How do I sell off the back of my garden?

How do I sell off the back of my garden?

11:11 AM, 17th May 2016, About 8 years ago 12

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I have a very large garden, and I can access the bottom of the garden by the side of my house, I want to know how I can find out about what I need to do to get a value and possibly sell the land.garden

Many thanks

Brenda


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Simon Misiewicz

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9:34 AM, 19th May 2016, About 8 years ago

Tax position:

I have spoken with HMRC a number of times on this subject.

If you sell land that you, which is considered your main home then there is no CGT issues because of Private Residence Relief.

If you are seen to split the land and then develop they will see this a trade and charge income and tax and NIC 4.

Here is a more detailed article: http://www.optimiseaccountants.co.uk/property-development-on-your-own-land/#.Vz16YscRqRs

Graham Bowcock

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13:22 PM, 22nd May 2016, About 8 years ago

Dear Brenda

I deal with such queries on a regular basis, as a chartered surveyor, so my advise would be to speak with a local chartered surveyor in your area, rather than an estate agent; nothing against agents but you need somebody who can help you consider the various issues which will arise.

You need to consider the practical issues as well as the financials, such as splitting of access and services to ensure each property can operate independently (if possible). You need to consider the value of the plot being sold and also what happens to the value of the remainder - you don't want to finish up with a property which is hard to sell because the plot is smaller and there are now closer neighbours.

The value of plots (and property generally) is very much a local issue so it is difficult to generalise.

As for planning, again a good surveyor will be able to identify the local policy and advise you about the pros and cons of getting consent before you sell. An outline consent may help the sale at a premium value; there is usually little point in going for a full consent.

Then, of course, you have the tax situation to consider; not really something for a surveyor, but a good surveyor should have a grasp of the issues and be able to steer you in the right direction.

Good luck

Graham

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