Do Your Research - Tips on Buying Land

Posted by DCW Group - Property Consultants on 26th January 2022 -

1)    Why would you buy a plot of land?

First, ask yourself the question as to why you want to buy a plot of land. You need to be clear about why you are buying the land. Have you seen land for sale and have an idea? Maybe a long-term investment? Want a site to build your own home or perhaps have a smallholding? Do you see land as a better investment than stocks & shares or other assets?

Talk to people about it. We are always happy to hear from you at the DCW Group and you may find our Land Consultancy can help. www.dcwgroup.co.uk

 

2)    Is buying land a good investment?

 Buying land as an investment can be very appealing, especially where there is the possibility to develop property on the site, residentially or commercially. Sometimes when talking about investing in land, it means buying undeveloped land that can later be developed, sold to developers with planning permission or used for other purposes. Remember to think about the investment in terms of what the land must potentially offer and what could be the return. Be aware that sometimes you might not get planning permission, what might seem a quick investment, without planning you may never get rich in the way you hoped, so do your research. Remember buying parcels of land is totally different to buying farmland, which could also be a good investment.

 

3)    What type of land are you buying?

Greenfield land and Brownfield land are the two main types of land you can normally buy in the UK. While it is possible to develop on both types of land, Greenfield sites are previously undeveloped land, such as fields. A Brownfield site is land that already has, or had, previous use, so you may find it may be easier to get planning permission on Brownfield sites.

 

4)    What should I look for when buying land?

Treat the purchase of land as a long-term investment and do your research. You are not likely to make a quick profit on a field in the present climate unless you have planning. Timing is critical, it could be a lengthy project to design, build, and get the relevant permissions. Try to estimate the time for obtaining permission to develop on the land and add the extra time to sell it in the right market climate.

Some Investors may sell the Land with planning to developers rather than building themselves. Just remember to plan for what might happen if you do not get the permissions required as planning could be denied. Identify the right agents who can help with this process as this could dictate to what land you buy. Employing a consultant could save you time and money, we have already done this for many clients.

 

5)    Are the boundaries clear?

Many people overlook boundaries when buying land! Make sure that the land and/or property boundaries are clearly defined and visible to where they should be. Just because there is a fence or hedge in place, does not mean this is the legal boundary of the Land. Check for yourself, and it is fully recommended to have a land survey to clearly identify the boundaries of the plot, so you know exactly what Land you are buying. This can potentially save you time and money in a legal dispute if one disputes the boundaries later.

 

6)    Other issues that could affect or interfere with your plans?

Do your research, before you buy check for other planned developments in the local area and see what objections may have arisen that could affect your project. Review water and drainage to uncover issues such as public sewers, look online at mining and environmental information, see if there have been any issues such as any land contamination on your site.

When buying, use and get the right solicitor to carry searches and checks to make sure there are no issues that could affect your investment and project later. Ensure that they are experienced in land purchases and have the necessary expertise to give you the best possible advice and support. They should include local authority, water & drainage, environmental searches and more. Searches are likely to depend on the specific piece of land you are buying but remember to consult and ask questions with your solicitor.

If you are looking to buy, sell or develop land and would like advice, please contact the DCW Group Land & Consultants on 02921 921263. We also have our DCW Insights platform on a subscription basis which can possibly help you quickly identify if a potential land development site is cost effective.