Ransom Strip on home we want purchase

[clarkeyi]

Hi all, first post say wanted to say hello first off, and see if I could get some advice on a house we would like to purchase with a ransom strip in the garden

We are planning to purchase a house, and 70% of a 150ft x 40 ft garden is owned by a private company. A potential buyer before us was going to buy the house but dropped out for other reasons to this. But their solicitors contacted the land owners and they refused to sell but license the land to them to use at no cost. I am guessing we'll get the same response?
So, if they do not sell I am wondering if them licensing this to us actually holds any weight for us or can they just say one day we are going to build something and retract the license? As the land is just a 150ft garden and next to a road, what can they actually do on it if they wanted to develop as it is too small for a house? But, if they are not willing to sell they must have some intent to do something.

Does anyone have any advice how I can handle this or should I just walk away from the purchase of the house?

Thanks

[atticus]

I myself would walk away from any property that might not be easy to sell if I had to.


Edited to add: Do you need a mortgage? A lender may view this as a serious impediment.

[islandgirl]

I would also walk away and tell the private company that I was about to do so unless they will sell me the garden in full - and that other buyers are likely to do the same. A licence offers you no security whatsoever.

[clarkeyi]

Thanks both for the reply. Yes, this is our plan, we will only buy the house if they sell the land.