Land bought from landbanking company

ashishporwal

Dear all
I bought 2 plots of land from a landbanking company Property Spy 18 months back. The 2 plots are on greenfield land, at the time of purchase we were told that the land prices will increase significantly in 5 -10 yrs of time due to increasing housing demand although a ppc was not guranteed but Property Spy told that they would repeatedly keep applying for planning permission on behalf of the investors.
Property Spy now says that they no more deal in Landbanking and investors like me are left without a clue. Both the lands are in close proximity to built up properties with basic infrastructure, roads, schools and railway station.

cattie

What's the point in making a poll about a company selling land?

You still own the land & you took a gamble that hasn't paid off in the way you hoped. The stockmarket can be a bit like that. You win some, you lose some.

When speculating on greenbelt land you know you are taking a huge gamble & you need to do your own homework & use your own common sense rather than believe the speil a company that are out to make a profit on land will give you. Land that is likely to get planning permission has a price far, far in excess of land that may never be granted in this lifetime & would have been snapped up by the developers long ago for their land bank.

Guy_Montag

On the bright side, I'm sure you can go camping there anytime you want & it's free. You never know you might have the last laugh yet, if you hold onto the land long enough - just make sure no-one takes adverse possession.

Doozergirl

All companies that sell plots like this are rip-off merchants. Not one plot has ever yet got planning permission. Plots for sale near me are actually in 'protected landscape' so even worse than greenbelt!

I have no doubt that the company you purchase plots from will turn out to have a nice little ransom strip that you will have to pay to access your land from if planning permission were ever granted (which would be a total fluke).

It's a totally flawed concept. The smallest bit of research would show anyone it was a total waste.

Stick the plots in auction and hope that some other mug likes the idea as much as you did. That land is worth hardly anything.

Just impossible.

You can't stop people from selling land, by the way; it's up to a purchaser and a solicitor that only needs to have managed to wake up that morning to realise that it's flawed.