How to value a sexton of garden for sale?

[MacarenaMacarena]

My next door neighbour is interested in selling me a section of their garden. About a quarter of their back garden area. It could never be a building plot, no other access, purely garden.
We can come to an agreement, but how would you work out a fair price? A 3 acre paddock with water and a stable or 2 around here might go for £60,000. This is less than 1 sixtieth that size, but clearly worth more pro rata to me!
I'd rather pay a bit over than under!
£4,000? £8,000?
Thank you for your thoughts xx

You need to ask a local estate agent or surveyer who will have the knowledge of your land prices. There are huge disparities across the country. You can buy the whole house and garden for £120K here, for example.

Get a surveyor to value it.

"section" of garden!
Thank you, I'll check with an estate agent!
I suppose as well it comes down to what 2 parties can agree is good for both.

Is the neighbour's house mortgaged?
If it is, that may be a complication as they will devalue their property by losing a chunk of garden.

Thank you for the good suggestion - it isn't mortgaged so I guess they can do what they like.

How much will their property reduce in value by selling it? That would be the starting point + solicitors costs.

How much will your property increase in value by having it? If that figure is considerably higher than the first figure then, if I were them, I would want some of that increase.

Get a RICS land surveyor to measure and value the plot. Not an estate agent. Ultimately it's what you two agree on (could it be sold to anyone else?).
If you have a mortgage it night be easier to keep the new plot as a second title.

There is no right or wrong to this question.

Will either property go up in down in value as a result? By how much?

What is it worth to you?

£60k per acre, divided by 60 (to reflect size), time 3 or 5 or 10 to reflect paying more for a small thing and not getting the bulk discount you get when buying a field!

Ultimately there is no real right or wrong, subject to the caveat that if it's worth buying then presumably it must be big enough to use as a patio or to put a shed on, and it's gotta be worth £5k if it's worth anything to you.

Then again wht are house values and what are gardens like. Adding 10% to a third of an acre garden in a low value area is trivial; adding 50% to a small city garden where properties sell for £1,500 per sq ft - potentially very valuable.

Ask what they want for it, if you are happy with the price buy it. You might be able to haggle down a bit, but I would say it's up to them what they want for it. If you involve an EA or a surveyor it's going to cost and they may want a % of the sale. Keep it simple, but make sure it's properly signed off and changed on Land Registry.