I would check with an accountant...selling a plot v selling a house...selling your own house that you live in does not attract capital gains...what happens if you sell the plot separately ?
Sell house with planning or sell plot separately
- Thread starter JayBo1979
- Start date
Just a daft way of saying your opinion might be different.
Even if you have the ready cash to finance the build and don’t need ti borrow, that could also give you the highest possible headache/aggro/sleepless night/stress. Selling a piece of land that you already own is relatively easy. Depends on whether you want the stress.
A developer may see and realise potential that you haven't - did you ask your architect to maximise the value in the plot(s). I've seen a few sold with permission for one nice house and garden only to be subsequently redeveloped into a three property modern slum or a small block of flats.
Land is cheap, land with planning is expensive and even if you only have outline, it isn't a major issue on single plots....unless your council is a pain in the behind.
Check the local self build policies, as some councils have bothered to make it easier for locals to build (in your case, gain full planning)....which means either yourself, or others will be more likely to get the finance to build. Help to Build has recently launched, which may offer you some financial support.
www.gov.uk
Btw, £20k for landscaping. demolition and putting the kitchen back seems quite cheap to me.....if you want it done well that is!
Check the local self build policies, as some councils have bothered to make it easier for locals to build (in your case, gain full planning)....which means either yourself, or others will be more likely to get the finance to build. Help to Build has recently launched, which may offer you some financial support.
Help to Build: Making building your own home more affordable
A new government equity loan for people who want to self build or custom build their own home.
Btw, £20k for landscaping. demolition and putting the kitchen back seems quite cheap to me.....if you want it done well that is!
My mate is trying (and failing so far) to get PP for a house on some land that is part of his garden before he moves. Spent £20k so far with some planner/architect type. His reasoning is sell the whole plot as one and no CGT will be due. If he does what I did, sell house and retain the land, when he does sell the land he will be liable for CGT on the sale.
Abbreviations are a good way of prolonging a conversation so that they can be explained
