For landowners, conducting thorough research to explore the possibility of selling a section of their land for residential development is worthwhile. It is advantageous to identify a specific area on the site that could have an independent access point rather than a shared one. This approach preserves the integrity of the remaining land that won’t be developed.
Evaluating the land’s value, associated expenses, and potential profits from its development is crucial. Additionally, being mindful of local guidelines and regulations related to residential area development is essential to ensure compliance and smooth progression of the project.
Selling land can be intricate, particularly if you are unfamiliar with the local market and regulations. Nevertheless, given the high demand for housing development land, both councils and developers actively search for suitable residential plots.
Considering this demand, the current market presents an excellent opportunity to sell your land, potentially fetching a favourable price. Before initiating the process, it is crucial to familiarise yourself with local regulations and market conditions. Seeking assistance from qualified professionals such as our Land and New Homes experts and partnered solicitors is advisable. We can provide you with valuable guidance, ensuring you understand the process and assist you in securing the best possible deal for your land.
The value of a property is influenced by both its location and the scale of the development, along with its impact on existing properties. For more information on land values read our blog ‘How to value my land‘.
Speak to your neighbours
Engaging in conversations with your neighbours is wise, as their support will be necessary for future planning applications. In certain instances, they might even be open to selling a portion of their land, which could lead to the formation of more extensive property development sites.
Before moving forward, secure written consent from your mortgage lender. Maintain regular updates with them throughout the process, especially if additional funds are being utilised to reduce or fully pay off the mortgage. If you need mortgage advice, please contact our partnered mortgage broker, The Residential Mortgage Hub.
Selling with or without planning permission
Selling land without proper consent can pose significant risks for developers. This is because it may lead to delays in obtaining approval and additional costs. Land with outline planning permission holds higher value, making it advisable to submit an application and seek guidance from professionals such as ourselves. Creating a comprehensive plan for the entire site is also beneficial.
In the event of a successful planning approval, it’s crucial to obtain an independent valuation of the development plot. This valuation should consider any specific legal requirements you wish to impose on the purchaser, in consultation with your lender if necessary.
Private purchasers might explore self-build mortgages, which could serve as an additional incentive for them to explore the opportunity.
If you are considering selling your land, why not contact our expert team today to discuss this opportunity and how we can help you. We have the experience to provide you with advice on the best way forward.