If you are considering selling your land for development purposes, there are a number of things you will want to know before committing to a decision.
Here, we look at three of the key questions landowners often ask.
Is the land suitable for development?
First and foremost, you will need to know whether your land is suitable for development. Some plots of land lend themselves more naturally to development purposes than others.
Even if it is identified that your plot is suitable to be used for a housing scheme, this doesn’t necessarily mean you’re on the road to riches. There are many factors that determine the viability of land for development – these include its location, access to transport links, proximity to nearby amenities etc. Just because land is available, it doesn’t mean it is the ‘right’ sort of land that developers might be interested in buying.
How much is your land worth?
Although this is likely to be one of the key determining factors in your decision to sell, it is not an easy answer to obtain. This is because the value land can obtain will depend on a large number of factors, usually around the commercial potential the site holds to developers.
Lea Hough’s Land and Development team can visit the land and undertake an assessment. From here, we will be able to talk you through the approximate valuations based on the various planning statuses. Generally speaking, land with planning consent is more valuable to a developer than land that has no planning consent.
How long will it take?
Having satisfactory answers to the two previous questions doesn’t mean a sale is guaranteed or that it will happen any time soon.
Realising the optimum value for your land at the level of personal investment (time and money) you are prepared to commit will only likely be achieved with professional help. Property developers and their professional teams are used to negotiating for land on a frequent basis and will have all the tools and people at their disposal to help ensure they get the best out of the deal. Most landowners are simply not equipped with the same skills. Appointing a consultant with plenty of industry experience to represent your interests and guide you through the complex process is likely to improve your experience and the outcome.
Lea Hough’s Land and Development team have a demonstrable track record of helping land owners in Lancashire to successfully sell their land for development purposes. We work closely with our landowner clients throughout the process, providing the information needed to make informed decisions.
For an initial discussion about selling a plot of land, please get in touch with us.