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Author Topic: 0.14 acres for £350  (Read 3045 times)

Orinlooper

  • Joined Aug 2015
0.14 acres for £350
« on: May 26, 2020, 03:12:38 pm »
Found some very cheap land that nobody bid on at auction

It swampy and you can only really get access by water which is why it’s so cheap

I still wouldn’t mind buying it for a couple of hundred quid but the admin fees is three times the price of the land plus soliciting fees and then all the other fees for everything

Is there any way to reduce all the fees?

https://www.rightmove.co.uk/commercial-property-for-sale/property-91842629.html

bj_cardiff

  • Joined Feb 2017
  • Carmarthenshire
Re: 0.14 acres for £350
« Reply #1 on: May 26, 2020, 04:59:31 pm »
I'm not sure you would have a legal right to access it by water. Its clearly marketed at the people living next to it to create larger gardens.  The fact that no-one living next to it bid is significant, you may find that as legal owner you have a liability to maintain drainage, retaining wall or similar - it could cost you tens of thousands!

If land is dirt cheap there is a very good reason!

doganjo

  • Joined Aug 2012
  • Clackmannanshire
  • Qui? Moi?
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    • Facebook
Re: 0.14 acres for £350
« Reply #2 on: May 26, 2020, 06:48:57 pm »
Look for it on google maps to see exactly where it is.  A land survey might be useful  Ther may be a legal pack too
Looks pretty built up, perhaps there's a canal nearby?
« Last Edit: May 26, 2020, 06:50:40 pm by doganjo »
Always have been, always will be, a WYSIWYG - black is black, white is white - no grey in my life! But I'm mellowing in my old age

Orinlooper

  • Joined Aug 2015
Re: 0.14 acres for £350
« Reply #3 on: May 26, 2020, 09:13:59 pm »
Has anybody ever heard of the buyer having to pay admin fees before?

I thought the seller has to pay these, why the buyer?

SallyintNorth

  • Joined Feb 2011
  • Cornwall
  • Rarely short of an opinion but I mean well
    • Trelay Cohousing Community
Re: 0.14 acres for £350
« Reply #4 on: May 26, 2020, 11:15:39 pm »
Has anybody ever heard of the buyer having to pay admin fees before?

I thought the seller has to pay these, why the buyer?

Maybe because they are only asking £350
Don't listen to the money men - they know the price of everything and the value of nothing

Live in a cohousing community with small farm for our own use.  Dairy cows (rearing their own calves for beef), pigs, sheep for meat and fleece, ducks and hens for eggs, veg and fruit growing

Fleecewife

  • Joined May 2010
  • South Lanarkshire
    • ScotHebs
Re: 0.14 acres for £350
« Reply #5 on: May 27, 2020, 12:03:21 am »
Looking at the map, you would get everyone's garden rubbish tipped over into your strip.  You would need to put up a high fence - another cost.
What would you use it for?  In a way I can see that it would be fun to own, but as others have said, there must be a major drawback to prevent neighbouring property owners from snapping it up
"Let's not talk about what we can do, but do what we can"

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chrismahon

  • Joined Dec 2011
  • Gascony, France
Re: 0.14 acres for £350
« Reply #6 on: May 27, 2020, 07:02:00 am »
You may find that the adjoining gardens have already occupied that strip, so it exists on paper only. If they haven't it is because it is a liability, probably because of flooding. I'd have expected it to be included in the gardens when the residential development was created, so as it wasn't that points to the land detracting from any sale. Without separate access the land is useless anyway. Why burden yourself with it Orinlooper?

twizzel

  • Joined Apr 2012
Re: 0.14 acres for £350
« Reply #7 on: May 27, 2020, 01:24:02 pm »
Barge pole comes to mind! Land is never cheap unless for a very good reason.

landroverroy

  • Joined Oct 2010
Re: 0.14 acres for £350
« Reply #8 on: May 27, 2020, 03:37:31 pm »
Has anybody ever heard of the buyer having to pay admin fees before?

I thought the seller has to pay these, why the buyer?


It is standard in all auctions I've bought at for the buyer to pay an admin fee. The seller pays additional fees to the auctioneer which covers the costs of advertising and marketing. These are paid whether the property sells or not. The admin fees are then payable by the buyer once it's sold. (Alright it's just a way of charging more to sell a property by auction, but that's how it is.)
By the way, £350 for a seventh of an acre of unaccessible land isn't cheap, unless you have some cunning money  making scheme or use for it that nobody else has thought of. :thinking:
However - are you sure there is no land access? I once looked at a piece of land which was advertised as land locked by the auctioneers, but when I went to look at it, it had a perfectly sound farm track leading to it. But the vendors could not produce any legal documents to prove the access, even though it had been used for years, so for that reason the legal pack just mentioned access by means of the nearby canal and tow path. 
Rules are made:
  for the guidance of wise men
  and the obedience of fools.

landroverroy

  • Joined Oct 2010
Re: 0.14 acres for £350
« Reply #9 on: May 27, 2020, 03:45:51 pm »
Looking at the map, you would get everyone's garden rubbish tipped over into your strip.  You would need to put up a high fence - another cost.
What would you use it for?  In a way I can see that it would be fun to own, but as others have said, there must be a major drawback to prevent neighbouring property owners from snapping it up


If anyone tipped their rubbish over it would be perfectly obvious who's garden it had come from and could go straight back!  ;D
Looking at the map it's also pretty obvious why they haven't snapped it - simply because it isn't worth the cost of the land + legal charges to add a bit of swampy land to what are already good sized gardens. There's no road access or anything so it would add nothing to the resale value of their houses, and if for some obscure reason they wanted to get to the stream that adjoins it - well who's to stop them as things are?   
Rules are made:
  for the guidance of wise men
  and the obedience of fools.

 

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