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Cheat Sheet: Guaranteed to Sell Your Lock-up Garage

Property Saviour » Commercial Property » Cheat Sheet: Guaranteed to Sell Your Lock-up Garage

Whether you are selling a row of lock-up garages or a single garage, we are here to help.  Lock-up garages come in handy for storing personal items or parking a car. 

Garages were so popular that in the infamous TV series Only Fools and Horses, Dell Boy had a garage full of merchandise.

We reveal a risk-free way to sell your garage without paying a penny in fees.

When it comes to selling a commercial property, Property Saviour are trusted by owners for a seamless sale – without all the hassle or uncertainty that comes with it.

Table of Contents

What is a lock-up garage?

The definition of a lock-up garage is a stand-alone garage that is not part of a larger property.  It is possible that a garage is part of several identical units that are unconnected to any house.  Garages with corrugated roofs usually have asbestos.

Garages are considered an unusual type of property and may have a limited appeal as only locals would be interested in buying one.  Demand for garages has diminished a little bit – yet we still love them because they are handy for storing personal belongings, documents, cars, bikes and household appliances.

Even with their nostalgic charm and a reminder that Dell Boy was a proud owner of a garage in Peckham, garages require regular maintenance.  It could well be that your garage is in good order, but the neighbouring garage may have damp or mould. 

Sadly, criminal gangs are targeting garages and converting them into illegal cannabis-growing farms – much to the shock of unsuspecting owners.

The pros and cons of owning a lock up garage

Whether you have inherited a garage or own it there are several pros and cons:

Pros of owning a garage

  • Extra storage space for your unused appliances or surplus items such as holiday suitcases;
  • If you drive a car it is worth protecting it from theft, storms, snow and rain by parking it safely;

Cons of owning a garage

  1. Repair costs, such as roof repairs, can be expensive.  Quite a lot of garages have asbestos roofs –  a hazardous material and difficult to remove;
  2. Criminals target garages to steal your valuables particularly if there are no homes nearby;
  3. If it is in an area of low demand, it is likely to lose value particularly if it is in a poor state of repair.
Row of lock-up garages
Mortgage lenders are cautious about selling lock-up garages that are part of a larger property because they would effectively be relinquishing any right to that section of the property.

Can you sell a garage that’s part of a property?

The answer is yes, it is possible to sell a lock-up garage even when it is part of a larger property and not considered a stand-alone unit separate from any other property.

However, selling your garage in this situation can be more complicated. If you bought the garage as part of a larger property – for example, if you purchased a house that had a stand-alone lock-up garage nearby – and used a mortgage to buy it, you might find that the lender will refuse to allow the sale of the garage on its own. You need to have the consent of the mortgage company before you can legally proceed with selling the garage.

Mortgage lenders are cautious about selling lock-up garages that are part of a larger property because they would effectively be relinquishing any right to that section of the property. Even though they issued the original home loan to you for buying the entire property, including the garage, they may reject the request and provide you with this explanation.

However, it’s not an absolute rule, and some mortgage companies might be willing to consider the sale of the garage while you retain ownership of the rest of the property.

Another potential hurdle, which can apply to mortgage lenders and freeholders of a garage, is if your unit has a restrictive covenant included within the title deed for a larger property that explicitly bars selling the garage separately from the overall property. Unfortunately, in this situation, there is nothing you can do to break this covenant.

Can I sell my leasehold garage?

Yes, you can sell your leasehold garage to us for cash.

How much is a lock-up garage worth?

The valuation of a lock-up garage can be calculated from its income. For example, if you have a lock-up garage in good condition, earning you £100 per month, its value will be around £12,000 or 10% yield on the open market.

Ordinary empty garages are seen as a liability because of fear of vandalism and deterioration over time and could be worth as much as £5,000.

One of the problems that can substantially affect garage value is the presence of asbestos.  Because it is a hazardous material, it is very expensive to have it removed and safely disposed of.

Lock-up garage valuation depends on its condition, current rental income and location, mainly if it is a low-crime area.  Unlike houses, you do not see many lock-up garages go up for sale, and therefore, it is difficult to come up with sold comparables. 

Estate agents do not seem keen on selling them as they are considered a low-value investment.

We can make you a fair cash offer for your lock-up garage if you are thinking of selling.

A lock-up detached garage
Lock-up garages come in all shapes and sizes.

How to sell a row of lock-up garages?

If you own a row of freehold garages or whether you own a single lock-up garage that you have inherited – we are here to buy.  Buying and selling a garage is a relatively straightforward process, provided you have absolute ownership rights.

We will also consider leasehold garages as long your freeholder gives you permission to sell them.

Every now and then, there can be complications when you are trying to sell a garage, as the freeholder might object, or your mortgage company could oppose your move.

If you aren’t sure as to whether your garage is leasehold or freehold, you can contact HM Land Registry and pay £3.50 for a copy of the Title Register to find out. 

Are lock-up garages a good investment?

Lock-up garages can be a great investment, provided that they are let out to long-term tenants and are in a low-crime area.

There are several pros and cons of owning lock-up garages.  We are fans of garages, so let’s cover the advantages first:

  • Garages provide much-needed extra storage space for home appliances. Whether you like to do your frozen food shopping once a month or wish to declutter your home, they provide a useful option.
  • If you drive a car, you can park it in the garage and not have to worry about defrosting it on cold winter mornings.

Disadvantages of owning a lock-up garage include:

  • You will need to set aside a budget for repairs, such as flat roofs tend to be prone to leaks and have a life expectancy of 10 years. Garages are high maintenance, with roller doors that need attention every now and then.
  • Criminals can break into garages for their nefarious activities, or vandals use it as their social gathering spot and leave you with rubbish and graffiti to deal with.
  • If your garage is in a high-crime area or where demand for lock-up garages is low, it could be a bad investment.

Can I insure a lock up garage?

If your lock-up garage is located away from your home, your home insurance may not cover it.

However, you might have the option to include it in your policy. If this isn’t feasible, securing a separate insurance policy for the garage might be necessary. Not every insurance provider offers such coverage, so shopping around is essential.

Selling a garage yourself
Even if your garage needs work, why not call us to see how much we can offer?

Selling a garage yourself

Selling your lock-up garage? Many sellers opt for advertising on Gumtree or hiring a local estate agent.  However, the fees can be quite expensive – up to £3k as most estate agents charge a minimum fee.

Gumtree buyers tend to be speculative enquiries with no firm commitment and can waste your valuable time.

Selling your garage at auction

Property auctions offer another alternative way to sell. However, you will have to pay upfront auction entry fees, legal fees for preparing a contract and paying for searches.

There’s no guarantee that the property will be able to sell, and it is likely to be withdrawn from auction.

How to sell a lock-up garage with certainty?

Property Saviour would love to buy your garage. We can make you a cash offer based on the condition of the garage, pay towards any legal fees, and complete the purchase within a couple of weeks. 

There are no estate agent fees to pay.  The price we agree is the price you get.  We have funds ready to buy any property anywhere in England or Wales.

Even if your garage needs work, why not call us to see how much we can offer?

Sell with certainty & speed

auction hammer

Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.
calculator

We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 
Sell

Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.
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