Aha change of ownership?

[B R C]

I have a couple of bare land fields on Aha which are just about to be sold. Apart from keep on paying rent what else do I need to do with respect to new owner? Current owner is a good chap and now he’s sold his yard for development is taking a unit on my farm. New owner is flipping development site but keeping land which includes some old stables and some grassland which I’m pretty sure he’s going to try and develop into an equestrian holding for daughter so hopefully we will just carry on with the arable bit with no issues!

 

[Goweresque]

Be aware that if the new owner applies for (and gets) planning permission for equestrian use on the whole lot, then that will be grounds to end your tenancy, as a change of use allows the landlord to regain possession. Happened on a small holding not far from me some years ago. AHA sitting tenant, long time landlord sells up, new owner applies for equestrian use, gets it, evicts tenant.

 

[Surgery]

Be aware that if the new owner applies for (and gets) planning permission for equestrian use on the whole lot, then that will be grounds to end your tenancy, as a change of use allows the landlord to regain possession. Happened on a small holding not far from me some years ago. AHA sitting tenant, long time landlord sells up, new owner applies for equestrian use, gets it, evicts tenant.

Take notice above , if the land can be bought separately and you have the old LL in your yard now ask. Any developer will know how you can possibly be got out and it starts with change of use.

 

[B R C]

Duly noted thank you, I would hope that the 30 acres grass would be enough before you get to the 60 odd acres arable but you never know.

 

[betweenthelines]

I think any competent Land Agent would advise the new owner to apply for Change of Use to end your tenancy. Even if only to get you on new terms.

 

[Little squeak]

Have you not considered buying with a AHA discount to the price? Selling some of it on with vacant possession premium may make it financially possible.

 

[chickens and wheat]

Selling on after purchase isnt as good as it sounds, stamp and tax basically make it unfeasable
Allegedly there is a way to buy and sell on same day and avoid too much expense, but my accountant didnt agree.

 

[Frank-the-Wool]

Talk to the owner and make him a sensible offer and get it bought at around 70% of freehold value.

 

[steveR]

Selling on after purchase isnt as good as it sounds, stamp and tax basically make it unfeasable
Allegedly there is a way to buy and sell on same day and avoid too much expense, but my accountant didnt agree.

Change your accountant then....

It can be done, but needs some good work beforehand with the other buyer locked down legally.... and financially!

 

[chickens and wheat]

That was our main problem no buyer!

Accountant is a highly respected experienced agri accountant

 

[steveR]

That was our main problem no buyer!

Accountant is a highly respected experienced agri accountant

No buyer, is definitely verging on the insurmountable...

 

[chickens and wheat]

Even if we had a buyer, the accountant said he wondered how other accountants signed off these same day deals they are very tenuous aparently.
I know of one similar deal happening locally. But both parties were buying farms from the same landlord at the same time and a few boundries moved

 

[teslacoils]

Perhaps what's happening that that the eventual buyer is buying off the original vendor, and at the same time paying the tenant for their "right to buy" so they never actually own it, but are paid almost for their goodwill.

 

[steveR]

Even if we had a buyer, the accountant said he wondered how other accountants signed off these same day deals they are very tenuous aparently.
I know of one similar deal happening locally. But both parties were buying farms from the same landlord at the same time and a few boundries moved

All depends on the Agreement. A good Solicitor will be as, if not more, important than the Accountant in my experience.