I paid mum £10,000 when we bought the original piece of land that we were refused planning permission on.
I am about to pay £10,000 for the additional 3 metre strip of land + the some of the land the existing house sits on where we will incorporate some of the existing accommodation into the new dwelling.
This new house could not be built without the land I originally purchased.
If we get planning permission I would expect the new house to be worth in the region of £600k and the original house to depreciate in value by about £100k as it would go from a semi to a terraced.
I assumed the new piece of land I buy won't have much value because without the original piece I purchased it has no value. Also, can land have value if planning permission hasn't been granted?
Thanks