Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
For the avoidance of doubt, could you confirm if you sold your house at an auction (the reason I ask is you refer to bids) or have you simply accepted an offer on it for now subject to contract - i.e. in the usual way through an estate agent?
Assuming the latter is the case, have you exchanged contracts to date please?
Hi Joshua, I sold my home via an estate agent ( Express Estate Agency). It was a one day viewing and approx 10 people viewed and put in offers but,as said I accepted the highest of £120,000.I had no idea the buyer is a builder. Josephine.
No contract exchanged.
Thanks. From what you say am I correct to understand that the offer has been accepted subject to contract and solicitors are presently dealing with the "legals". From what you say I believe this is the position?
Yes this is so.
On this basis then there is no binding contract until such time as contracts are formally exchanged. At this point you are committed but before this time you are entitled to withdraw for any reason whatsoever.
In principle there is nothing preventing you selling off part of your land. before you make any decisions regarding withdrawing from the sale - remembering you can back out at any time before exchange you may wish to contact a local planning consultant who can give you some advice regarding the garden land - particularly whether planning permission for a new house is a realistic prospect.
Oh you're a diamond! So I can take my home off the market I assume with no come backs?
If it is then you may wish to consider suspending or withdrawing from the sale and applying for planning permission for a new dwelling.
Depending upon where you live land with planning permission for a four bedroom house can sell for upwards of £100K though location is obviously key. Your agent can advise you on likely land prices to give you a better idea of a sale figure you might expect.
However in general terms if you can obtain planning permission for the land (makes no difference that you may not intend to build yourself) your garden will be worth significantly more on the market than marketing it without planning permission.
Yes providing the offer was accepted subject to contract as you say you can withdraw and the only downside may be that you may owe your solicitor a little bit for any work he has carried out to date. The buyer may be unhappy but on this basis has no legal recourse against you.
Is there anything above I can clarify for you?
My neighbour thought the new house would sell for approx 110,000 so he wasn't far wrong. I'll take your advice and find a consultant. Yes I know Im liable for any monies due to "legals etc". Thanks so much Joshua. Josephine.
A pleasure. If I can assist any further as the situation develops please do not hesitate to revert to me
If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though.
Oh don't be suprised if I get back to you..lol. Yes I will certainly rate you!
Many thanks. Best of luck with your eventual sale.
Where do I rate?..duh
There should be some smiley faces to click?