Land with National Grid overhead lines

Marcon

I guess this was why it was bought: https://www.thisismoney.co.uk/money/investing/article-1717770/Dont-fall-for-plots-of-land-investing-dream.html

The solicitor who suggested forgetting about it was probably about right, I fear.

GeordieGirl48

Marcon, I think this would be spot on. It explains the whole thing. My hubby found the name of the land agency who sold the land to BIL and, guess what, the firm filed for bankruptcy soon after. So in a way it was a scam, but, as they say - buyer beware. I suppose we will have to speak with a soIicitor again. Thanks again.

GeordieGirl48

I don’t think there is easy access so, whilst allotments are a good idea, there is too much involved, but thanks for the suggestion.

GeordieGirl48

New World Man, Nobody in the family knew anything about it. BIL was a bit of a recluse before he took Ill. We have valued the land for probate at what it was bought for. I will ask a so,I it or if it must be valued etc. Thanks for your help.

theoretica

What are the surrounding plots of land? Farm, scrub, building? Seems their owners are your only likely purchasers and it might be worth selling for little over legal fees just to get it out of your hair.

GeordieGirl48

Theoretica, the field looks like it is Ex agricultural, turned to scrub. I guess every plot holder is in the same boat. We tried a land agent with a view to selling and they won’t touch it.

lincroft1710

Sounds like the land was part of a "land banking scam" and probably worth a lot, lot less than BIL paid for it

GeordieGirl48

My sentiments precisely. Thank you.

Keep_pedalling

New_World_Man wrote: »

A landlocked plot does sound like it would be worthless. Surely someone in the family must know why it was bought in the first place.

In any event, it sounds like the best thing, as already suggested, is to transfer it into the names of the beneficiaries and then it is no longer your problem (although if probate includes this plot then I am sure HMRC will need something to justify the value, so it won’t be enough to say that “someone said it was worthless”).

As executor you must cover your back. It could come back to haunt you many years down the line if an issue arises.

Transferring it to all the beneficiaries just multiplies the problem 6 fold. I do remember that sort of land sale scam going on a good few years ago, and it was usually agricultural land that had no development potential.

Skiddaw1

I don't think there's any choice really- even if the land is worthless it is still part of the estate (and whilst unlikely, there's always the possibility that at some point the land will attract a value). I think it has to be transferred to the beneficiaries (and as New World Man says, once it is transferred it's no longer the executor's problem).