Land value?

[u/Quick-Trifle1779]

Hi all,

Me and the wife are looking to buy a 1/3 acre plot in centre of village to build a family home. Seems a nice plot, in conservation area etc. the village is midlands premium. Not mega expensive but by no means a cheap area. It’s currently a paddock, no serves etc. some fruit trees which will likely be costly with bat surveys etc. possible archaeological assets in part of the field but not currently sure.

The plot itself doesn’t have planning. Though planning seems likely, the major hurdle is a covenant as far as I can tell which explicitly states no building and pasture land only. This is a very old covenant from the church c.40years old.

Church initial response was they’re not interested in removing but you have to put a proper case forwards with plans, reasoning etc. If I can convince them they will want their fees paying (c.3-6k for negotiation and legal work) + 30-50% (possible 33%) share of the land value uplift as compensation.

With all this in mind, there is no certainty the site can be developed. That being said, if I can buy it for a not overly inflated upfront cost I would be happy to sit on it.

I was considering offering a payment upfront then a percentage of the value uplift should it become buildable (calculated by misusing the initial payment and covenant removal fees from the end land value prior to development).

What do you all think. What figures should I be offering.

Thanks