Agricultural land has long proved a sound investment in the UK, with prices increasing exponentially over the years.
According to the latest Farmland Index published in July by property consultancy Knight Frank, the average price of bare agricultural land in England and Wales hit a new all-time high in the second quarter of this year, with prices reaching £9,335 per acre.
This represents an increase of 5.5% from the same period last year (£8,845 per acre) and represents more than 30% growth over five years. Prices of bare agricultural land have increased by more than 282% in the last 20 years, according to the Index.
Although the market for farmland slowed slightly in the run up to the general election, largely due to uncertainty about Labour agricultural and taxation policies, commentators are confident that the appetite for buying and selling agricultural land in England and Wales will remain robust.
“The introduction earlier this year of biodiversity net gain requirements for all property developments is already encouraging yet more interest from green investors in farmland,” says the report.
“And with Sir Keir Starmer publicly stating that he wants to turbocharge housebuilding in the UK with the delivery of 1.5 million new homes in his first term of office, not to mention a significant uplift in the construction of new onshore wind and solar projects, as well as ambitious tree-planting targets, the hunger for farmland should quickly resume,” it continued
Buying and selling agricultural land can be more complicated than conveyancing on residential property and comes with a series of unique challenges.
In this blog, our experienced Agricultural Conveyancing Solicitors consider the process involved in buying and selling farmland and other forms of agricultural land.
What is agricultural property?
Agricultural land and property is defined as any land, pasture, or building used for farming purposes, such as growing crops or raising animals.
Some common examples of agricultural property include:
- Farmhouses.
- Farm buildings.
- Pastures.
- Agricultural land.
- Woodland.
- Stud farms.
- Farm machinery.
Is conveyancing on agricultural land the same as on residential property?
There are some similarities between what is involved in buying and selling farmland and other agricultural property and the conveyancing process on residential homes.
However, some significant differences exist, and additional checks are often required during conveyancing on rural land.
Specialist advice is vital. At Bowsers Solicitors, our experienced agricultural conveyancers in March and Wisbech have helped landowners, farmers, farming businesses and agricultural land agents buy and sell rural land and property across Cambridgeshire and beyond.
Our agricultural solicitors in Cambridge understand the challenges facing farm and landowners. We offer a comprehensive legal conveyancing service that is thorough and efficient and use our years of industry experience to understand your challenges and advise you on the most appropriate steps to move forward.
To speak to one of our farm property solicitors or chartered legal executives today, please call 01945 583194 (Wisbech) or 01354 652606 (March), or email reception@bowsers.co.uk. Alternatively, you can fill in our contact form.
Our agricultural lawyers also assist clients with various other agricultural-related business law matters and disputes.
What does conveyancing on agricultural property involve?
Buying and selling a farm, smallholding or other form of agricultural land or property involves the following main steps:
- Instruct an experienced agricultural conveyancer.
The first step in the process after you have found your desired land or property is to speak to a solicitor specialising in agricultural property law. A commercial lawyer with experience in farmland transactions will handle the legal side of your sale or purchase and ensure it runs smoothly.
- Searches and review.
After you have had an offer accepted, your conveyancer will review the plot for sale, undertake searches and prepare the paperwork. You should arrange a survey and raise any issues with the buyer/seller.
Some common checks undertaken in agricultural conveyancing include:
- Agricultural searches.
- Boundaries.
- Protection orders.
- Title rights.
- Wayleave agreements.
- Public or private rights of way.
- Fishing, shooting and hunting rights.
- Tenancies.
- Contamination issues.
- Employment issues.
- Plant and machinery contracts
Once any queries have been satisfied, your solicitor will prepare the contracts.
- Exchange contracts.
Signed contracts are exchanged between buyer and seller and the transaction becomes legally binding.
- Set completion day.
A completion day is agreed and the buyer pays the outstanding amount of the purchase price.
- Pay stamp duty.
Any stamp duty must be pad within two weeks of the completion date.
- Post-completion issues.
Your conveyancer will deal with any post-completion issues, including registering the transfer of title with the Land Registry.
Agricultural Property Solicitors Near Me
Agricultural property law is a specialist area of law that should be approached carefully and with consideration. At Bowsers Solicitors, we have a depth of knowledge in this area, having offered agricultural property services to clients across Cambridgeshire, Lincolnshire, and Norfolk for many years.
We act quickly and efficiently for all our clients, doing our utmost to ensure that the transaction is completed within the given timeframe and everything is handled appropriately.
Instructing a specialist commercial lawyer to assist with your agricultural transaction is essential. Our team have the expertise and industry knowledge to assist with a multitude of transactions, including:
- Agricultural Holdings Act 1986 tenancies.
- Conservation and the environment.
- Criminal justice and public order.
- Equestrian holdings.
- Farm business tenancies.
- Farm business reorganisation and restructuring.
- Farm renewable energy.
- Inheritance tax.
- Land use.
- Licences.
- Partnerships, share farming and contracting arrangements.
- Purchases and sales of country houses, estates, farms and land.
- Restrictive covenants.
- Rights of way.
- Secured lending on agricultural property.
- Taxation and rights.
- Town and country planning.
In addition, not only do we advise on the more generalised legal issues that might arise, as listed above, we also share knowledge of non-legal issues that farmers and landowners consistently face.
If you are looking for agricultural property advice, please contact our experienced solicitors and chartered legal executives today on 01945 583194 (Wisbech) or 01354 652606 (March), or email reception@bowsers.co.uk. Alternatively, you can fill in our contact form.
