Thursday 16th July, 2020
Thinking of selling part of your land?
Do you own a piece of land and are you in a position to sell part of it? When it comes to selling land there can be a premium on it, especially when the location of the land is right. Selling on your land can be a very attractive proposition, but that I only if you have seriously considered everything first.
It is not uncommon to find that titles to land are subject to existing restrictions and covenants which may then prevent the building of more than one property or it can require the consent of a third party before any development of the land can take place.
Lenders consent to the sale
If you have a mortgage secured on the title of your land, but you do not plan to redeem this in full, then it is important that you obtain your lenders consent to the sale.
You may find that obtaining consent will become time consuming, so it is recommended to do this as early as possible to prevent further delays.
When selling off land it is important to have a plan which demonstrates the full extent of the land being sold as well as the land that you plan to retain.
When it comes to using a plan it needs to be Land Registry compliant otherwise it could be rejected upon registration which can cause unnecessary delays and expenses. To save you time it is always best to consult with a surveyor to draw up a plan on your behalf as they will be up to date with the requirements set out by the Land Registry.
New restrictions and covenants
When selling your land you may wish to consider whether you plan to impose any new restrictions or covenants on the proposed purchaser of the land. The new restrictions that you propose could include preventing use of the land in a particular way, or to carry out specified activities that could cause disruption or damage to the land.
At CP Law Associates we have a dedicated team in our residential property department who will be able to assist you with selling your private land to ensure the process is fast and compliant. If you would like to find out more about this service please contact us today.