What You Need To Know When Buying Land In The UK
When people think of investing in a fixed asset over a long period of time, they usually have land in mind. And considering that land has always been the number one investment all through the ages, it shouldn’t be surprising why many people continue to bet on it. If you too are considering buying land in the UK, then make sure to keep the following points in mind.
1. Type Of Land
One of the first things you should consider is the type of land you wish to buy. In the UK, you will essentially have two choices – Brownfield land and Greenfield land. Brownfield land refers to areas which have already been developed in the past and are open for reuse. Greenfield land refers to areas which have never been developed. While you have the freedom to buy both types of land, you will find it easier to gain planning permission for Brownfield land since the government is actively pushing for the redevelopment of such land. However, you need to understand that Brownfield land can be contaminated with industrial waste. As such, if you are interested in buying, land you should see this site.
2. Planning Permission
If you aim to buy the land for developing property, then you will definitely need planning permission. And as explained earlier, it will be easier to obtain planning permission for land which has already been used for industrial developments in the past. Some land sites may also come attached with planning permission. However, such deals tend to be more expensive. In case you wish to buy a piece of land which does not come with planning permission, make sure that you carefully look at the time and cost you will spend for it. And in some cases, you may not need a planning permission at all.
3. Deed Requirements
The law mandates that all transfer of land should be written down in a legal deed. Without a deed, any purchase transaction will be considered legally void, irrespective of how costly it was. A document may be considered as a legal deed under three situations. First, it should clearly state that the document is absolutely intended to be a deed. Second, all parties who sign on the document execute it as a proper legal deed. Third, when an individual signs a deed in front of witnesses who confirm the signature. Once signed, a transfer deed only becomes fully effective in the legal sense when it is registered with the Land Registry.
4. Clear Boundaries
Ensure that the land you are buying has well defined boundaries. Many people tend to neglect this aspect, only to be involved in legal battles with the owners of the adjacent properties. Even if you see a fence on your property, you should never blindly accept it as the legal boundary. In fact, the boundary as per the legal documents can be vastly different. To know the legally accepted boundary of a land you are interested in, you need to conduct a land survey. By doing so, you can avoid expensive legal disputes in the future.
5. Failure Of Contract
If the contract of purchasing a piece of land does not go through completion because of a withdrawal threat from the other party, you can sue them for breach of contract. Alternatively, you can force the other party to honor the contract by applying for an order that will mandate the execution of the agreement. You will also be able to get an injunction which will restrain a breach of contract. And in case you too have lost interest in the transaction and do not wish to pursue it further, you have the right to rescind the contract.
6. Issues With The Site
Ensure that the land is properly inspected by a qualified conveyancing solicitor. They will conduct numerous tests and studies of the site to see whether the land has any issues which can affect its value or pose any health risks to its inhabitants in the future. The studies will look into environmental issues, historical development projects of the site, problems with sewers located beneath the property, and so on. An important point of consideration would be whether the land is already contaminated to the extent that human habitation is impossible. A positive signal from the conveyancing solicitor is a sign that you can go ahead and purchase the land. If the solicitor notes that the land is contaminated but is still fit to live on, you can still go ahead and purchase the plot. The government will even provide you incentives to remedy the contamination.