Are you selling land or buildings?
INCREASING legislation affecting long and short term lets combined with a new planning framework should be seen as an opportunity to diversify and look at all options to enhance revenue income.
If you are considering selling a rural property in Scotland, here are a few tips to consider prior to marketing:
Voluntary registration. If you’re not already on the modern land registry, have your boundaries mapped to avoid boundary disputes and to ease the conveyancing process.
If you have a private water supply, ensure you can provide the results of a sampling test, dated within a year.
If you have a private drainage system, ensure it is registered with SEPA and that you hold certification.
If your lands have been affected by coal mining then a coal report is recommended.
Have all your grazing agreements in writing and relevant notices served so that vacant possession can be assured.
Any residential tenancies must conform with the legislation and a full data pack of inspections, inventories, SATs and AT5 documents or PRT packs should be held.
If asbestos is present at a property, agents will assume the owner holds an Asbestos Register and Management Plan which will need to be exhibited and shared. If you have made any alterations to the properties without planning consent, we can advise you on the correct and relevant process to satisfy a purchaser and their advisors.
A valid EPC for buildings is required unless there is no energy output or it is a ‘standalone’ building of less than 50m2.
If the site is contaminated then soil tests or site investigation reports would be a worthwhile investment.
If your property is affected by flooding (on current of future SEPA maps) then it is worth investigating flood risk mitigation.
If your property is reliant on oil or gas its always beneficial to explore the costs of renewable energy.
It is rare nowadays to see an estate rely exclusively on residential tenancies and agricultural grazing licenses.
Savvy operators embrace modern farming methods, carbon capture and renewable energy.
And while the repurposing of agricultural buildings requires investment, the rewards are there for the taking.
Be wary of entering into any grant schemes if you believe a sale is on the horizon; such obligations on the purchaser may influence the level of the offer made.
As to repurposing, the relevant NPF4 policy includes ‘ brownfield, vacant and derelict land and empty buildings’ and permitted development rights.
The policy ensures development is directed to the right locations.
This maximises the use of existing assets and minimising additional land take.
We work closely with planners and architects across Scotland to maximise opportunities on relevant land parcels with development opportunity.
It is also worth noting the recent change in Local Development Plans (LDP) as a result of NPF4.
The development planning system changed from a five year to 10-year review cycle.
Very recent changes in business rates, with many exemptions now lost, may also encourage landowners to look at market value or to repurpose the lands or empty buildings.