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Author Topic: Buying land - costs involved  (Read 1605 times)

mariegold

  • Joined Jan 2013
Buying land - costs involved
« on: November 07, 2017, 09:34:26 am »
Hello,
Can anyone offer some advice please?
I'm looking at the possibility of buying land and a separate house as there isn't much hope of affording a smallholding.
Has anyone else done this? If so, how much did it cost you in terms of solicitors fees, searches etc? Also, I'm guessing you don't have to pay tax? The land I'm looking at is £300000.
Anything else I should be aware of please? Any advice would be most appreciated.
Thank you

Sbom

  • Joined Jul 2012
  • Staffordshire
Re: Buying land - costs involved
« Reply #1 on: November 07, 2017, 10:30:50 am »
If the land your buying is 300000 and you already own a house.....surely if you sold your house you would have a very healthy budget to buy a small holding???
In fact just the 300k could buy you one in many places

mariegold

  • Joined Jan 2013
Re: Buying land - costs involved
« Reply #2 on: November 07, 2017, 02:11:18 pm »
Oooops, I see what you mean but I've actually got 30000! Rather than 300000!

Fleecewife

  • Joined May 2010
  • South Lanarkshire
    • Wester Gladstone Hebridean Sheep
Re: Buying land - costs involved
« Reply #3 on: November 07, 2017, 06:26:09 pm »
It's amazing what a comma can do  :o
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arobwk

  • Joined Nov 2015
  • Kernow. Some like to think it's in England.
Re: Buying land - costs involved
« Reply #4 on: November 17, 2017, 06:43:06 pm »
mariegold, I note your question is unanswered.  My 2014-2015 solicitor's fees for purchase of 7.5 acres came to £880 for the conveyance and just over £270 for searches.  To note, I didn't bother with offered Environmental, Mining and Water searches as I had a pretty good idea what they would turn up (or not turn up).   I was tempted to also forego the Local Authority search (over £200 as I recall) having gained a fair knowledge of local plans, but decided not to risk it in the end:  as fully expected though, the Local search came up with nothing note-worthy. 
As regards searches (when on a tight budget), it comes down to a judgement based on your knowledge of the area and any personal research:  for instance, I was also offered a China Clay search (being in China Clay country) for £90 as I recall, but I was able to establish via the web that there are no surveyed clay deposits under my land.  Your conveyancing solicitor will probably also offer every "search" there is!  (They have to to protect themselves.)
« Last Edit: November 17, 2017, 06:45:51 pm by arobwk »

 

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