Private treaty explain please

[SoilHugger]

Why do the legalese always have to be so intuitive.

Does this process take a long time mostly or can it go through quickly?

I read an article on right move this one can take ages due to seller having to negotiate between all interested parties until something is settled on.

Is that usually the case or can things go quicker?

Does being a cash buyer speed up the process and make you a more attractive candidate or are most people cash buyers?

 

[neilo]

Why do the legalese always have to be so intuitive.

Does this process take a long time mostly or can it go through quickly?

I read an article on right move this one can take ages due to seller having to negotiate between all interested parties until something is settled on.

Is that usually the case or can things go quicker?

Does being a cash buyer speed up the process and make you a more attractive candidate or are most people cash buyers?

Why? So that you need to employ a solicitor and/or agent… kerching.

Just been through it myself and was shocked to hear that it usually takes 5-6 months, provided there’s nothing too complicated thrown up by various searches. That’s even for a deal between a keen seller and a buyer happy to get it done quickly.

Be aware that during that time, up until exchange of contracts, either side can walk away, or threaten to to extract more money/concessions.

On another smaller property, through the same agents & solicitors, it was pushed through in 14 days, but very few searches were needed on that one.

 

[David.]

Private treaty is a buyers nightmare.
Basically the agents way of flushing out interested parties. If you are really unlucky, they then move to sealed and binding tenders.
If they don't like you for whatever reason, maybe wrong church, school, etc, your bid will then be rejected even if highest, and you will merely have helped them rinse the underbidder.

 

[br jones]

Why? So that you need to employ a solicitor and/or agent… kerching.

Just been through it myself and was shocked to hear that it usually takes 5-6 months, provided there’s nothing too complicated thrown up by various searches. That’s even for a deal between a keen seller and a buyer happy to get it done quickly.

Be aware that during that time, up until exchange of contracts, either side can walk away, or threaten to to extract more money/concessions.

On another smaller property, through the same agents & solicitors, it was pushed through in 14 days, but very few searches were needed on that one.

Just got a sale done in 13 weeks after agreeing a price ,but for 1 solictorbwho had 3 weeks longer we could of done it in 8 weeks as me and buyer were ready

 

[Bongodog]

Its just the normal way of selling properties the way at least 95% of houses are sold, buyer and seller agree whats included and the cost. The seller does not need to negotiate with all interested parties, they can choose to negotiate with whoever they wish to. Its only long winded and complicated if one or both parties choose to make it so.

 

[PeterPrestbury]

A lot of the delay is due to the length of time it takes to get search results from land registry, local council, utilities, etc.
It's more complicated if there is property involved, particularly residential property.
Even if the seller is prepared and has the searches /enquiries in hand, many purchasers will want their own done, and lenders will generally insist on them being done afresh before lending you the money secured against it.
Of course, if you're a cash buyer, not buying anything complicated and willing to take the seller at their word, then yes, you probably get it done quite quickly.
And if you're buying it at auction, the pressure is really on!

 

[SoilHugger]

Why? So that you need to employ a solicitor and/or agent… kerching.

Just been through it myself and was shocked to hear that it usually takes 5-6 months, provided there’s nothing too complicated thrown up by various searches. That’s even for a deal between a keen seller and a buyer happy to get it done quickly.

Be aware that during that time, up until exchange of contracts, either side can walk away, or threaten to to extract more money/concessions.

On another smaller property, through the same agents & solicitors, it was pushed through in 14 days, but very few searches were needed on that one.

Well in my case I want to buy a piece of what looks like pasture land, but I don't for that, rather for recreational use.

Can't I just say this is my maximum and if they take it fine if not then move on. How long would it take for them to say if they are interested or not?

Also since I don't want for money purposes as in the quality of the soil or whatever is not really an issue, do I have to do any surveys? Isn't it a case of what you see is what you get short of them having dumped nuclear waste there or something?

