Crosswords2 mins ago
Selling Land
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I own 14acres of grazing/agricultural land with 2 friends. Our 'neighbour' owns a stud farm next door. He has propsosed to buy the land over a 3 year period, paying us about �3,300.00 per month.
We will obviously go to a solicitor to draw up contracts, but his proposal is that we exchange contracts on receipt of the first payment and complete on the last. In the meantime we will be able to contuinue to use the land as we do now (horses, pigs, veg). He will then offer us a yearly lease for a nominal fee. (He says that he doesn't need the land now, but wants it has an investment).
On the surface, this seems a good offer - security of a sale without having to find alternative land.
Can any one think of any potential snags -e.g. Capital Gains implications (we have had the land scine May 2005).
Thanks for a ny advice.
We will obviously go to a solicitor to draw up contracts, but his proposal is that we exchange contracts on receipt of the first payment and complete on the last. In the meantime we will be able to contuinue to use the land as we do now (horses, pigs, veg). He will then offer us a yearly lease for a nominal fee. (He says that he doesn't need the land now, but wants it has an investment).
On the surface, this seems a good offer - security of a sale without having to find alternative land.
Can any one think of any potential snags -e.g. Capital Gains implications (we have had the land scine May 2005).
Thanks for a ny advice.
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