Buying Some Land??
Discussion
Morning,
So before the Covid crisis struck our house was on the market and we had a potential property we wanted to buy, this has all since ground to a halt and with the recession looming we are considering staying put. The move wasn’t out of necessity just a bit more space, detached etc.
This week a small parcel of equestrian land has come up for sale about 5mins from our house, our daughter is horse mad and rides twice a week, we were considering looking into livery near to us and taking on a loan horse.
So by my reckoning that cost of livery won’t be massively difference to the cost of buying the land and I feel land will always have a value.
My question is around funding - we have a mortgage on our property with a decent chunk of equity in. The land is £75k so my initial thinking was whether we could release the whole amount to purchase the land or whether we should release 50% of the cost and run a small mortgage alongside for the other 50%?
Will a High Street lender allow you to release/remortgage to buy land or is this unlikely?
Is it must a case of speaking with our mortgage provider and explaining what we want to do and then a paperwork exercise??
Will there be stamp duty on land?
Conveyance process I assume is a lot simpler and quicker compared to that of a house??
Cheers
Si
So before the Covid crisis struck our house was on the market and we had a potential property we wanted to buy, this has all since ground to a halt and with the recession looming we are considering staying put. The move wasn’t out of necessity just a bit more space, detached etc.
This week a small parcel of equestrian land has come up for sale about 5mins from our house, our daughter is horse mad and rides twice a week, we were considering looking into livery near to us and taking on a loan horse.
So by my reckoning that cost of livery won’t be massively difference to the cost of buying the land and I feel land will always have a value.
My question is around funding - we have a mortgage on our property with a decent chunk of equity in. The land is £75k so my initial thinking was whether we could release the whole amount to purchase the land or whether we should release 50% of the cost and run a small mortgage alongside for the other 50%?
Will a High Street lender allow you to release/remortgage to buy land or is this unlikely?
Is it must a case of speaking with our mortgage provider and explaining what we want to do and then a paperwork exercise??
Will there be stamp duty on land?
Conveyance process I assume is a lot simpler and quicker compared to that of a house??
Cheers
Si
Indeed, although the livery cost was DIY so would have required us to be fully involved. Horses seem to be the centre of her world, we have always said that we would always do whatever we could to support her with hobbies bad pursuits. Lucky that I am a shift worker and my wife works from home so between all of us we should be able to keep on top of things.
I have always been an advocate of owning a piece of land, even if we did nothing with it - something in me feels that having your name on a parcel of land can only be a good thing in this developing world.
It’s not definite but just something we are considering.
Appreciate your advice, it’s always good to hear from other folk about their experiences.
Si
I have always been an advocate of owning a piece of land, even if we did nothing with it - something in me feels that having your name on a parcel of land can only be a good thing in this developing world.
It’s not definite but just something we are considering.
Appreciate your advice, it’s always good to hear from other folk about their experiences.
Si
It may be obvious, but check out whether the land has reliable water and think about some of the practicalities (where you’ll keep food/tools, whether you can put up a stable/field shelter, how you’ll get rid of the mountains of crap away).
If you’re planning on keeping horses (the use of the plural is deliberate, they’re herd animals and often don’t like being alone - or at least that’s theexcuse reason that was used with me) there all year round then think what it’ll be like when it’s dark and/or raining. Now imagine how much fun it will be in winter, just after the snow has melted and it’s a bit muddy.
If you’re planning on keeping horses (the use of the plural is deliberate, they’re herd animals and often don’t like being alone - or at least that’s the
The only thing horse ownership lacks in order to comply with the adage: "If it flies, floats or fornicates you're better off renting" is beginning with the letter "F"
http://www.bhs.org.uk/advice-and-information/horse...
Depending on area, renting amenity land (paddock / recreational land) is pretty cheap. Some small plots are (cash) rent - the owner being quite happy to have someone else take care of the significant expenses of hedging etc
Obviously there is no potential for capital profit ie change of use to say building land.
But on the other hand your daughter 'could' discover boys in a couple of years and you'd have an expensive field on your hands
Buying the land is one element but maintaining the land and the animals is another. Some hopefully helpful points:
- Horses don't usually like to be kept on their own. They are social creatures
- They don't need a field shelter, but it's quite helpful. Planning is needed unless they are portable (on wheels) which is perfectly possible
- You need quite a bit of space for a horse. Depending upon the land quality people talk about 1 acre per horse, but I think more as you need to rest the land
- It gets muddy - you might need to roll and harrow it (local farmer will do this for a fee)
- You might need to spray it to get rid of buttercups/thistles etc. Then your horse needs to not be on that land for 2 weeks
- gateways usually become muddy.... very muddy
- You need water at the field regularly as a horse can really drink a lot
- Think about where you are going to exercise the horse
- what are you going to do with the muck... and it's a lot of muck
- People will come and try to feed your horse....
- fence posts can break as they like to scratch against them
- Electric fencing works ok until they wear a rug and cannot feel it
Horses are lovely creatures but land management is not as simple as it first seems
Ask any questions as I am not an expert but have had a few acres for 3 years with horses on
- Horses don't usually like to be kept on their own. They are social creatures
- They don't need a field shelter, but it's quite helpful. Planning is needed unless they are portable (on wheels) which is perfectly possible
- You need quite a bit of space for a horse. Depending upon the land quality people talk about 1 acre per horse, but I think more as you need to rest the land
- It gets muddy - you might need to roll and harrow it (local farmer will do this for a fee)
- You might need to spray it to get rid of buttercups/thistles etc. Then your horse needs to not be on that land for 2 weeks
- gateways usually become muddy.... very muddy
- You need water at the field regularly as a horse can really drink a lot
- Think about where you are going to exercise the horse
- what are you going to do with the muck... and it's a lot of muck
- People will come and try to feed your horse....
- fence posts can break as they like to scratch against them
- Electric fencing works ok until they wear a rug and cannot feel it
Horses are lovely creatures but land management is not as simple as it first seems
Ask any questions as I am not an expert but have had a few acres for 3 years with horses on
Bloke I work with keeps horses. He's got 3 and reckons he spends a minimum of £400 a month on them. This was also for his daughter who is now 19 and rides something else..... Luckily his wife is still keen on horses so they do get some enjoyment. His long term plan is to get planning for an house on the land but that is very long term.
As other said,it's a lot of work and time. He's not been on holiday with his wife for 15 years, though he likes it this way! There is no water at the field so spend a lot of time lugging water up there. Also fixing fences, farrier bills, hay in winter etc.....
As other said,it's a lot of work and time. He's not been on holiday with his wife for 15 years, though he likes it this way! There is no water at the field so spend a lot of time lugging water up there. Also fixing fences, farrier bills, hay in winter etc.....
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