Parrotperson
Well-Known Member
well you probably wont get a lamb for more than say 15 years. at the moment £134k (you'd need £16k deposit at a guess) would be £888pm Give or take. Talk to a mortgage advisor.
Has one one bought a piece of land
- Thread starter exracehorse
- Start date
Sossigpoker
Well-Known Member
If the land is designated agricultural use and current owner can't get planning on it , I assume they can't get it changed to equestrian use? How are you getting away with having stables on agricultural land ? Or am I missing something?
Parrotperson
Well-Known Member
I assumed OP meant you wouldn't be able to build on it but it has equestrian use ?? Otherwise it's a no go from the start.
millikins
Well-Known Member
I pointed this out too. It may be that historic equestrian use would be grounds for granting change of use but OP would also be running the risk that the sale alerts the council to an issue that had gone unnoticed. And you only need to pee off one of your neighbours to be reported.
SEL
Well-Known Member
I have this too. If the stables went up a long time ago they could well have pre dated "equestrian use" - planners never used to be bothered.
OP worth asking the owner if there is planning for any of it and when it was granted. If they granted planning for equestrian buildings on agricultural land then even my paranoid solicitor was relaxed about getting change of use.
Goldenstar
Well-Known Member
If it’s been in equestrian use for fifteen years there’s diddly squat they can todo do to stop you
Winters100
Well-Known Member
I am in the real estate business and I see this a bit differently to your husband.
Base rate remains very low, but this will change. At present fixed rate mortgages are probably available at 1.5% or better (I am guessing as I don't live in the UK). Inflation c.3% and rising. To me land is a good hedge against inflation, and if you get some alternative use on it 10 years down the line it might be a very good investment.
Big question is whether the borrowing is affordable. I believe that you should only do this if you can get a fixed rate for at least 5 years, and you will have to both be happy to allow your house to be used as security. Do remember that base rate will rise, it is simply a question of timing, so you should keep this in mind.
Perhaps you have some other way to increase your income? Could you work more hours, or alternatively is the land big enough to take any additional horses as liveries?
Personally as step 1 I would go to discuss with an independent mortgage adviser. IF it looks like the numbers stack up try to get your husband to sit down and discuss it as a business proposal, rather than only as a solution for the horses.
Good luck.
Base rate remains very low, but this will change. At present fixed rate mortgages are probably available at 1.5% or better (I am guessing as I don't live in the UK). Inflation c.3% and rising. To me land is a good hedge against inflation, and if you get some alternative use on it 10 years down the line it might be a very good investment.
Big question is whether the borrowing is affordable. I believe that you should only do this if you can get a fixed rate for at least 5 years, and you will have to both be happy to allow your house to be used as security. Do remember that base rate will rise, it is simply a question of timing, so you should keep this in mind.
Perhaps you have some other way to increase your income? Could you work more hours, or alternatively is the land big enough to take any additional horses as liveries?
Personally as step 1 I would go to discuss with an independent mortgage adviser. IF it looks like the numbers stack up try to get your husband to sit down and discuss it as a business proposal, rather than only as a solution for the horses.
Good luck.
exracehorse
Well-Known Member
hi. It originally had cattle. But it’s had horses and stables on for I think 40 years.
COldNag
Wasting my time successfully....
I do think it would be an investment. They aren't making land any more. You could sell it on retirement. Meanwhile you save rent.
Would those arguments be enough to persuade OH?
Would those arguments be enough to persuade OH?
Pearlsacarolsinger
Up in the clouds
You just need to be aware that the lender will want to know how you intend to pay off the capital, if you opt for an interest only loan. Presumably selling the land would suffice but then you would have to explain that the loan is to buy land
Goldenstar
Well-Known Member
Op I think the next thing you need to do is speak to an estate / land agent with experience of this type of thing .
You need to know that value is not wishful thinking .
You need to know that value is not wishful thinking .
chaps89
Well-Known Member
The other thing, which maybe your OH is thinking about, is it sounds like it needs quite a bit of maintenance. Repairs to/new fencing and school surface won’t come cheap either and there’s only so long you can put fencing off for.
You’d need planning and to sacrifice a small area/fence it well, but if income from the land in the form of liveries isn’t an option, how about a dog exercise paddock/agility hire space?
You’d need planning and to sacrifice a small area/fence it well, but if income from the land in the form of liveries isn’t an option, how about a dog exercise paddock/agility hire space?