- March 3, 2014
- Posted by: Josiah Hincks Solicitors
- Category: Information Guides, Legal News
Here are five quick tips for anyone who is thinking of selling land for house building. Following these tips will help you sell you land quickly and maximise your profit. Josiah Hincks Solicitors can help you selling a building plot or buying a building plot in Leicester
- Know what you are selling
- Know how you are going to sell it
- Are there any restrictions?
- Check the tax implications
- Speak to Josiah Hincks Solicitors first
- Know what you are selling
Sellers should have a specialist solicitor check the title deeds to the land they are seller before putting the land up for sale to make sure the documents are all in order. There can often be hidden problems, which you are not aware of and do not become apparent until someone tries to sell the land. Missing rights and boundary issues are common problems that can be easily remedied by a specialist solicitor but it is usually cheaper and quicker to do so before you put the land up for sale.
Know how you are going to sell it
There are many ways to sell a building plot. If planning permission is granted then informal tender, sealed bids or auction may be suitable. If the buyer will be responsible for obtaining planning permission then options agreements, conditional contracts or overage/uplift agreements may be more suitable. We recommend using a land agent to advise on the best way to sell your land and you should speak to them before applying for any planning permission. They will know what sort of development will be best for your land. However sellers should involved their solicitor early on to ensure the document is produced quickly.
Are there any restrictions?
Land is often subject to restrictions, known as restrictive covenants, or rights benefit other peoples properties. These can increase development costs or even prevent development all together, affecting the value of land. Often there are ways round this but expert legal advice from a solicitor needs to be taken early and definitely before putting the land up for sale.
Check the tax implications
Most people do not know that they may be liable for capital gains tax when they sell land for a profit. However there are ways to structure sales tax efficiently. There are also relief available and speciality solicitors are used to working with accountants and financial advisers to reduce a sellers tax liability
Speak to Josiah Hincks before anyone else!
If you are thinking of selling a building plot speak to one of our specialist solicitors first. We are experts who act for sellers and buyers of building plots as well as developers and house builders. We use these expertise how to complete the legal work quickly and efficiently, keeping your costs down and maximising your profit. Contact us now: 0116 255 1811 or online via the contact us page