NEWS

Top tips for selling your farmland

Published June 13th, 2017

Landowners looking to sell a farm or some land should make sure they plan ahead and take steps to make the sale run smoothly to avoid any unnecessary delays later on.

Mark Morison, partner at Berrys, says preparation is key to a successful and speedy sale.

“Don’t rush into things,” he said. “Ensure all the paper work is in order. Check ownership of the land and that any tenancies or agreements are formalised as even a verbal right of access you have given a neighbour could jeopardise a sale.

“If the land isn’t registered register the title beforehand with the Land Registry, this can save time later on.

“Make sure you are aware of any covenants relating to the land and advise your solicitor you are selling so that delays are minimised. Discuss with your accountant any possible Capital Gains Tax implications.

“Take advice on any development opportunities there might be on the land that could add value and if so consider whether it is best to apply for planning permission yourself ahead of the sale or add a clawback clause so you can benefit from future gains in value. Alternatively, you may want to add a restrictive clause to protect against any future development. This could placate family members living nearby.

Prepare before a sale

“Choose the best time to sell the land ie when the ground looks dry and crops are flourishing and ensure everything is looking neat and tidy ahead of viewings. Making a good first impression really counts.

“If you aren’t selling all the farm take care to select the most appropriate parcels of land to market and ensure the sale won’t affect the land you retain or any family property nearby.

“Set a realistic guide price.  Situation, soil quality, ease of access and consistent productivity will all affect the value of your particular property so be guided by your agent. You won’t necessarily get the price your neighbour achieved.

“Foresee any problems with access or water and show buyers that there are solutions or implement them yourself before selling.

“Think about what you would look out for if you were viewing a farm or farmland and make sure your land meets your own expectations.”

To speed thing up Mark says you may want to apply for local authority searches yourself. This may cost a few hundred pounds but could save weeks of waiting for a potential buyer to complete the searches.

Be prepared to answer any questions potential buyers ask as quickly as possible and have your facts, figures and paperwork to hand.

Mark Morison is based at the Shrewsbury office of Berrys, telephone 01743 290647 or email mark.morison@berrys.uk.com.

 

For more information...

Visit our relevant website page: Are you looking to sell your farm, agricultural property or land?

More about Mark Morison


MRICS FAAV FCIArb
Chartered Surveyor
Tel: 01743 290647
mark.morison@berrys.uk.com

Mark joined Berrys as a partner in July 2015. He comes from a farming background and has worked as a rural practice chartered surveyor in Shropshire and mid Wales since 1997. He is a member and accredited Valuer of the Royal Institution of Chartered Surveyors, a Fellow of the Central Association of Agricultural Valuers, a Fellow of the Chartered Institute of Arbitrators and a member of the British Institute of Agricultural Consultants. He is a past chairman and current examiner for the West Midlands Group of Agricultural Valuers and a past chairman of the Shropshire, Montgomeryshire and District Agricultural Valuers Association.

Mark has vast experience in a range of professional services including valuations, landlord and tenant matters, Common Agricultural Policy and rural land management. He is an experienced rural property practitioner conversant with the RICS Practice Statement and Guidance Notes – ‘Surveyors acting as Expert Witnesses’ and the provisions of the Civil Procedure Rules Part 35 and the Arbitration Act 1996 and also a panel Valuer for a number of High Street banks, including Barclays Bank PLC and Lloyds Bank PLC.