04 November 2024
It's a decision that comes with important legal and financial considerations. Before you take the plunge, here are some key things to keep in mind:
1. **Valuation**: Get your property and the area you plan to sell valued by a surveyor. Understanding the difference in value with and without planning permission will help you make an informed decision.
2. **Title Deeds and Boundaries**: Ensure you own the land you intend to sell by checking your title deeds and boundaries. Professional help in drawing up a map is crucial.
3. **Mortgage**: If your property has a mortgage, your lender must consent to the sale of the portion of land being sold off.
4. **Rights of Way**: Consider access routes and rights of way for both yourself and the new owner of the land.
5. **Planning Permission**: Decide whether to apply for planning permission yourself or let the buyer handle it. Remember, having control over the process can add value.
6. **Neighbour Considerations**: Think about how the sale might impact your neighbours and involve them in the process to prevent potential objections.
7. **Tax Implications**: Understand the tax implications, especially Capital Gains Tax, and seek advice from a tax expert.
8. **Residual Value**: Consider how the sale will impact the overall value of your property.
9. **Legal Documentation**: Ensure all sales contracts and documentation are in order with the help of a solicitor.
Remember, selling part of your property can be profitable but involves risks and potential complications. Think carefully, seek professional advice, and weigh the pros and cons before making a decision. Your property is a valuable asset, so ensure you protect your interests throughout the selling process.
If you are uncertain as to your position please contact our Residential Property Department who can advise you further.
Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.
