Smallholders Insurance from Greenlands

Author Topic: Question about buying a tenancy, maybe two!  (Read 358 times)

PaulineEW

  • Joined Jan 2021
Question about buying a tenancy, maybe two!
« on: January 01, 2021, 02:34:48 pm »
Hello, please can someone explain about the purchase price? If we buy the tenancy, is the money ďlostĒ when the tenancy ends? (Unlike selling my house and getting payment from the new buyer)
Advertised crofts donít stipulate the length of tenancy, but looking on the Croft commission applications page, I can see itís often 10 years. What happens when this time is up? Do we pay again? Thanks.

oor wullie

  • Joined Jun 2012
  • Strathnairn
Re: Question about buying a tenancy, maybe two!
« Reply #1 on: January 17, 2021, 09:14:52 pm »
No, a crofting tenancy is heritable so it is yours and you can pass it on to whoever you like.
This is why buying a crofting tenancy is more or less the same price as buying croft ownership.

PaulineEW

  • Joined Jan 2021
Re: Question about buying a tenancy, maybe two!
« Reply #2 on: February 05, 2021, 06:00:12 pm »
Thanks for that. Do you have to pay again at the end of the set tenure, i.e. if itís set for ten years? I just canít find information on this part of tenancy.

oor wullie

  • Joined Jun 2012
  • Strathnairn
Re: Question about buying a tenancy, maybe two!
« Reply #3 on: February 06, 2021, 11:36:40 am »
If it has a time limit on it then it's not a crofting tenancy.  A crofting tenancy is open ended.
(unless it is a sublet, in which case the Croft is not being assigned to you and so you won't be paying to buy the tenancy)

You will pay rent on it but the rent is based on the value of unimproved land so is usually pretty small, I think rent can be reviewed but the rental value of unimproved land isn't going to change much.

 

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