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Investment land
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logan77
Posts: 23 Forumite
Hi - does anyone no about investment land, buying a piece of land probably agricultural that has no planning permission. uklandagent.co.uk are a website company ive been looking at. is there any chance that they'll get planning ok or is it a big con? any one made any money from it?
I am a Mortgage and Life Insurance Advisor.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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Comments
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Landbanking it is called.
Check that out in the search section before you even think about it. Not pretty reading.If you've have not made a mistake, you've made nothing0 -
It's a SCAM they will not get planning. They make money you will not.0
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This scam has been going on for years. They buy a big field cheap, convince 100 people that one day there'll be Planning Permission and the value will skyrocket, then sell plots. You'll wait 10 years....then another 10 years.....then.....
Read their blub carefully. It will be full of "If,,,,," but there will be no fixed timeframe, no guarantee, no promise to buy it back in X years if PP not granted.0 -
These companies are a complete con, the sites are cheap because they are agricultural land - not housing land. Any land that has ANY chance of becoming housing land will have already been snapped up by way of an option by one of the big housing companies.
Furthermore even if the site were to become housing land then sorting it all out between so many owners would be a complete nightmare and cost loads meaning that there would be no profit in it for you. Who would pay for the roads to be constructed, who would pay for the affordable housing that would need to go on the site, who would pay the contributions towards education, open spaces etc etc etc. It is totally unrealistic.0 -
It's OK if you can wait. Probably about 300 years.0
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Not one landbanking scheme has ever been granted planning permission.
That is a pretty miserable failure rate given how many there have been over the years.
Reading the landbanking threads here, you will also realise there is not much sympathy for those who lose money.Been away for a while.0 -
City of London Police – the lead force for fraud - has arrested three men in connection with a suspected million pound fraud where plots of land were offered for investment. Anyone who has lost money to the firms involved should report it to Action Fraud. [3 December 2010]
http://www.actionfraud.org.uk/victims-of-land-banking-fraud-should-report-to-action-fraud-dec100 -
The FSA is finally getting involved now. It has just obtained a court order against one and has said it was also conducting inquiries into another 20 suspected unauthorised property-based collective investment schemes. It also has five active investigations into land banking schemes which had attracted £42 million from investors.
Plateau Development and Land is the one just suspended.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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