Question 1

What can I do with a small plot of land?

Accepted Answer

As with city developments, this land could be used for building commercial or residential property, or many other activities such as agricultural use, leisure (fishing, quad biking etc.) and storage.

Question 2

How do you value a small plot of land?

Accepted Answer

Plot Value = End Value – Development Costs – Desired Equity

Then identify and deduct all the costs involved in designing and building the house. The remaining amount will be the desired development profit or equity, and the sum you need to buy the plot. This is essentially its valuation. The calculation is simple.

Question 3

Do I need a solicitor to buy a plot of land?

Accepted Answer

If the transaction involves a mortgage, it's almost certain that the lender will insist that a solicitor is used for the conveyancing. If you do your own conveyancing and something goes wrong, then normally you'll have no cover. If you use a professional conveyancer, you'll be covered by their professional insurance.

Question 4

How much is an acre of land worth 2022 UK?

Accepted Answer

In the third quarter of 2022, land prices have continued to rise, with the overall average farmland value in Great Britain increasing 3.3% to £7,600/acre, according to Savills.

Question 5

Do you pay stamp duty on a plot?

Accepted Answer

As with buying a property such as houses or flats for solely private use, for example, you are usually required to pay stamp duty when you purchase plots of land.

Question 6

How much do solicitors charge when buying land?

Accepted Answer

A fully qualified reputable solicitor in London offering a fixed fee is likely to charge between £850 and £1,500 including VAT at 20%* depending on their seniority and expertise. If additional legal work is required beyond the remit of the standard conveyancing process, additional fees would be payable.

FAQs