Cookies & Privacy
in

Buying land I've rented

Last post Wed, Sep 28 2011 17:02 by welshnwilling. 3 replies.
Page 1 of 1 (4 items)
Sort Posts: Previous Next
  • Wed, Sep 28 2011 13:42

    Buying land I've rented

    I have been renting 5 acres from a neighbour for the past 7 years and he has now decided to sell. He's given us 1st refusal however the land agent is advsing his to charge us up to 6 times the 'market price' simply because our property links to the land.

    We've tried to suggest that if he sells to someone else he would only get the going rate but he won't budge.

    Do we have any rights as being 'sitting tennants' for the past 7 years and thereby not have to pay so much.

  • Wed, Sep 28 2011 14:24 In reply to

    • markw
    • Top 500 Contributor
    • Joined on Sun, May 22 2005

    Re: Buying land I've rented

    Depends on the type of tenancy you have but if it's no more than 7 years old it's unlikely to be one which gives you much protection. Even if it was you would only be entitled to the equivalent of a few years rent and not a right to buy. 6 times the market value is nonsense but a five acre plot would be of interest to many non- agricultural users and small plots usually attract a premium. Think perhaps £8-10k/ac rather than 6. All subject to location and potential interested parties. Until it goes on the market the true value will only be guess work. 

  • Wed, Sep 28 2011 16:25 In reply to

    Re: Buying land I've rented

    Thanks for that Mark

    You're right it is just a small plot with another field above it which has the only access. No one would want my field without buying the other so as to gain access. I have seperate access through my yard which use to own the field.

    Truth is it's my neighbour but he's letting the agent pull the strings. The contract was more a hand shake and a flimsy bit of paper and I've been paying £400 pa with 1st refusal if it ever came up for sale.

    We're in Ceredigion and market prices are about £5/6K per acre although this is not an A1 specimen.

    I offered to buy a small enclosure immediately attached to us where I've been keeping chickens, again with access into our yard and the agent recommended £5K  just for that!! Pro rata it's market value is about £830

    As I say the agent's pulling all the strings and the neighbour's hoping I'll pay

    Truth is, if it goes on the open market he'll only get the asking price from any other buyer

    I was sort of hoping that having been on the field for 7 yrs I might have a bit of elbow but evidently not.

    Thanks again

  • Wed, Sep 28 2011 17:02 In reply to

    Re: Buying land I've rented

    If you're a gambling person, why not call his bluff and let him sell on the open market. Then he'll probably only get market value say 25 k. The problem with this is that someone might fancy it as a pony paddock and pay silly money for it.

    It's your decision really, only you know how much you want it and how much you're willing to pay for it. If you're not too bothered then call his bluff. If you really want it then negotiate a deal and have the peace of mind that it's yours to do as you like with it.

    Are we talking Aberystwyth area ? If so it's going to cost more unfortunately.

    http://www.holidaycambriancoast.co.uk/

Page 1 of 1 (4 items)
© RBI 2001-2010
Powered by Community Server (Commercial Edition), by Telligent Systems