INSIGHT - Edition Ten - Winter 2021 online - Flipbook - Page 32
NOW IS A SELLER’S MARKET...
Elizabeth Earle, Senior Associate with Muckle LLP, explains
why now is the perfect time to sell your rural property.
Now is a seller’s market like no other; especially if you have a rural property to sell. Tired city dwellers,
seeking the chance to explore working from home to its fullest advantage, are selling in cities and moving
to the country. Such is the demand this is creating for rural property that many are going to best and
final offers, resulting in accepted offers well over asking prices. But as a seller hoping to capitalise on this
dynamic, there are some considerations it is worth thinking through before bringing your property to
market, if you want to maximise your property’s value and avoid your sale being either delayed or falling
through. Remember that what you are selling is a different proposition, from that which the average urban
buyer is used to dealing with and act accordingly. Here are some points to consider:
Do your homework and go and find
all of the paperwork now. Planning
permission, building regulations, listed
building consent, HETAS certificates for
solid fuel appliances fitted after April 2005,
FENSA certificates for windows and doors
installed after 2002, wayleave agreements
with utility suppliers, for any poles or
other infrastructure on any land you are
selling. If there are missing documents or
permissions, it can be possible to resolve
them retrospectively, but it takes some
time and can delay sales. Also look out:
warranties, guarantees, burglar alarm
codes? For want of a nail, the horse is still
sometimes lost.
Septic tanks … cause more problems
than is reasonable. The irritation being
that mostly they function perfectly well
in practice and have done for years. It is
only the point at which solicitors start
asking questions, that it becomes clear
that no-one has any idea how the system
works, where (or to what) it discharges or
whether it is in any way compliant with the
general binding rules. Generally there are
two sorts of problem; lack of compliance
with regulations (which differ according
to whether it discharges to the ground, or
water and whether it discharges more or
less than 2 cubic meters daily), and, where
it is not wholly contained within the land
being sold or is shared by other properties,
absence of adequate legal rights to use it.
Often both. Nothing is insurmountable,
but forewarned is forearmed. Generally
the choices come down to solving the
problem yourself (which is easier the more
time you give yourself), or selling as seen,
but accepting this might affect the level of
offer a buyer may make or put them off
entirely.
Other people. If any of the land you are
selling is occupied by a third party, you will
need to decide whether to sell with vacant
possession, or whether to sell subject to
the occupier remaining on the land. This
affects value and timing of the sale and
notice periods vary hugely, according to
the type of occupation. Buyers are likely
to be extremely squeamish about any sort
of undocumented, informal agreement
and as a seller it would be better either
to regain possession from the occupier,
before marketing the property, or enter
into a formal, written agreement with
them so that the basis of their occupation
is clear. Banks are especially intolerant of
undocumented occupiers; so if your buyer
is buying with the aid of a mortgage the
bank is unlikely to approve the property as
security until such time as the issue has
been resolved.
Choose your estates agents wisely. Few
high street firms understand the nuances of
rural properties and can lose sales through
lack of familiarity with what are actually
fairly standard matters. YoungsRPS, with
its wider understanding of planning and
agricultural surveying are extremely well
placed to deal with any issues arising and
reassure buyers accordingly.
Regrettably, I cannot promise that
your buyer will also act in a sensible
and timely fashion, but if you are wellprepared as a seller, your subsequent
negotiating position with the buyer will
be commensurately stronger if problems
do arise and that is always an advantage
worth having.
Elizabeth is a highly experienced agriculture,
farms and rural estates expert. Her work
includes commercial, residential, estate
management and planning development.
Email: elizabeth.earle@muckle-llp.com