Rent money

[Jennylloyd114]

Hi, we have just brought 14 acres with 2 big barns, there is a local farmer wanting to rent the sheep barn and the 14acres but as I'm new to all of this I'm not sure on what a reasonable rent would look like? We are in North Wales
Any help would be welcomed

 

[7610 super q]

I'll kick off, and prepare to be pooh-poohed. 50p sq foot for the sheds, £95 / acre for the land.
GET A PROPER TENANCY AGREEMENT IN PLACE, AND TAKE LEGAL ADVICE.

 

[Jennylloyd114]

I'll kick off, and prepare to be pooh-poohed. 50p sq foot for the sheds, £95 / acre for the land.
GET A PROPER TENANCY AGREEMENT IN PLACE, AND TAKE LEGAL ADVICE.

Thank you, I'm not expecting it to make me money but would be nice to cover the mortgage we took on the land this next year till we are ready to use it our selves
Is that £95 a year?

 

[7610 super q]

Thank you, I'm not expecting it to make me money but would be nice to cover the mortgage we took on the land this next year till we are ready to use it our selves
Is that £95 a year?

Yes.

 

[Pennine Ploughing]

I'll kick off, and prepare to be pooh-poohed. 50p sq foot for the sheds, £95 / acre for the land.
GET A PROPER TENANCY AGREEMENT IN PLACE, AND TAKE LEGAL ADVICE.

who gets the sub, is it rough grazing on a hill, or nice and flat for mowing, and is it ploughable, how long a term is is 6 months or 10 years, is it next to the road with good access

 

[Jennylloyd114]

who gets the sub

Well we haven't thought about that, missed this year now but would be us next year

 

[Courier]

....Thank you, I'm not expecting it to make me money but would be nice to cover the mortgage we took on the land ....

Then ask for enough in rent to cover the mortgage - Presumably the mortgage is only a small % of what you paid and the rest was money which you had stashed away ?

 

[Jennylloyd114]

who gets the sub, is it rough grazing on a hill, or nice and flat for mowing, and is it ploughable, how long a term is is 6 months or 10 years, is it next to the road with good access

Good access, just been used for silage, all flat and only one part is a little rough I would say that but is about half an acre. has two water streams running through it, we are on a lane and it's attached to our old farm house we brought last year

 

[Still Farming]

As stated above get it all done correctly or their'll try to claim it off you.
Cash deals and "doing you a favour" always come out badly.

 

[chaffcutter]

If you are intending to use it yourselves next year, make sure that the tenancy agreement is only for the let period or you could have a problem getting your ground back.

 

[steveR]

Hi, we have just brought 14 acres with 2 big barns, there is a local farmer wanting to rent the sheep barn and the 14acres but as I'm new to all of this I'm not sure on what a reasonable rent would look like? We are in North Wales
Any help would be welcomed

Go find a Land Agent locally and spend a few bob getting it right. I'm sure a few locals will be on here who can recommend someone locally...