First time purchasing...what is the process of buying land - additional costs, steps etc?

[suffolksmallholder]

Thanks. Indeed I was thinking some of those points.

I am looking in rural wales which I hear is a tad cheaper?

If I am going for a meadow I did think I would be in more competition than some nondescript scrub land the latter which would be fine for me if it was in the right location and good aspect for solar.

My mum suggests to look at past auctions to see what other ones have gone for to get a feel for things.

Hmm so 10% on top even for the buyer! Greedy buggers! I shall factor that in then while looking at prospectives.

Tip;
Look East. But check the contours. f**k 50” of rain in the West!
SS

 

[SoilHugger]

Tip;
Look East. But check the contours. f**k 50” of rain in the West!
SS

East wales you mean nearer the welsh marches? How come?

Yes I am not too fussed. If everything else was equal I would probably choose machynlleth however it is more about finding a suitable plot in the price range so don't really have the luxury to choose which part.

 

[SoilHugger]

Usually free to bid.
It is the same as ebay, sometimes there are bargains and sometimes people get carried away.
Your spot on and sounds a sensible plan , bid what you think a plot of land is worth to you and what you can afford, walk away if it goes higher.
Maybe go to a auction on something your not interested in, just to see how it all works.
A decent estate agent will help you out if your interested.

Nice, ta. Is most bidding able to be done online now? I noticed on one agent's site it seemed as simple as ebay bidding with a small chatbox sized pop up in order to bid. Not sure if that is the norm though.

I think it is not unusual these days to have to pay a fee for the 'legal pack', which contains all the info about the lot you are bidding on including any covenants or special terms being imposed, rights of way, access etc, exactly what is or isn't included in the sale. Some auctions you pay for the sellers legal fees or a contribution towards them as well as your own,. It is important to get, read and understand the legal pack as this will contain all the details.

I bought at auction. When I thought that I may end up buying by this method, I went along to a property auction locally just to have a look and see what went on. Gave me an insight into the process and what to expect.

I contacted a solicitor when I spotted the lot I was interested in and he agreed to look at the legal pack for me and give me a summary of anything I needed to be aware of. He agreed to do this for free, as in there would be no charge if I didn't buy. From memory the legal fees were about £1200 all in when I did buy. There were no other extras. As others have said, 10% non refundable deposit on the fall of the hammer (effective exchange of contracts) and then the balance to be paid on completion usually specified as 28 or 30 days later.

As I am sure you are aware, if you buy at auction you are committed to buying once the hammer falls, you cannot back out because there is something you were unaware of or had missed in the legal pack.

Edited to add: but equally well on the fall of the hammer it is yours, the seller cannot back out. I had been looking locally for a couple of years and was worried I would be priced out as the edge of village areas I was looking at were increasingly being sold as potential building plots. Although the whole bidding at auction was a bit nerve-wracking and I did end up at significantly over the guide price and very close to my maximum, it was reassuring that I had found something suitable and it was a done deal. The price I paid seems cheap now.

Good luck.

Great tips and info. Thanks.