Help needed

[Jennylloyd114]

Hi just had a meeting with the old boy that owns the 22acers of land and barns next door to me, he is selling it all off, if I was to buy it what possible issues/pitfalls should I be in the look out for? Don't want to rush in blindly
We have the farm house already and 6 acres down the lane

Thank you

 

[7610 super q]

Is it his to sell ?
Vacant possession ? No tenants on AHA etc ?
Any entitlements to claim subsidies included with the sale ?
No funny business with ROW's etc ?
No access issues ?
Asbestos sheets on buildings ? something to consider.
Quality of the land ?

 

[Jennylloyd114]

Thank you, barns are new but need a good clean out, land is boggy in places So that was a worry of mine
Access is from my land but I need to look at the subsides!!!!
Thank you

 

[Highland Mule]

First question - can you afford it? Don’t expect the land to return anywhere near enough money to service the debt, but if it does that’s a bonus.

 

[Jennylloyd114]

We would be taking a loan, its set up for cattle and at the moment the owner has sheep so also need to think about that!
so much to think about, and I'm awful at just jumping and not thinking!!!!
Would need to think of the set up cost of cattle etc to...... Ahhhhhhhhb

 

[Still Farming]

If you miss it you may kick yourself, if you buy it ,it may be a "mill stone", around your neck.
If your retired young and got mega money maybe a good investment ,or rich business man Husband to pay outright?
Lots of scenario's and variables to take into account .
At the end of the day and all above board and your happy with it ,that's all that counts.

 

[davieh3350]

We would be taking a loan, its set up for cattle and at the moment the owner has sheep so also need to think about that!
so much to think about, and I'm awful at just jumping and not thinking!!!!
Would need to think of the set up cost of cattle etc to...... Ahhhhhhhhb

Where are you?
How much is land going for around you?

 

[Jennylloyd114]

Where are you?
How much is land going for around you?

We are north wales, he is looking for
£110,000/£150,000

 

[Jennylloyd114]

My husband has a full time job, this would be my venture/ very small income aventurly. My family had a farm when I was young and its always been my dream to own my own cattle farm and I'm worried that is foging the reality off what could be the worst idea I have ever had!
It's a real fight in my head right now, and new you guys would have some good thoughts

 

[Still Farming]

We are north wales, he is looking for
£110,000/£150,000

Top book price then?

 

[Highland Mule]

I’d buy that without blinking, but your financial situation may be different.
Depends on the barns etc, but £5k/acre and sheds for nowt feels reasonable, when it’s next door.

 

[7610 super q]

Hmmm.....you'll struggle to make money out of it. But the pleasure of owning land....
£5-6k / acre then. About right......but " boggy land " would worry me a bit.

 

[Highland Mule]

It’s an extension block of their house - that’s worth a bit, surely?

 

[Jennylloyd114]

It’s an extension block of their house - that’s worth a bit, surely?

If we brought the land we would have the 5 bed farm house and around 26 acres

 

[Highland Mule]

Not enough to really farm without outside inputs, but surely would increase the value of the house too.

How big/ useful are the sheds?

 

[TheTallGuy]

My husband has a full time job, this would be my venture/ very small income aventurly. My family had a farm when I was young and its always been my dream to own my own cattle farm and I'm worried that is foging the reality off what could be the worst idea I have ever had!
It's a real fight in my head right now, and new you guys would have some good thoughts

As the others say, you won't be making a mint out of it, but it sounds like it's partly a lifestyle thing for you. Off the top of my head I would say you need to think about the administrative side of things if you go down the livestock route - there's a fair bit of paperwork etc that has to be gone through these days & then there's the question of how you handle holidays etc. You'll probably also need to spend money on some kit to do all the jobs with. If you are in it for the long game then maybe look at heritage breeds as something to differentiate your stock from everyone else.

 

[Jennylloyd114]

Not enough to really farm without outside inputs, but surely would increase the value of the house too.

How big/ useful are the sheds?

There is a very big cow shed, then there is another one next to it to keep the catle in over winter, and then a very small one that's not uoto much

 

[Highland Mule]

Very big means what though? 200 foot by 90, or something a bit larger than a garden shed?

Roughly, I’d value a 30x90 shed at perhaps £30k, if kitted out correctly for cattle. You’d want that as a minimum, I’d guess, for holding cattle over winter, fodder and machinery.

 

[Jennylloyd114]

Very big means what though? 200 foot by 90, or something a bit larger than a garden shed?

Roughly, I’d value a 30x90 shed at perhaps £30k, if kitted out correctly for cattle. You’d want that as a minimum, I’d guess, for holding cattle over winter, fodder and machinery.

I'm just heading out there ill take some photos

 

[Hfd Cattle]

The value in this patch of ground is that it joins you and it will make your place a useful smallholding . I don't know the area but if you can negotiate around 5 to 5 half thou per acre then to me its not rocket science.
If you don't purchase it then who will....... you may end up with chicken houses next door.
It will add value to your existing property if added to it.