Lodgers’ Agreements – Guide For Landlords
Learn how to create a lodger’s agreement, your legal rights, and responsibilities as a landlord
Buying land can be a great investment opportunity that can pay large dividends in the future. But it’s essential to have a solid understanding of how to go about buying land in the UK, as well as a comprehensive plan of what you will do with the land once you buy it. There are several questions you should ask when looking to buy land – read on to find out more.
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ToggleMuch like buying property, you can look online for land for sale. Check with local estate agents, websites like Zoopla, Rightmove and On The Market, plus sites that specialise in land sales such as Addland to begin your search. You can also find land for sale at auctions or listed on your local council website.
There are five main types of land for sale in the UK. These are:
What type of land you buy will depend on what you plan to do with it so consider your long-term plans when shopping for land.
The process of buying land is similar to buying property in a lot of ways, although there are some differences that you should know about. Here is a list of the steps you will have to take to buy land.
It’s foolhardy to buy land without any real plan for what to do with it. Take the time to decide what exactly you want to do with the land once you buy it – are you going to build on it? Will it be a farm, residential properties, commercial or industrial premises? Have a well-researched and thought-out plan in place before proceeding.
Do thorough research on all potential sites you are looking to buy. Check with local authorities and planning departments to find out if this land or anywhere nearby has been earmarked for future regeneration projects or development. Find out the exact land classifications to see if the site is greenfield, brownfield, agricultural or contaminated, check to see if the area is protected, and if there are any restrictions that could affect future planning permission. Think about the site’s future use and what infrastructure is needed – how will people access the site? Is there a road nearby that can be used by cars and heavy goods vehicles? How easy is it to get water and electricity hookups? Bear all these questions in mind.
Much like buying property, you can obtain a mortgage to buy land. You will need a deposit and a mortgage lender who is willing to lend you enough money to secure the land. There are a few different mortgages available for land purchase, depending on what you want to do with it. There are agricultural, commercial, self-build, and woodland mortgages available – as always, shop around to find the best deal or use a mortgage broker. Some lenders are not willing to fund a land purchase for building on unless planning permission is already secured.
You will need to get planning permission from the local authority for any kind of development on the land. Some plots of land for sale already have some planning permission pre-approved, which can be helpful. Engage early on with the local authority to find out if you are likely to get planning permission for your chosen land plot before buying. You can also get a survey at this point to check the topography and boundaries of the land, which can affect your future plans.
It’s time to make an offer! All your research leading up to this point should place you in a good position for making a fair offer on the plot of land you want to buy. Be prepared to negotiate, but set yourself a budget and stick to it. Remember to factor in other costs such as legal fees, surveys, and potential project management costs.
If your offer gets accepted, it’s time to complete the sale. You will need a solicitor or conveyancer to help you complete, just like buying a property. You should also be ready to pay Stamp Duty Land Tax on the land where required.
You should ask the following questions to the landowner or their solicitor before making an offer:
Buying land in the UK can be a smart and rewarding investment, but it requires careful planning, research, and due diligence. From understanding the different land types to securing finance and navigating planning permissions, being informed at every stage will help you avoid costly mistakes. With the right approach, your land purchase could lay the foundation for a successful and profitable venture.
Want to start your journey as a property investor and become financially independent? Join our team of experts for one of Assets For Life’s FREE events and property investment courses – click the link below to find out more or book your place.
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