How to unlock thousands of pounds of cash just from your garden – and you don't need to raid your pension or savings

The Sun

a day ago

YOU could unlock thousands of pounds in extra cash without dipping into your pension or savings.
It won't be for everyone, but if you have a large garden or a plot of unused land that you're willing to give up you could make money off it.
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Developers are often searching for space to build new homes and that demand has gone up even more as the Government has plans to build 1.5million homes in five years.
Alternatively, your extra land could be used for business or farming, or your neighbour may even want to buy it off you.
So if you don't mind letting go of the land (or just a portion of it), there's plenty of money to be made.
It can free up cash for you to spend on you and your family, or be put towards your retirement, without you needing to move to downsize your home.
Plus, it can also save you time and money on garden maintenance.
You should be aware that some properties are more suitable than others for this.
For example, post-war homes built in the 1940s and 1950s often sit on generous plots of land - but you might be more restricted if the land is of historical significance.
A study by The Grass People of 50 locations across the UK found the average price per square metre of gardens was £1,526.
That means you could stand to make tens of thousands of pounds potentially.
But this can vary a lot depending on where your land is located, its condition, the value of any house next to it and whether there's parking space.
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There isn't a land value calculator available online but you could get a valuation or look at how much similar plots of land sold for.
What should you check first?
First you should check whether selling all or part of your garden is actually viable for the purpose you're selling it for.
If you're selling to a developer, it would need to be big enough for purpose and you'd also need to consider whether it would be suitable for a building plot or to be farmed.
For example, you could consider whether it's easily reachable and whether it would have access to essential services like electricity, gas and water.
There isn't an actual restriction on the minimum amount of land you can sell but it should be big enough for at least one property similar to other homes in the area.
So if the housing is small or dense near you, the size of the land you're selling can be smaller.
You should also check the deeds to your house for any restrictive covenants, which are restrictions or conditions on land attached to a property.
Your land might be located within a conservation area, for example, and so you might need to follow extra regulations.
Or your buyer might need approval from your local authority.
If you have a mortgage on your house, you'll need to get permission from your lender before selling part of your garden.
You won't be able to sell otherwise.
Mortgage lenders might turn you down if they believe the sale will decrease the value of your property.
They might ask you to provide evidence, such as a formal valuation, that demonstrates the sale won't decrease your home's value.
How you could sell your land
If you've decided to try selling, you could advertise through a land agent.
Some bigger estate agencies have specialised land services that will value your land, apply for planning permission on your behalf and connect you with developers.
Of course, the agent will likely take some commission for this.
Another option is to look online for developers who build in your area and contact them directly.
Or - if you have the time - you could scout around for sites under development in your area to see who is building.
The HomeOwners Alliance strongly recommends using a conveyancing solicitor, so you'll need to factor this cost in.
You don't need planning permission to sell your garden but if you have permission already sorted it can increase its value.
If you sell without permission, you can get hold of your money quicker and with less hassle but you'll likely get a lower offer.
You could agree with the developer that they will buy your garden for a higher price on the condition they can get planning permission to build on it.
If you opt for this, the process will take about a year and you'll have to sign a legally binding contract with the developer.
The third option is to obtain full planning permission yourself.
This means you take on all the risk and expense of getting the planning permission, but you'll get the highest price for your land if you're successful.
Bear in mind that planning costs can range from £50,000 to £100,000 for a one to two-acre site.