To not sell a potentially £million plus property for £200,000?

[InheritanceDilema]

Got a really sticky situation and need some advice.

FIL has died and Dh and BIL have inherited his house and small holding. We are not local and do not wish to live there. It's BILs dream to live there and he wants to buy us out and will happily pay us half of the £400,000 valuation of the small holding inc the house.

There are eight acres of land and I genuinely believe that planning permission could be got. The fields are in the middle of a village, so surrounded by built up areas/houses on all sides. Obviously if planning permission was gained the value of the land would be a lot more.

Bil has no interest in planning permission or making any money. He wants to live in his childhood home surrounded by goats, chickens and gooseberry bushes living a River Cottage dream. Dh doesn't want to rock the boat and doesn't know what to do.

I know if we did sell it we could put a thing on the sale saying if BIL did in the future get planning permission we would be entitled to more money. But I know BIL wouldn't ever seek planning permission. He won't even consider only having some of the land and planning permission for the rest of it. He wants a couple of ponies and says he needs all the land. I don't want to kiss goodbye to a considerable amount of money just to keep the peace.....we're not that well off. BIL owns 4 houses and already has a fantastic pension as well as rental income and his current house is worth half a million. We're in a terrace with no other houses and while £200,000 is a lot of money i don't think it's fair that BIL expects us to let him have his own way.

[Janecc]

Then there's nothing more to say. Shame we didn't get to see an outcome. I'm newish to mn so I suppose this happens a lot.

[Dollymixtureyumyum]

It's frustrating not knowing but we can't blame the OP. The early posters must have made her feel terrible and she will prob never dare to come back on mumsnet ever again

[SENMumoftwo]

I have been thinking of you today, OP. I hope you are ok.

[DarkBlueEyes]

Me too. Having been the recipient of similar ire from enraged mumsnetters, I hope that the OP has survived the assault and is too busy getting valuations etc to be on here. But I AM curious, I have to say!

[ModernToss]

I PM'd her as well. It's a shame if she took the first 100 posts as everyone's opinion, and missed the good advice and support that came later.

[Tandia]

Have just read the first 400 odd comments on this thread, and just wondered if the OP would come back with an update? Did you get a valuation? I hope you weren't scared off before the tone on the thread changed in your favour!

[MardleBum]

I think you should set about making some enquiries about the likelihood of ever getting PP the land, then if it looks likely, do some comparisons between PP on the whole plot and on just half of it, retaining the existing house and 4 acres for your BIL . That's assuming the other 4 acres can be accessed for development while leaving his four untouched with no need for ransom strips and right of way issues.

If it starts to look like you might be onto something then discuss it with him again outlining your proposals. I don't think it's fair to expect him to buy out your half of the land with planning, that would be very expensive but I do think that under the circumstances he should consider making do with four acres and allowing you and DH to make some life changing money with yours. To be honest if it turns out that the value with full PP is huge then he might well change his mind and he can buy a similar small holding elsewhere and bank some serious cash as well.