Land value

landybeast

Hi
A neighbour has approach me looking to extend his site out into my field, my father would have originaly sold him the site. The area in question is about 400 sqm , when I enquired to my solicitor about transfer he said about €2.5k to do. What value would ye put on the piece of ground? it's hardly worth my effort if the solicitor and taxman is going to take most of it. All views welcome

lakill Farm

landybeast wrote: »

Hi
A neighbour has approach me looking to extend his site out into my field, my father would have originaly sold him the site. The area in question is about 400 sqm , when I enquired to my solicitor about transfer he said about €2.5k to do. What value would ye put on the piece of ground? it's hardly worth my effort if the solicitor and taxman is going to take most of it. All views welcome

Set the price for the land and tell your neightbour that he will need to pick up the legal fee bill also.

I was approach just after we bought here for similiar area in size and I told them 10k. I said that I would never see half of that 10k between legal and Cgt at the time. They looked shocked but understood fully.. I offered to rent it to them cheap and they said no it was ok

It would have made a fantastic job of their site

Waffletraktor

lakill Farm wrote: »

Set the price for the land and tell your neightbour that he will need to pick up the legal fee bill also.

I was approach just after we bought here for similiar area in size and I told them 10k. I said that I would never see half of that 10k between legal and Cgt at the time. They looked shocked but understood fully.. I offered to rent it to them cheap and they said no it was ok

It would have made a fantastic job of their site

It's done by the value it adds to the house here.

Bass Reeves

OP 2.5K to do a transfer like that is steep if legal costs alone I have considered 1500ish about the cost. However you will have mapping cost etc. After that it will depend on value of land when you inheritated it and the sale value. There is a 1250 CGT allowance which will offset the first 1250 in capital gain and if the land is in joint names this is allowable to each individual.


400 sq metres is about 1/10 of an acre. my own opinion on such sales is what value a site is. As I pointed out to a friend I be loath to sell a site for less that 60-80K even though they are not making it locally as it would not be worth my while. However with a site there is the hassle of planning etc. I consider in your case 10-15K as the minimum. If there was more land involved it would not climb in cost pro-rata

lakill Farm

Waffletraktor wrote: »

It's done by the value it adds to the house here.

this would have squared off there site lovely. it was a silly move by both previous owners . anyway never hard feelings and they often be out rubbing the cattle over the fence now.

lakill Farm

Bass Reeves wrote: »

OP 2.5K to do a transfer like that is steep if legal costs alone I have considered 1500ish about the cost. However you will have mapping cost etc. After that it will depend on value of land when you inheritated it and the sale value. There is a 1250 CGT allowance which will offset the first 1250 in capital gain and if the land is in joint names this is allowable to each individual.


400 sq metres is about 1/10 of an acre. my own opinion on such sales is what value a site is. As I pointed out to a friend I be loath to sell a site for less that 60-80K even though they are not making it locally as it would not be worth my while. However with a site there is the hassle of planning etc. I consider in your case 10-15K as the minimum. If there was more land involved it would not climb in cost pro-rata

your forgetting it could cost 1500/2000 to maybe fence the area off.

Bass Reeves

lakill Farm wrote: »

your forgetting it could cost 1500/2000 to maybe fence the area off.

Be a bit steep again at that however in most case of land purchasse new owner fences and makes stock proof if you are nice( and I am) you run a single strand of electric along there fence

Water John

As the poster above said, it would have to be a price plus costs.
Waffle makes a good point and when mentioning your price it might be worth having the discussion with them as to how it would improve the whole site and the value, casual like. Its an investment, for them.
On second thoughts mention your price, after.

lakill Farm

Bass Reeves wrote: »

Be a bit steep again at that however in most case of land purchasse new owner fences and makes stock proof if you are nice( and I am) you run a single strand of electric along there fence

Well all most all land sales (sites) we have done CGT work For there is always fencing costs.
Including one similiar to the OP where they wanted to extend the original site.

Getting new 4 stud railing up here at the weekend and it’s costing 22e per meter plus vat

kerryjack

How much do you think they need it are they building a big extension or a large shed, are they loaded, are they nice, for nice people I wouldn't screw them for the rest I would you hold the aces on this one.