Buying land from neighbour

[yonne-m]

Our next door neighbour why is elderly owns a section of land approx 30ft by 30ft at the end of our garden. I understand it used to belong to our house and was sold some 20years ago. I would like to buy it back so our garden if the same length as the rest of the street, and my son has greater room to play. I have no idea how much I should offer. Any price suggestions please.

[almcd007]

It's a difficult one as land obviously has greater or lesser value in different parts of the country. If she is in agreeance with the proposition then get three estate agents round and find an average of the three estimates and settle on that - you can't say fairer than that.

[WoWo]

It will be as expensive or cheap as you both agree it should be. I certainly wouldn't get an estate agent involved as it would be in their interest to pump up the price.

If need be get a solicitor involved to protect both parties but if the lady were to agree to sell for say �1000 then I can't see why it need concern anybody else.

[Leachy10]

It depends on how you get on with your neighbour and do you have mortgages.
My neighbour owned a piece of land next to my house and i asked if i could buy it, he said we could do what we wanted with it but I felt if he died or moved the next neighbour may not feel the same. We both had mortgages with the Nationwide so we contacted them to see what we do, they sent a surveyor and he said if my neighbour lost the land it wouldnt make any difference. If I gained the land it would put �5000 on my house as I could park or build on it. The Nationwide said he should sell it to me for �1000 minimum or �5000 max. My neighbour said �1000 and I pay the legal fees which worked out to about �800 then we sat in the garden and drank a few bottles of wine.
I think the price depends on how you get on with your neighbour, but if you have mortgages the land belong to the banks so they say what its worth.