Price to purchase neighbour's land next to my flat

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    Price to purchase neighbour's land next to my flat

    Hi
    I was wondering if anyone could give an indication of what would be deemed as an acceptable price for a leaseholder to purchase the freehold for?

    My neighbour has a plot of land adjacent to his flat.
    I would like to buy the plot of land from him, on which to build my own house.
    He is currently the leaseholder of the land and has applied to the freeholder (a company who happens to be a housing association) to buy the freehold.
    They have agreed to sell the freehold for the land to him, for the fee of 50% of what he sells it on at.
    That percentage seems exhorbetant. Does anyone have any expereience in this,or offer any guidance as to what is the norm or an acceptable percentage?

    Many Thanks

    #2
    Neighbour has no right to buy the land, of course, so price is whatever V wants for it!
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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      #3
      Hi

      Perhaps I didn't explain it properly. (sorry,I'm new to this)
      The plot of land i am refering to, is part of my neighbours back garden.
      He owns the lease to his the flat, which has a huge garden.
      He is trying to purchasing the freehold, for the piece of land he already owns the lease for.

      Does that make more sense?

      Comment


        #4
        Originally posted by housebuilddreamer View Post
        Hi

        Perhaps I didn't explain it properly. (sorry,I'm new to this)
        The plot of land i am refering to, is part of my neighbours back garden.
        He owns the lease to his the flat, which has a huge garden.
        He is trying to purchasing the freehold, for the piece of land he already owns the lease for.

        Does that make more sense?
        Yes, but a flat's lessee does not have rights to buy his own flat's freehold reversion (nor even the garden area of it).
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment

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