How do you get money to buy land?

[angel7]

I am desperate to buy my own bit of land but can't figure out how to finance it.

I am single. I don't have rich parents to help.
I only earn £18k a year before tax.
I don't own my own house so I cant mortgage against anything.
My entire savings amount to £5K.

I did try to buy a cottage with grounds of 1.5acres. It cost £65K for the house which I could just afford and no more, but the lender would not lend to buy the ground aswell. They wanted it done as 2 separate sales, with 2 lots of convayancing and wouldn't give me a loan for the land, which I had negociated to be sold with the house. This took so long to sort I couldn't proceed and it was sold within days. I'm based in Scotland.

I keep finding bits of land for sale, but IMO are grossly overpriced for what they are ie. 4 acres rough moorland needing fenced £50K, 2 acres with no water or planning permission £90K, 8 acres on floodplain £100K.
Considering agricultural ground around where I stay is very poor quality and only worth 3-5K per acre I am puzzled where these prices come from. HOwever the proliferation of wind turbines might be to blame, several smallish pieces of ground have sold to wind companies for silly money.

But I stray from the point which is financing. Should I try and get a succession of unsecured personal loans for say 7.5K and pay them off over the next 5 years?

Any other suggestions???? Apart from winning the lottery!

 

[Custard Cream]

Working hard and saving unfortunately.

 

[glamourpuss]

Sadly as soon as land becomes what is classed as amenity land I.e a couple of acres it's value rockets up. Around here agricultural land is about £7-8 k per acre but I know someone who paid £75,000 for a 3 acre plot next to their land.
Whilst there is still this 'good life' dream being peddled to people escaping to the country from big cities the situation isn't going to improve.

 

[OWLIE185]

Cash is King.
You need to save money up so that you are in a position to buy for cash.
To give you an indication of land prices at the moment if you are buying agricuiltural land in largish blocks then at present it is going for about £8,000 per acre. Obviously in small units it will be more and at a premium if it is for instance adjoining houses.
My advice to you is to start saving - it may take you some time but once you are a cash buyer then any offer you make will be far more acceptable to a seller.
There are specialist companies that will provide mortgages for land.
One other thing is that if you buy any land make sure it has had planning permission for change of use from agricultural to equestrian use. If not you could face problems.