Buying land in UK, especially when property prices appear to go flat, may seem like a little risky. However, it doesn’t have to be after reading this article. For the astute investor though, whether your plans are to redefine an existing property or build one from scratch, buying the right land is always regarded as a sound investment more so if you know what to look for and how to get the best from the experts who are always involved. Here are some of the guidelines you should adhere to
Know your requirements
Many people often purchase land for different reasons. Many people regard it as an alternative investment to property – which is certainly a safer method in the medium to long term than plunging one’s finances headfirst into shares or the volatility of the property market.
For whichever reason land is needed and whoever buys it, the ‘let the buyer beware’ rules still apply. Important factors to consider for successful land acquisition are thorough intensive research to mitigate the risks taking note of the following:
- Purpose of the land
- Cost of the land
- Re-sale – does your project target a profit?
Define Your Budget…
Determining how much a plot of land actually costs depends on many things, location, its size, its proximity to transport links and whether the land benefits from any type of planning permission. It’s often that land sold with planning permission is usually more expensive than that without.
In addition- land values are also relative to the general state of the property market. In that land prices are always on the appreciation.
Survey the land
It’s important to carry out a proper survey of the land by a qualified land surveyor. This is important in that it will highlight important things like boundaries, services, overhead power lines, public or other rights of ways and flood risk. Surveyors also perform a crucial role in carrying out feasibility studies and environmental impact assessments on some sites to assess whether plans can be worked out.
One important benefit of having land surveyed is that title deeds are usually outdated and hence boundaries develop a habit of changing over the years. So, a clear and unequivocal land survey will clearly define the layout of the land just to avoid doubts if any. It also eliminates potentially costly neighbour disputes later on.
Before purchasing land, it is very important to establish with the local authority that they will allow you to bring your drafted plans to fruition. If this is not the case, then there is no need buying the land in the first place. This is because there may be restrictive conditions or laws attached which can preclude you. Assistance of lawyer could be useful.
Carefully dealing with the planning officials
In every situation, it is always important to establish a good rapport with your local council’s planning office. More often than not, planning officers are fair people and if you can establish a rapport with, then you are more likely to receive a favourable response following your planning request.
One sure way of achieving this is to involve them in the process from the outset, holding early site meetings just to discuss your ambitions on an informal basis and without incurring cost to yourself.