Selling a strip of land

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Selling a strip of land

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onemanband

Joined: 26 Dec 2010
Posts: 1473
Location: NCA90

Posted: Thu Mar 29, 12 10:27 am Post subject: Selling a strip of land

Hyperthetical question as I'm still in the feasibilty stages.
I'm looking at a plot for sale - urban commercial site with full pp for 3 houses. I don't want to build 3 houses, just convert existing building and have large grounds.
I can afford the plot and to set up in temp onsite accommodation. However I would have to re-establish my business in a less affluent area and would then not have the funds to convert the existing building.
The plot is large enough to sell off a strip - this would provide enough funds to complete the conversion.

Apart from finding a buyer how easy / hard is it to sub-divide a plot ?
Can I sell off any shape / size that I like ?

vegplot

Joined: 19 Apr 2007
Posts: 21298
Location: Ynys Môn

Posted: Thu Mar 29, 12 1:08 pm Post subject:
As far as I'm aware it's a Land Registry thing. Have you approached them or the local authority for information? It's where I would direct my first enquiries.

dpack

Joined: 02 Jul 2005
Posts: 39497
Location: yes

Posted: Thu Mar 29, 12 2:12 pm Post subject:
a chat with planning might be useful

Mary-Jane

Joined: 13 Jan 2005
Posts: 18397
Location: The Fishing Strumpet is from Ceredigion in West Wales

Posted: Thu Mar 29, 12 2:14 pm Post subject:
See a good local property law solicitor.

WandaBlue

Joined: 03 Feb 2011
Posts: 40
Location: Sanday, Orkney

Posted: Thu Mar 29, 12 2:55 pm Post subject:

As long as there are no covenants relating to splitting the land then it should be okay (you'll need to check the register). It's up to you what you want to sell on but bear in mind what the planning permission covers (e.g. is it specific to building three houses or can it be broken down to just one) and whether this would be someone else's reason for buying it. The Land Registry web site might be worth a look but they can only give very general advice i.e. the forms you'd use and the fact that you really need to be dealing with a solicitor who should be able to tell you everything you need to know (a transfer of part can be a very complicated business). As an ex-Land Registry bod I can tell you honestly that many solicitors are completely useless when it comes to conveyancing (or anything to do with property), but, alas it's pretty much a closed shop. LR employees are not allowed to give much advice beyond general procedure. Land Registry is only a records keeping agency and doesn't get involved in the conveyancing at all.
Good luck.

RichardW

Joined: 24 Aug 2006
Posts: 8443
Location: Llyn Peninsular North Wales

Posted: Fri Mar 30, 12 7:33 am Post subject:
As it already has planning for 3 house they plot will be getting split up any way so there should be no problems doing so.

WandaBlue

Joined: 03 Feb 2011
Posts: 40
Location: Sanday, Orkney

Posted: Fri Mar 30, 12 11:05 am Post subject:
Have to take access and services into account. If the three plots run along the road it'll be fine but if they run back from the road it may make a difference which gets sold off (rights of way etc. may become an issue).

onemanband

Joined: 26 Dec 2010
Posts: 1473
Location: NCA90

Posted: Sat Mar 31, 12 4:46 pm Post subject:

Thanks everyone.
As I said I'm still in the feasibilty stages - but it's good to run thru the various scenarios before I finally take the plunge.

Yes a chat with planning soon will be a good idea - if not on this plot then the next likely candidate.

I'm finding a potential plot about once a month - but often I'm a bit short of financing the refurb/build - I don't want to finance it as I go otherwise I'll just end up living in a caravan - hence looking into selling a portion of this particular plot. Most of the plots I've looked at are not big enough to split but this one is in an 'undesirable' location so it's a large plot for the money.

Something I've realised since original post is that if I sold a third of the plot, it will only be worth a third of my purchase price once it too has pp, and will also be worth slightly less without services. Guess not a big problem - just apply for pp on plot for sale when I change pp for building what I want. Then just a matter of soliciters and land reg.

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