Selling Land


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Download PDF 		Selling land is not necessarily difficult, but the key to successful selling is ensuring that it is marketed effectively, which can be difficult. This is where Bright Property can help.

The aim of the Bright Property website is for the vendor and buyer to deal directly with each other, so we have produced this Selling Land guide to help you.

Step 1 - INITIAL CONSIDERATIONS

Selling land is not quite the same as selling traditional property as Land has a variety of uses therefore attracts a variety of buyers, ranging from developers, farmers and the private individual looking for self build plot.
  • Decide what you objectives are whether it is to sell quickly or achieve the best price. This will then reflect how much time and money you may need to spend in preparing your land for sale.
  • You need to take in to consideration when to sell the land. For example agricultural land maybe best sold after harvest whereas a plot for development could be sold at any time.
  • What items are to be included in the sale?
  • Is the land subject to a secured loan, do you need consent from the lender?
  • If planning permissions have been obtained ensure that documentation is available for inspection
  • Is VAT payable on the sale price?
  • Obtain quotes from solicitors; licenced conveyancer's to do the legal work.
    http://www.solicitors-online.com
    http://www.LawyerLocator.co.uk.
STEP 2 - VALUING YOUR LAND.

Generally we all have some idea of the value of our land and what we would like to achieve. The ultimate selling price is the price agreed between a willing seller and a willing purchaser.

Unless the land is very specialist then there are generally comparables in the area will give you an indication as to your land's value.

Looking in the local land pages or Self build publications will give you an indication as to how the market is performing (number of properties available) and what prices properties are being marketed for.

Once you have found comparable land transaction within a similar area you can approximate the value by comparing the size of the plot, the use and whether planning permission has been obtained.

Be realistic when pricing your property. If you undervalue it you could be inundated with people looking for a bargain and then you could be disappointed when you don’t achieve the price you want. Alternatively, by overpricing you may deter potential buyers.

Over-pricing is one of the most common reason people do not sell their property because mortgage lenders will not lend against the property. Give yourself a margin of what you are prepared to achieve below the asking price.

STEP 3 - MARKETING

The purpose of Bright Property’s website is to give you the best tools to market your land. All you need to do is decide which package you think will be most appropriate for your land, take photographs, obtain the area, decide what is to be included in the sale and identify the key features. Once this information has been entered into your Bright Property advert then you are ready to go.

As soon as the board is received make sure that you put it up straight away as apart from the website this is one of the most effective ways of potential buyers identifying your land for sale.

STEP 4 – VIEWINGS

As soon as your advert is live, be prepared to respond to enquires quickly, as a delayed response may result in a lost sale.

As with most Estate Agents you will be expected to conduct the viewing. It is usual that viewings are by appointment so that you can ensure that your property is presentable and that you are available.

Things to bear in mind:

  • Be aware that you are allowing strangers into you land and therefore make the necessary provisions.
  • Demonstrate the best use of the land available – i.e. clear site, all areas are accessible.
  • Print off Bright Property’s online details to give to potential purchasers.
  • Focus on the positive aspects of the land, i.e. excellent location, access, services to the land.
  • It is worthwhile getting feedback from viewers as to what they liked/disliked about the land so that you know what changes you can make, so follow up the viewing with a phone call or email.
STEP 5 - NEGOTIATIONS

You would have already decided in your mind what minimum price you are prepared to accept.

When someone makes you an offer, you will know whether it is acceptable or not based on your circumstances. For example, if you need to move quickly a lower offer may be preferable if the other party is not in a chain and is able to move quickly.

It is worthwhile establishing from the purchaser the following so that you are aware if there maybe anything that is likely to hold up the sale:
  • Are they a cash purchaser or they getting a mortgage? If a mortgage, what deposit are they putting down?
  • Have they property/land to sell. If so is it on the market yet and do they have a buyer?
  • What date do the purchasers want to complete by?
Once you have agreed a price for the land, it would be advisable to confirm in writing the terms of the sale, i.e. the price, the fixtures and fittings that are included in the sale the parties involved and their respective, solicitors conveynacer who are acting on their behalf in respective of the legal aspects of the sale. Upon this agreement the legalities can commence and your representative can be appointed.

STEP 6 – LEGAL WORK, SURVEYS AND VALUATIONS

Whether you are using a solicitor or conveyancer you will need to ensure that you have the detail and supporting documents. You will be required to complete the following:-
  • A property information form which is a standard form issued by solicitors/conveyancers or available from the Law Society. This is where you need to provide information about the land such as rights of way/boundaries etc.
  • A fixture and fittings form – detailing what you have agreed to sell to purchaser within the sale, demountable building. It is advisable to decide at the beginning what you are prepared to leave so that potential purchasers are aware from the outset rather than causing unnecessary negotiations at a later stage. You can change these before the contract is agreed.
  • Your solicitor will need a copy of the Title Deed and any Charges that you may have on the land such as a mortgage.
  • The contract can then be drawn up which sets out the main terms of the proposed agreement, including your names and the agreed price, this will then be sent to the buyer’s solicitor. At this stage searches will be carried out and any surveys which are required.
  • One the contract is agreed and all searches and surveys have been undertaking the contracts can be exchanged and a date agreed for exchange. At this point neither party can withdraw easily with out the possibility of incurring financial penalties.
  • At completion the Title Deed and transfer document will be transferred to the buyer’s solicitor in exchange for the money for the land.






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