As above really. We have a small 3 bed semi on a massive plot in a rural location. Our garden is very long and backs on to fields. For the last year we, in association with the neighbours, have been applying for planning permission to chop off the ends of both of our gardens and sell as a plot for a large property. Dh did all the design and it has been a big job...and last week permission was approved.
But now we have slightly tepid feet. On being valued, we would net about £45-50k. Which obviously isn't to be sneezed at. The plot is worth 3 times that but next door have the point of access and are very determined on the money they want for it.
If we got £45k we would need to borrow a similar amount to extend...we would be doing a two storey to the side and single storey across the back to make a study, big kitchen diner, an extra bedroom and family bathroom. It is our 'forever' home 🤮 and we want it to be suitable for the three kids as they inevitably grow.
But we are now worried that we will regret losing the end of the garden and having a house there instead, when the money we would net won't be enough to do the whole job. Our loan to value is very good as is, less than 50%, we could borrow enough to do the whole extension pushing the mortgage up to around 70% LTV.
But I'm nervous about having a bigger mortgage too! With all the Brexit uncertainty etc etc.
What would you do?