I would like to grow some trees but aren't they pretty hardy in terms of soil quality. I read that on a woodland sales site article, that trees will grow on otherwise infertile land.

 

[SoilHugger]

Private treaty is a buyers nightmare.
Basically the agents way of flushing out interested parties. If you are really unlucky, they then move to sealed and binding tenders.
If they don't like you for whatever reason, maybe wrong church, school, etc, your bid will then be rejected even if highest, and you will merely have helped them rinse the underbidder.

Well as a cash buyer I could be upfront couldn't I and say I will pay X and want it done quick. Please tell me if interested in a timely fashion if not then part ways.

 

[SoilHugger]

Its just the normal way of selling properties the way at least 95% of houses are sold, buyer and seller agree whats included and the cost. The seller does not need to negotiate with all interested parties, they can choose to negotiate with whoever they wish to. Its only long winded and complicated if one or both parties choose to make it so.

As above. If I want to buy quickly could I not just inform the agent of that and that I am a cash buyer and to let me know if the seller is interested so as to not draw it out.

 

[SoilHugger]

A lot of the delay is due to the length of time it takes to get search results from land registry, local council, utilities, etc.
It's more complicated if there is property involved, particularly residential property.
Even if the seller is prepared and has the searches /enquiries in hand, many purchasers will want their own done, and lenders will generally insist on them being done afresh before lending you the money secured against it.
Of course, if you're a cash buyer, not buying anything complicated and willing to take the seller at their word, then yes, you probably get it done quite quickly.
And if you're buying it at auction, the pressure is really on!

What searches are necessary?

If I only want to use for recreation and some tree planting what is there to search for?

I would be a cash buyer but I am not sure what else needs to be considered when you say taking buyer at their word. Are you talking about soil quality, which I guess doesn't really matter to me? Or if they are lying about the land borders? The latter can easily be looked up oneself can't it for a few quid on the gov site.

Also it is just a piece of land, not any buildings except a ruin.

 

[Ffermer Bach]

What searches are necessary?

If I only want to use for recreation and some tree planting what is there to search for?

I would be a cash buyer but I am not sure what else needs to be considered when you say taking buyer at their word. Are you talking about soil quality, which I guess doesn't really matter to me? Or if they are lying about the land borders? The latter can easily be looked up oneself can't it for a few quid on the gov site.

Also it is just a piece of land, not any buildings except a ruin.

rights of way,wayleaves, covenants stopping you doing things, chancel repair liability, few off the top of my head.

 

[SoilHugger]

rights of way,wayleaves, covenants stopping you doing things, chancel repair liability, few off the top of my head.

Are all these available to the average joe without paying a solicitor? Seems most would be available as public record.

 

[neilo]

Well in my case I want to buy a piece of what looks like pasture land, but I don't for that, rather for recreational use.

Can't I just say this is my maximum and if they take it fine if not then move on. How long would it take for them to say if they are interested or not?

Also since I don't want for money purposes as in the quality of the soil or whatever is not really an issue, do I have to do any surveys? Isn't it a case of what you see is what you get short of them having dumped nuclear waste there or something?

I would like to grow some trees but aren't they pretty hardy in terms of soil quality. I read that on a woodland sales site article, that trees will grow on otherwise infertile land.

They could say if they were interested in your offer immediately, then it is normally referred to as 'sold subject to contract'. It isn't definitely a done deal until completion though, as either side can back out at any point.

The searches are to discover if that nuclear waste has been dumped there, whether there are any rights of access over it/to it, whether there is somebody else's water pipe under it, etc. You can opt for doing fewer, but it would be daft to just buy it like you would a sandwich.

 

[lloyd]

They could say if they were interested in your offer immediately, then it is normally referred to as 'sold subject to contract'. It isn't definitely a done deal until completion though, as either side can back out at any point.

The searches are to discover if that nuclear waste has been dumped there, whether there are any rights of access over it/to it, whether there is somebody else's water pipe under it, etc. You can opt for doing fewer, but it would be daft to just buy it like you would a sandwich.

