How to buy land

Flower-power22

Does anyone know how you go about purchasing land? I would need to mortgage it. Is this possible? I would be buying it for my own use - grazing.

ballyblack

First of all find the land, its still making good money. Hasn't fallen in value like houses.

Then shop around to see can you get a mortgage on it,

You will need a substantial cash deposit in today's lending market

absoluteutopia

I just rented land to use for grazing, anything cheap is usually out of the way or a bog

Flower-power22

Does your bank lend on agricultural land or just property? Is there a specialist market just for land?

ballyblack

most banks will lend. All depends on your circumstances. price, location etc etc

Most of the banks lending on agricultural land didn't have a problem with farmers not repaying. Its a good market for them as land has a built-in value

Mistral001

One interesting thing my solicitor told me is that dealings in land need to be done in writing as it is one of the few things where a verbal agreement is not binding. So verbally agreeing the price with the farmer and shaking hands on it apparently is not binding like any other purchase like buying a car etc.

saverbuyer

Mistral001 wrote: »

One interesting thing my solicitor told me is that dealings in land need to be done in writing as it is one of the few things where a verbal agreement is not binding. So verbally agreeing the price with the farmer and shaking hands on it apparently is not binding like any other purchase like buying a car etc.

Or pretty much anything. Verbal "contracts" are worth nothing.

Interesting point on land having "build-in value". It isn't really true. At least no if you plan on matching inflation.