Interested in buying parcel of land

glengorms

Never done this before, so complete novice and seeking advice on what questions I need to ask from the offset/ what pitfalls I need to be aware of. 

It's a 1.12 acre plot for sale via land agent in North Cornwall, guide price £30,000.  Bids and final offers by 29 August - do I need to offer more than £30,000 or, like a house, offer a bit below?  It's grade 3 agricultural land but suitable for hobby farming.  I'd be hoping to market garden/ orchard and camp on it or get a static - don't think there's a chance I could build on it at this stage as no buildings currently on land (?). But would really like to put a shed/ storage building on it, possibly a polytunnel. Water already on site. There's nothing listed in the particulars about an overage regarding developing/ improving the land.  No other services listed, but would be going for solar and possible oil. 

Do I need to complete searches and, if so, which ones?

Any advice or pearls of wisdom appreciated, thank you.

user1977

glengorms said:

do I need to offer more than £30,000 or, like a house, offer a bit below?

Well, have you any idea what it's actually worth? No point thinking you've got a bargain if you buy it for £25k and then work out it's only worth £10k...

glengorms

I don't.  If the land agent has it listed as £30,000 how do work out whether it's less than that?  As I said, complete novice

QrizB

glengorms said:

I don't.  If the land agent has it listed as £30,000 how do work out whether it's less than that?  As I said, complete novice

I've got relatives in Cornwall with a smallholding. They told me (relatively recently) that the going rate for agricultural land is around £10k per acre, but that small plots always command a premium as horsey types like them for paddocks etc.

So £30k might be what it's worth, if you're a local with a horse.

(Looking on Zoopla, I think I've spotted the plot? There's a second plot from the same agent, 4 acres for £50k, which is closer to the supposed norm.)

Edit to add: are you local enough that you can be there most days? Hobby farming isn't really something you can do from 100+ miles away.

Section62

glengorms said:

Never done this before, so complete novice and seeking advice on what questions I need to ask from the offset/ what pitfalls I need to be aware of. 

It's a 1.12 acre plot for sale via land agent in North Cornwall, guide price £30,000.  Bids and final offers by 29 August - do I need to offer more than £30,000 or, like a house, offer a bit below?  It's grade 3 agricultural land but suitable for hobby farming.  I'd be hoping to market garden/ orchard and camp on it or get a static - don't think there's a chance I could build on it at this stage as no buildings currently on land (?). But would really like to put a shed/ storage building on it, possibly a polytunnel. Water already on site. There's nothing listed in the particulars about an overage regarding developing/ improving the land.  No other services listed, but would be going for solar and possible oil. 

Do I need to complete searches and, if so, which ones?

Any advice or pearls of wisdom appreciated, thank you.

Camping, caravans, greenhouses/polytunnels, sheds, solar panels, and oil tanks (among other things) are likely to need planning consent if the land is currently agricultural only.  It isn't just buildings you need consent for.

Being a tourist area, the planners might be suspicious of any activity and/or applications which might allow living and/or staying on the land.

You probably need to assume you will need to live elsewhere, and factor that into how much the land is worth to you in terms of affordability.

user1977

glengorms said:

I don't.  If the land agent has it listed as £30,000 how do work out whether it's less than that?  As I said, complete novice

In the same way that you work out what any other type of property is worth. What have similar properties sold for? If you're clueless (or just need some comfort), get a surveyor's opinion.

eddddy

glengorms said:

It's a 1.12 acre plot for sale via land agent in North Cornwall, guide price £30,000.  Bids and final offers by 29 August - do I need to offer more than £30,000 or, like a house, offer a bit below? 

On a few occasions, shortly before the deadline, I've asked the agent "What kind of price do I need to offer to be successful?".  They've always given me a reasonably sensible answer.


It's pointless for the agent to suggest a low price, because then I'm likely to make a low offer which won't win.

And it would be risky for the agent to suggest an unnecessarily high price, because then I might decide it's too much and walk away without making an offer.

(But I guess there might be some agents who refuse to give any type of answer.)