comfortable with. As has been said, you probably wont change the value of your house by selling it. You can also do the forms yourself at the Land Registry using form TP1 (transfer part of a property). Very straightforward, and no need for lawyers, or surveys.

Charlie