mcavity
Well-Known Member
hi how do you go about buying land if you rent a house? do you get a loan or can you get morgages for land? And is it straight forward?
buying land????
- Thread starter mcavity
- Start date
dozzie
Well-Known Member
You buy it cash.
If you dont own your own house you will not find lenders who will lend you the money unfortunately. Unless you go to "money lenders" and under no circumstances do you want to go there.
But tbh if you had enough money to buy land where I live and didnt have your own house you would be silly to buy land over the house. Probably true in most parts of England.
If its building land you might be able to get a loan.
As the house is built you raise a mortgage against it. But it is not cheap.
And you will probably need a substantial deposit!
But as you do not own your house you have no security as such. So lenders will steer clear.
You wont get a mortgage for land.
Hope this helps a bit! Sorry if it is a bit negative.
Talk to your bank! They are the only safe people who could help!
If you dont own your own house you will not find lenders who will lend you the money unfortunately. Unless you go to "money lenders" and under no circumstances do you want to go there.
But tbh if you had enough money to buy land where I live and didnt have your own house you would be silly to buy land over the house. Probably true in most parts of England.
If its building land you might be able to get a loan.
As the house is built you raise a mortgage against it. But it is not cheap.
But as you do not own your house you have no security as such. So lenders will steer clear.
You wont get a mortgage for land.
Hope this helps a bit! Sorry if it is a bit negative.
Talk to your bank! They are the only safe people who could help!
mcavity
Well-Known Member
yeah thanks going to see them today?
mrussell
Well-Known Member
I bought a house near the land I wanted. I then remortgaged to add the price of the land on...over the last 5 years I have developed it from just waste land to a fully equipped yard with all facilities....but its been a slog and its not easy. Dont forget its down to you to maintain it too...so dont stretch yourself to the limit thinking just some land will do - it never works!
Swalton
New User
Hi,
Since land is such a secure investment, getting a loan to buy is pretty easy. For sure easier than buying a house.
You don't already have to own a house. You could even have a credit rating that's less than perfect.
Lenders just don't care. Because if you don't pay, they get their money back with hardly any risk.
The one downside is you may need a pretty big deposit...say 30%.
One alternative is to get a personal loan, rather than a secured loan. This way no deposit is needed. Lend up to 25K.
There's loads of options.
The bottomline is ANYONE (over 18) who currently rents land and stables can own their own place. And if they're lucky for about the same each month as they pay rent.
In fact, I'm about to start a website to show people exactly how it's done and I'll offer my personal help free to anyone who takes my short 5 min survey at...
http://www.surveymonkey.com/s.aspx?sm=em76TZXf_2b6MRotN2ghIv8w_3d_3d
Hope that helps,
Stephen Walton
Disclaimer
This isn't professional advice and you need to throughly check everything out before buying land or getting a loan.
Since land is such a secure investment, getting a loan to buy is pretty easy. For sure easier than buying a house.
You don't already have to own a house. You could even have a credit rating that's less than perfect.
Lenders just don't care. Because if you don't pay, they get their money back with hardly any risk.
The one downside is you may need a pretty big deposit...say 30%.
One alternative is to get a personal loan, rather than a secured loan. This way no deposit is needed. Lend up to 25K.
There's loads of options.
The bottomline is ANYONE (over 18) who currently rents land and stables can own their own place. And if they're lucky for about the same each month as they pay rent.
In fact, I'm about to start a website to show people exactly how it's done and I'll offer my personal help free to anyone who takes my short 5 min survey at...
http://www.surveymonkey.com/s.aspx?sm=em76TZXf_2b6MRotN2ghIv8w_3d_3d
Hope that helps,
Stephen Walton
Disclaimer
This isn't professional advice and you need to throughly check everything out before buying land or getting a loan.
mcavity
Well-Known Member
cheers i have been offered a personal loan to cover to cost of the land , the only problem now is that it is agricultural grazing land at the moment and i would need to change it to equestrian purposes??
just gota find out how?
just gota find out how?
Swalton
New User
You can use the land for grazing horses without needing to apply for a change of use.
You can also erect a mobile (doesn't have to have wheels, just not fixed to the ground) shelter/stable.
You can also carry out any activity on land normally requiring planning permission for up to 28 days a year without needing to apply for a change of use.
So if you were jumping for example, every couple of weeks, no problem. And in practical terms, who's counting ?
Having said all that, if what you're buying is close to nosey neighbours you think you might have a problem with, then best to approach the planning department of your local council, have a word with the duty planning officer and ask if in principal he/she have any objections to equestrian use and a stable or two. If not, you're pretty sure to get planning permission, but will need a full application to be sure (can cost a few hundred pounds), and should take around 2 months.
If the officer does have some objections, ask to see the relevant policy, try and convince him a you're genuine horse lover(any memberships/paperwork/photos will help). Some planners are afraid of 'planning creep', where you take a small planning advantage (like stables) and down the road enhance the development, bit by bit to build more, convert to residential etc.
Greenbelt policy should encourage uses such as equestrian so if you look deep enough in the policies, you should find something. Search on the internet for other planning been passed for equestrian use on the type of land you're after buying.
Bottomline, I wouldn't take no for an answer until looking into things further.
At the same time, I wouldn't apply for planning if I couldn't convince the planning officer that it was a legitimate use, unless I thought he/she was just been an arse and I had a good case.
All the best,
Steve Walton
You can also erect a mobile (doesn't have to have wheels, just not fixed to the ground) shelter/stable.
You can also carry out any activity on land normally requiring planning permission for up to 28 days a year without needing to apply for a change of use.
So if you were jumping for example, every couple of weeks, no problem. And in practical terms, who's counting ?
Having said all that, if what you're buying is close to nosey neighbours you think you might have a problem with, then best to approach the planning department of your local council, have a word with the duty planning officer and ask if in principal he/she have any objections to equestrian use and a stable or two. If not, you're pretty sure to get planning permission, but will need a full application to be sure (can cost a few hundred pounds), and should take around 2 months.
If the officer does have some objections, ask to see the relevant policy, try and convince him a you're genuine horse lover(any memberships/paperwork/photos will help). Some planners are afraid of 'planning creep', where you take a small planning advantage (like stables) and down the road enhance the development, bit by bit to build more, convert to residential etc.
Greenbelt policy should encourage uses such as equestrian so if you look deep enough in the policies, you should find something. Search on the internet for other planning been passed for equestrian use on the type of land you're after buying.
Bottomline, I wouldn't take no for an answer until looking into things further.
At the same time, I wouldn't apply for planning if I couldn't convince the planning officer that it was a legitimate use, unless I thought he/she was just been an arse and I had a good case.
All the best,
Steve Walton