Buying a plot of land is somewhat different to buying a house or other building. There are some things that will not change. Your solicitor will need to check that the vendor is actually the person who is the legal owner and that he has the right to transfer ownership to you.
There are some specific items that will crop up however and they generally include the following:-
- Stamp duty. The stamp duty rate on a non-residential property is 7.5% of the purchase price. A plot of land falls into this category, unless you are buying a plot that forms part of the curtilage of a dwelling house. You will need an up-to-date valuation to determine the appropriate rate of stamp duty.
- Boundaries. It is important to ensure that the fences surrounding to the property are sound and that there are no gaps or breaches of any boundary. If so, find out how long the fence has been breached and whether any party has entered the land at any point.
- Rights of way. This is similar to the above point as you need to know about any rights of way that have been acquired over the plot. Has any party crossed the land for a long period of time, either with or without the permission of the owner? It is vital to know about any rights established in this way as you may be left in a situation where a third party has the right to enter your land.
- Public services. You need to know whether the plot is easily connected to public services like electricity or water. Most plots are bought with the intention of building a house, so there is no point in going ahead with the purchase if you are concerned that it might not be possible to use local services.
- Access. Make sure that you know how the property is accessed from the main roadway. Does it have road frontage or is there a need to cross over someone else’s property? If so, has permission been granted to the current owner and will this permission pass to you? If you will be sharing a right of access with any other party, make sure that there is a signed agreement in place, giving you the right to access at all times.
- Condition of the land. There are certain checks that you will need to make which are probably best carried out by a surveyor or specialist engineer. These will include information regarding any flooding risks or rocky areas. Make sure that you know whether there is any subsidence or other matters that could make planning difficult.
- Planning restrictions. You need to know that there are no restrictions on building on the plot or developing it in any way. There may be sites of cultural importance which would make it more difficult to build or you might be obliged to leave some part of the site vacant.
- Potential disputes. Find out if there are any arguments or ongoing disputes with neighbours that could be problematic. This is a query that will be raised by your solicitor but very often you will be able to find out more about the local situation by asking questions at the initial stage.
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