For some people buying land can be attractive- it is the chance to make an investment, especially in an upcoming area. If you want to build a commercial property or house from scratch owning the land yourself can be useful. Some people purchase land because they see it as a safer investment than property. However there are legal issues around buying land that you ought to be aware of before you put the money down!
What to consider
There are a few basic factors to consider before looking over possible plots- you need to think about why you want the land, your budget, the cost and (arguably most crucially) the potential resale value of the land.
The next thing to consider is the kind of land you want. There are two main types- Brownfield is land with vacated structures that could be redeveloped while Greenfield land are undeveloped areas such as parks or fields. Whatever you choose, consider the location and look for somewhere with the best possible resale value (for example in London many areas in the East End have become very lucrative areas for investment as people look to get away from more expensive areas in the centre).
A survey is vital for a key reason- making sure that the boundaries of the plot are clearly defined. It is an investment because this can help avoid a lot of legal issues later on.
If you intend to build on the land then planning permission is vital. However this can be complicated by the fact some plots may be restricted even if they do come with planning permission- for example you may not be able to demolish a property and replace it if it is felt that your design is not in keeping with the local area.
Discussions with planning officials
The best way to work with planning officials is to talk to them as soon as you make plans. If they work with you from the start and you keep in touch with them on a regular basis they are more likely to co-operate with you.
Why you should use a specialist
There are a few potential complications with land purchases that require legal experience and knowledge. For example there can be issues around public access around foot paths, the stability of the land and what you are permitted to use the land for.
Most crucially of all they can check if indeed the land is legitimately being sold- this may sound obvious but there are plenty of people who have invested in buying plots only to find that the person selling them was not legitimate!
In short purchasing land can potentially be a great deal. In order to make sure you are getting a good deal it is important to get the right legal advice throughout the purchase process. For more information on purchasing land or talk to a specialist contact us today and we will be happy to discuss your potential purchase in more detail.