Saturday, February 5, 2011

Purchasing land in the u.k?

I think you would be hard pushed to get a 70% loan to value mortgage on land without an actually property on it. 200k for 3 acres sounds very steep to me, for what is likely to be just grazing land??? what are the out buildings like? typically grazing land in england is about 5k per acre.

Land is always a good investment. He who owns the land makes all the money. That is what developers do all the time. However purchasing land is a lot different than purchasing a building. There will be some parameters involved and the bank will primarily be asking what you plan on doing with the land.

Getting mortgage/loan depends on whether you can get planning permission (with/out appeals) to make intended changes on the unspecified location/site. Consult lawyers, chartered surveyors and architects.

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