Can I apply for probate myself?
When dealing with a loved one’s estate during a stressful time, attempting probate on your own can be risky. Isabelle Gulliver, a Paralegal in WSP Solicitors’ Private Client Department specializing...
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Low-value land is currently in high demand due to the UK’s housing crisis, and councils and developers are actively looking for potential development areas. In a commercial property transaction, the onus is on the buyer to find out as much information as they can before exchange of contract. The principle “Caveat Emptor” or “buyers beware” applies. There is also a responsibility on sellers to know how to get the best price for their land and the ways that this can be done. It is therefore important to be informed about what to look for when buying or selling low-value land and to consider the following before committing:
This is most likely the quickest way to sell your land, however, it will result in the lowest value. Any buyer would be investing their money in the hope that they would be able to secure planning permission in the future. No matter how likely it is that planning permission will be granted, there is always the risk involved in the timeline and extent to what you are able to build on the land.
One way around selling the land without planning permission is to indemnify that planning permission will be secured before completion, usually known as a “conditional contract”. This timescale is usually much longer than selling the land without planning permission, however, will most likely attract a higher price.
This is the most appealing way to sell low-value land and will attract the highest price as it removes the planning risk for buyers. Sellers are also able to secure outline planning permission, which would approve the principle of housing on a site but allows some detailed matters to be decided in the future.
If a site is packaged up with the right technical reports regarding ground conditions and drainage, you can make a site “shovel-ready” which allows the buyer to start work very quickly after completion. This is especially attractive to housing developers with shorter timescales and will attract a higher premium for this benefit.
Applying for planning permission can be a very expensive and complicated process, it typically costs between £30,000-300,000 depending on the size, what planning permission you are applying for and the complexity of the site. As a rough guide, a plot of land for sale with planning permission would be worth on average around 8-10 times the value of the land for sale without approved planning.
If you make the decision that you would like to sell your land with planning permission or you have purchased land without planning permission and want to make an application, you will need to submit an application to your local authority. Once you have been granted planning permission, you will need to value your land before putting it up for sale, there are a number of factors that may influence the value, such as:
Knowing the value of your land is very difficult and consulting a professional is crucial at this stage. Some suggested tips are to:
For help with buying or selling in a low-value commercial property transaction, you can find all the information about our services here. You can get in touch by filling in the form in the sidebar of this page, alternatively, you can call us on 01453 847200 and someone will be happy to help.
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