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How to Buy Development Land
There are a number of ways to buy land, such as submitting sealed bids, negotiating through an agent or bidding at auction. Local authorities, utility companies or even developers often have spare land for sale. Whichever method you choose, make sure you do your research before settling on your plot.
When buying land some key considerations include:
Research the Local Market
Before you start your land search, it's crucial to understand the local market. Explore recent land sales, regulations, and local development plans in your areas of interest. This will help you identify the most suitable sites for your project.
Secure Financing
Determine how you'll finance the land purchase and any development. This may involve obtaining a land loan, development loan, or other financing options. Work with lenders to understand the requirements and secure the necessary funding.
Understand the Planning Process
Familiarise yourself with the UK's planning system, including the need for planning permission, building regulations, and any environmental or conservation constraints that may apply to your proposed development.
Negotiate the Purchase
Work with an agent to negotiate the purchase price and terms. Agents will be able to help you consider factors like the current condition of the land, any existing structures, and the future development potential.
Obtain the Necessary Approvals
Once you've purchased the land, collaborate with local authorities to obtain the required planning permissions, building permits, and any other approvals needed for your development project. Ensure you understand and can comply with any restrictions or requirements attached to the land, such as restrictive covenants or planning obligations.
Develop a Comprehensive Plan
Create a detailed plan for the development, including timelines, budgets, and project milestones, to guide the construction and implementation process.
Assess the Site's Suitability
Carefully evaluate the land's characteristics, such as size, topography, access, and availability of essential services (water, electricity, etc.). Hire professional surveyors and assessors to conduct thorough evaluations of the site, a charted surveyor will typically advise on the following factors:
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By following these steps and working closely with professional advisors, you can navigate the complexities of buying land for development in the UK and bring your project to fruition.
If you have any specific questions or need further assistance, please don't hesitate to reach out. We're here to help you succeed with your land purchase and development.
Frequently Asked Questions about buying land
Land value can vary depending on many variables, typically an acre of farmland in the UK is valued at between £12,000 and £15,000.
Although land is a physical asset and will always have a base value many variables such as location and demand for investment can affect the price you pay. Planning permission can also greatly affect the costs and land with planning permission will be significantly higher.
The difference between the two can be easily summarised as brownfield land has previously been developed on and greenfield land is undeveloped, agricultural areas of land that are being considered for urban development.
Each one comes with different pros and cons but is it mostly accepted that brownfield land is easy to obtain planning permission and easier to sell. The Government is committed to developing brownfield sites as a priority and there are 66.000 hectares of these sites in England. A local council will generally look very favourably on restoration projects to clean up local eye sores or remove hazards in favour of more additional housing.
Land generally falls into two types of planning scenarios. Land with permission and land without planning permission. It is essential that you clarify with the local authority how they will let you use the land and ensure that the right permissions are granted.
To apply for planning permission, contact your LPA through your local council. If your project needs planning permission and you do the work without getting it, you can be served an ‘enforcement notice’ ordering you to undo all the changes you have made.
There are a number of ways to buy land such as;
- Sealed bids
- Using an agent
- Bidding at auctions
Whichever method you choose it is always best to speak to a professional land agent first.
Once your solicitor is happy with everything and all checks have been made you will be notified that you are ok to sign the contract and transfer funds to your solicitor ready for exchange. If your contract stipulates that the sale is dependent on planning consent then contracts can be exchanged on a conditional basis. This aside, once you have exchanged, you will be legally bound to the contract providing all conditions have been met.
Once your purchase completes, you will need to make sure your land is insured, particularly if it is to become a building site. It is important to make sure your chosen builder and architect are closely aligned before the build process begins. You may wish to appoint an experienced project manager to closely look after the development.
If you plan to build homes on your new site then it is important to find the right new homes agent. Using a specialist new homes agent will help with speed and compliance issues that can arise from selling homes. Our specialist new homes team can help sell your homes no matter the size, click here to see how our new homes team can help you.
Having a solicitor who specialises in land sales will save you time and more importantly money. Hold ups can often occur when the wrong information is provided and a trained legal professional will help speed up any delays and be able to check surveys and assessments for you.
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