Buying land in the UK is similar to buying a house.If you want to buy land in the area you'd like to search for an agent there.If you find the right property, hire a lawyer to handle the paperwork and a surveyor to value the land.The solicitor will guide you through the process of buying the property, as well as paying any fees you need to take care of.
Step 1: If you know what kind of property you want, contact an estate agent.
Whatever kind of land you're looking for, find an agent that specializes in selling it.An agent who has an office in the area you're looking is your best option, but some agents also represent property all over the country.Ask your friends and family for a recommendation for an agent.You will usually get to see more properties with an agent, as they sometimes have access to unlisted properties.
Step 2: You can search for government-owned land.
To find government property, go to www.gov.uk.You can look through the land of the government department.It is possible to rent or buy land owned by the government.You can contest the current use of an area if it's not for sale.You may be able to buy land from the government if you suggest a better way to use it.If you want to contest the current use, you can use this application.
Step 3: You can look for lots on sites that sell land on the internet.
This service is offered by many websites.You can find sites that just sell land at a set price.If you find a piece of land you like on one of these sites, you can contact the owner to purchase it.Herald Land is one of the sites you can try.
Step 4: If you see a lot that isn't for sale, approach the owner through an agent.
Sometimes you can convince the owner to sell if you see a piece of land that isn't for sale.When someone makes an offer, they realize they are ready to sell.If you talk to your agent, they can arrange to make an offer on these lots.
Step 5: A valuation report can be produced with the help of a surveyor.
The report will tell you the value of the property.When you make an offer or bid on the land, you can use that information to make sure you don't pay too much.Before making a valuation report, the surveyor will give you a price and tell you what surveys would be appropriate for the piece of land you're looking at.The average price for a valuation report is 500 pounds.
Step 6: A lawyer can handle the paperwork.
The legal side of things will be dealt with by the solicitor.A fixed fee and a percentage of the sale is what some solicitors will ask for.A good solicitor can be recommended by your land agent.
Step 7: If you need funds, apply and get pre-approved for a land loan.
Land loans are riskier for banks than mortgage loans because they are less likely to recover the money if you default.If you want to get a loan, use a local bank or credit union as they're more likely to lend to you.The same process is used for applying for a loan and a mortgage.Before applying, make sure your credit is in order.You will get approved faster if you have good credit.To get pre-approved for a certain amount, you have to talk to your preferred bank.The paperwork will be handled by your solicitor when you decide on a property.
Step 8: An offer can be made on the land.
If the seller has not had much interest in the land, you may be able to make an offer and be accepted.You may need to compete with other buyers.One method that's used is the "best and final offers" method, where you and all the other buyers will essentially bid for the property, sending in higher offers as needed.When other bids come in, you may want to start at slightly lower than your best offer.You may be asked to send in a sealed bid.You can't up the offer if a better one comes in, because no offers are opened until a certain date.Send in your best offer the first time.
Step 9: The paperwork should be signed by you.
You will need to sign the documents even if the solicitor does most of the work for you.Expect to be in the office for at least an hour or two, as the signing process can take a significant amount of time.Your lawyer is likely to take their fee at this time.
Step 10: You can register your land with the land registry.
If it has never been registered, you will need to fill out a complete application form on the website, which will include details about the property, maps, and biographical information about you.Your lawyer should be able to handle this for you.Updating the information may be necessary if it's been registered before.Register with the Registers of Scotland if you're in Scotland.Land and Property Services are available in Northern Ireland.The land registration fee is paid.The fees are based on how you submit the application and the price of the land you're buying.You can find a fee calculator at http://landregistry.data.gov.uk/fees-calculator.html.
Step 11: You have to calculate and pay the Stamp Duty Land Tax.
You owe this tax when you buy land.If you buy a property worth more than 150,000 pounds, you don't owe any money.The tax is usually 1% on land over 150,000 pounds.The land will be taxed at a rate of up to 250,000 pounds.To figure out what you owe, use the calculator at www.tax.service.gov.uk/calculate-stamp-duty-land-tax