Land purchasing

[sjewart]

So there might be a chance to purchase 2/3 fields locally. Fields currently have livestock on them. Maybe 15/20 acres in total.
I'm in Scotland and have never purchased a bean in my life. Is there any help for first time buyers? Sadly I'm the wrong side of 40 so I doubt I'm eligible for schemes or anything just wondered if there was any relief or discount or anything?

Haven't really a clue what I'm talking about [emoji85]

 

[Henarar]

never heard of such a thing for AG land but may well be wrong

 

[Forfar 1]

Deep pockets

 

[sjewart]

Deep pockets

Thinking more along the lines of friendly bank manager!

 

[Derrick Hughes]

How much

 

[sjewart]

How much

no idea [emoji848]

 

[curlietailz]

no idea [emoji848]

Get a business plan drawn up so you can prove that you can afford the repayments.
Get your last 3 years accounts together... hopefully showing a profit so you can afford the repayments

Approach your bank so you know how much they would be prepared to lend you

Then when the land becomes available you know exactly how much you can AFFORD to pay for it !!


IMHO
No advice intended x

 

[sjewart]

Get a business plan drawn up so you can prove that you can afford the repayments.
Get your last 3 years accounts together... hopefully showing a profit so you can afford the repayments

Approach your bank so you know how much they would be prepared to lend you

Then when the land becomes available you know exactly how much you can AFFORD to pay for it !!


IMHO
No advice intended x

Thank you. Don't think it's coming up for sale til back end but looking into it now [emoji106]

 

[topground]

If you have equity tied up in your property and could afford increased mortgage payments from existing income then talk to your lender about taking out a second mortgage. Security against the house rather than the land. Your mortgage lender will know your payment history so less hoops to jump through to get a loan.

 

[sjewart]

If you have equity tied up in your property and could afford increased mortgage payments from existing income then talk to your lender about taking out a second mortgage. Security against the house rather than the land. Your mortgage lender will know your payment history so less hoops to jump through to get a loan.

Just renting.

 

[HolzKopf]

You don't tell us what you are going to do with them? From your avatar it looks as if you run sheep?
It also appears that you don't want the land for investment therefore if it's going to be part of your business as @curlietailz says, you need a business plan to prove it's an asset and affordable. Otherwise you're trying to buy a millstone

 

[sjewart]

You don't tell us what you are going to do with them? From your avatar it looks as if you run sheep?
It also appears that you don't want the land for investment therefore if it's going to be part of your business as @curlietailz says, you need a business plan to prove it's an asset and affordable. Otherwise you're trying to buy a millstone

Yeah just be for my sheep [emoji106]

 

[Charolais cattle]

Try talk to land owner on ur own... them auctioneer's try screw yea...they may do a deal with yea to pay them of over 10years... ( I still believe in a handshake.. )

 

[sjewart]

Try talk to land owner on ur own... them auctioneer's try screw yea...they may do a deal with yea to pay them of over 10years... ( I still believe in a handshake.. )

Thank you. We are making enquiries about the land along these lines. Yet to speak with the owner but the ball's in motion.

 

[Danllan]

Try talk to land owner on ur own... them auctioneer's try screw yea...they may do a deal with yea to pay them of over 10years... ( I still believe in a handshake.. )

Many of us believe in and work on the principal that 'my word is my bond', but some don't, and the OP (and the seller too for that matter) must protect himself. It's a cliché, but... a verbal contract isn't worth the paper it's written on...

 

[Spuddler]

Ring the bank manager, get the chequebook out, that's what I did.

 

[sjewart]

Many of us believe in and work on the principal that 'my word is my bond', but some don't, and the OP (and the seller too for that matter) must protect himself. It's a cliché, but... a verbal contract isn't worth the paper it's written on...

I'm sure a simple contract could be drawn up.

 

[Henarar]

You don't tell us what you are going to do with them? From your avatar it looks as if you run sheep?
It also appears that you don't want the land for investment therefore if it's going to be part of your business as @curlietailz says, you need a business plan to prove it's an asset and affordable. Otherwise you're trying to buy a millstone

This ^
uncertain times at the moment do your sums

 

[Danllan]

I'm sure a simple contract could be drawn up.

The problem with a 'simple' i.e. skeleton contract, is that it leaves a lot of room for assumption and construal as to terms, putting the meat on the bones so to speak. I don't know very much about Scottish law, but I do know that the need for a cast iron contract in matters of real estate is just the same as down here.