Depends scottish land laws of buying land are different not so easy
to dishonour the purchase.

 

[SoilHugger]

They could say if they were interested in your offer immediately, then it is normally referred to as 'sold subject to contract'. It isn't definitely a done deal until completion though, as either side can back out at any point.

The searches are to discover if that nuclear waste has been dumped there, whether there are any rights of access over it/to it, whether there is somebody else's water pipe under it, etc. You can opt for doing fewer, but it would be daft to just buy it like you would a sandwich.

Yes I have noticed that a couple of times while looking myself. Plots which are sstc then suddenly come back on the market again.

Which of the above searches would cost money? I would do as much as I can myself from public records. I did pay for a title plan I think they call it, for some piece recently but don't recall if they note footpaths on those or if they do and this one just didn't have any.

Indeed any searches where people may come on my land will be pertinent to me!

 

[neilo]

Yes I have noticed that a couple of times while looking myself. Plots which are sstc then suddenly come back on the market again.

Which of the above searches would cost money? I would do as much as I can myself from public records. I did pay for a title plan I think they call it, for some piece recently but don't recall if they note footpaths on those or if they do and this one just didn't have any.

Indeed any searches where people may come on my land will be pertinent to me!

They can come back on the market for any number of reasons, sometimes after those searches have uncovered something that the vendor failed to mention. Such discoveries may make the vendor run a mile, or make it impossible to secure borrowing. Can also fall through if someone comes along with a better offer of course...

I've no idea where you would get searches done, and part of paying the solicitor is to advise you what would be sensible to check, and how best to deal with any anomalies thrown up.

 

[SoilHugger]

They can come back on the market for any number of reasons, sometimes after those searches have uncovered something that the vendor failed to mention. Such discoveries may make the vendor run a mile, or make it impossible to secure borrowing. Can also fall through if someone comes along with a better offer of course...

I've no idea where you would get searches done, and part of paying the solicitor is to advise you what would be sensible to check, and how best to deal with any anomalies thrown up.

I see so solicitor (specializing in land presumably) will be a one stop shop?

Is it right it will cost a few hundred to a grand or so for their services? Then a redflag could be raised and that money is down the drain. However that is just the nature of the beast I guess? better down a grand or so than 50 for bad land.

 

[neilo]

I see so solicitor (specializing in land presumably) will be a one stop shop?

Is it right it will cost a few hundred to a grand or so for their services? Then a redflag could be raised and that money is down the drain. However that is just the nature of the beast I guess? better down a grand or so than 50 for bad land.

A few hundred wont buy you much time from a solicitor, or even their secretary, and they will charge you the survey fees on top. And yes, if you (or the vendor) walks away, that money is down the pan.

You will need them to make sure the title deeds are all transferred properly anyway, unless you know what you're doing with them. Getting that wrong could cost you a lot more than their fees.

 

[PeterPrestbury]

This is more related to property searches, but most also apply to land:
https://www.irwinmitchell.com/personal/conveyancing-property/conveyancing-guide

Most solicitors don't charge much on top of the cost of the searches - it's pretty much a commodity service where people can choose between a local, national or purely online service.
You get what you pay for.
Of course, you don't need to have searches done and /or you could do it yourself (perhaps in the same way that you don't need to service your car and /or you could do it yourself ?)
It depends on how much you value your time at as to whether to do it yourself as a one off, or use a conveyancer who specialises in these type of things and charges for their knowledge and experience.

However, be aware that any issues will likely come up then if you ever need to borrow against the land or you want /need to sell it.

 

[SoilHugger]

A few hundred wont buy you much time from a solicitor, or even their secretary, and they will charge you the survey fees on top. And yes, if you (or the vendor) walks away, that money is down the pan.

You will need them to make sure the title deeds are all transferred properly anyway, unless you know what you're doing with them. Getting that wrong could cost you a lot more than their fees.

How much fees all in then, on top of the land price, ballpark?