How big does my garden plot or roof space need to be for Land Converter to be interested in it?
We do need a minimum of around 500 square feet (approximately 46 square metres) to make a plot viable. That’s about the size of a double garage.
Everything you need to know if you want to sell your land, part of your garden, outbuildings such as a garage or workshop, air or roof top space.
We do need a minimum of around 500 square feet (approximately 46 square metres) to make a plot viable. That’s about the size of a double garage.
No, not at all. There are many self-builders keen to think creatively and your space doesn’t need to be regular for it to have potential.
We deal with land in Greater London and other cities in the UK.
Selling land, especially a piece of an existing property, is usually quite a complex process. It’s always worth more once the land has planning approval, which can take a while. And that’s why we work the way we do – valuing your land according to its post-planning-approval value. We try to make the process simpler and more profitable for you as a seller. The final buyer may want to pay cash for your land, but that’s not something we can guarantee.
No, you can sell part of your property even if you’re still paying off your mortgage. However, you will need to speak to your lender about it.
Yes, you do need to own the freehold on any plot you want to sell.
Yes, we may be interested in buying your roof space (also sometimes referred to as ‘air space’). It could be a flat roof or an unconverted pitched roof. You do need to own the freehold for the roof though. Complete our land valuation form and we’ll let you know if it’s possible.
An option agreement is a legally binding contract between you (the landowner) and another party. It gives them the option to buy the land within a fixed period of time for the price agreed when the option agreement is signed. This price is based on the post-planning-approval value of the land. In other words, the price fixed in the option agreement is what the land’s worth with planning permission, even though you don’t have to spend anything on getting that planning permission.
According to our standard option agreement, we have 6 months to find a buyer for your option agreement, and the buyer has a further 2 years to get planning approval and decide whether they want to buy the property. Please contact us for a copy of our standard option agreement. As with any legal contract, it’s very important that you get INDEPENDENT LEGAL ADVICE before signing it.
With an option agreement, you have no costs to pay and you don’t have to get planning permission – that is down to the person who holds the option to buy your land. The sale price agreed in the option agreement assumes that they will get planning approval. This is how we can maximise your land’s value without you having to spend money on getting planning approval yourself. However, there’s always a risk that the buyer won’t get planning permission for their specific design, and you can’t sell the land to anyone else until the option agreement has expired.
We have plenty of experience in developing properties in unusual spaces and in applying for planning permission ourselves. This enables us to understand the potential value of a piece of land and maximise the amount you can sell it for without having planning permission. The final sale price written into the option agreement assumes that the buyer will get planning approval, so it’s more than it would be if you sold your land without planning permission.
We also have an extensive list of self-builders who are looking to buy land and take on their own build projects, and we often manage this process on their behalf through our sister company, Cube Haus. A plot with a survey and a conveyancing feasibility study is less risky for a buyer, and therefore more attractive. Selling your property through us, there is no cost to you for getting the studies done, as we do it all for you free of charge.
According to the option agreement, we have 6 months to find a buyer for your option agreement. If we don’t meet our obligation, you are free to put the property on the market again after those 6 months are up.
We can do initial desktop searches as soon as we receive your land valuation appraisal form, and will contact you within 24 hours to arrange to visit the site. We’re experienced at identifying plots with potential and can assess whether your space could be developed on the first visit to your property.
If we believe that it can be, we organise a planning and conveyancing feasibility survey. The survey itself takes about half a day and finalising the report takes about a week. All in all, we should be able to present you with a valuation and an option agreement within 2 to 3 weeks of you contacting us.
(Because we understand the potential of a space, the valuation will be based on what can be developed in your space, rather than just on your space as it stands. That’s how we increase the value of every square foot you want to sell.)
We pay you a nominal fee of £1 when you assign us the option on your land. We take on the cost and the risk of assessing and marketing the property, and when a potential buyer takes over the option from us, we charge them a set fee to cover this. You receive your money when the buyer has planning approval and decides to go ahead with the purchase.
The below is for information only and should not be treated as advice.
The money you get for the space you sell could be tax-free if the property is your home. Currently, Capital Gains Tax may not apply if you sell:
This does depend on your tax status and other factors though, and you do need to make sure that you meet all of the HMRC’s criteria for this relief on paying Capital Gains Tax. Check the HMRC Guidance on Private Residence Relief (2015). Note that this legislation could change in the future.
Tax law is complex and you should seek independent tax advice to determine and understand the tax consequences of any property you sell, and how it may affect your tax position more generally. How do I know the price you are including in the option for my land is fair?
The price for your land which is included in the option agreement will be based on what we believe can be built in the space you want to sell. That is, the value of your land with planning permission, even though it doesn’t yet have that permission. We use independent valuers to assess this and you can have an independent valuation done to assess our offer. It’s in our best interests to get you the best possible price.
There is a lot of legislation around selling land, and sales can often take years. We understand this legislation and have years of experience in this area, as well as in land surveys and planning applications, which can both eat up time and money.
We know what could be possible on your plot and will give you a valuation based on what can be developed on the land you sell, rather than just on the plot as it stands. That’s how we increase the value of every square foot of your space.
You also have no costs to pay. The only fee we receive is from the person who buys your option. And if we don’t find you a buyer for your option within 6 months, you can market your land with someone else instead.
Often large gardens aren’t practical and can become a drain on your time. Instead, you can release the equity in your garden and use it to help your children or grandchildren get on the housing ladder, put it towards your retirement, or buy that dream holiday home.
It’s hard to predict just how long it will take your potential buyer to get planning permission. But it’s in their best interests to get planning permission as soon as possible too.
Selling part of your garden or your roof space to be developed could have an impact on the value of your property and we recommend you seek further advice if this is a concern.
We can’t tell you unless we have some details of your property. However, we’re experienced at identifying plots with potential and will be able to assess the land on the first visit to your property. We’ll look at similar developments in the area and even consider the potential to develop below ground. Get a land valuation now >
It’s highly unlikely that an eyesore will appear in your garden or on your roof as planning policy prevents this.
Yes, it is. There are various options we could consider for gaining access to your space, such as shared access, or buying part of a neighbouring property. Get in touch or fill out the land valuation form >
We invest upfront in survey and conveyancing feasibility studies and we don’t get paid unless someone else takes over the option on your land from us. Also, according to our option agreement, we only have 6 months in which to find a buyer for your option. After that, you are free to put the property on the market yourself or work with another agent.