What to do when you inherit land

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Inheriting land can be a great opportunity, but it can also be an overwhelming prospect when it comes to what to do with it. This guide will help to explain what options you might consider after inheriting land.

Inheriting land is a situation which many people have unexpectedly found themselves in, but unlike with inheriting money it’s sometimes not obvious what to do with the land. Not all land is created equally and depending on the particulars there could be many options for what to do next. 

Get a land valuation carried out 

First off, even if you have a general idea of what the lands’ worth is, it’s always a good idea to get a professional valuation carried out.  At FastBuy Properties we also buy and sell land and we can provide you with a land valuation.  However, we would recommend getting multiple valuations so that you can get a good idea of the real value of the land, and how much you could expect to receive from a sale.  The value of a section of land will likely depend on many factors including location, size and potential use.  Once the property is valued you can start to think about what to do with it.

Sell it

For a lot of people this will be the first choice. If you think you will have no need for the land either now or in the future it could be worthwhile to just get rid of it. A straight sale as is, could provide a boost in income that could be further invested elsewhere. 

Hold onto it

Property is a finite resource, and apart from creating new land with sand and stone in Dubai, no one is making any more of it.  While a section of land may not be worth much today future developments and council planning decisions can change that in the long run. The land you own now could very well prove valuable in the future if a developer wants to build on it or if a farmer decides they need to expand their crops.  Of course it can’t be guaranteed that this would be the case but if you don’t need the money a sale would bring in it could be worthwhile to hold onto the land until a later date.

Build a house

You may decide to use the land to build a house. This is a great option if you can afford it as you will be able to put the land to good use while building the house you want. Before a self-build though comes planning permission. The whole point of which is to allow the local authority to manage either the kind of developments which are allowed to go ahead in the area or changes being made to individual properties. Planning permission seeks to make sure new properties are in keeping with the architecture of the area and that land is not being used unsuitably. 

Getting planning permission can be a laborious process but things can’t move forward without it. A good first step in getting approval is to talk to your local authority before submitting an application. They will be able to advise you on whether permission is likely to be granted and also let you know what you may need to do to get it approved. 

While planning permission is being considered others will have a chance to object with letters sent to neighbours and notices placed at the property to inform the public. This will allow anyone with a genuine issue with the development to put forward their views.

Sell with planning permission

Planning permission can also be sought even if you’re not planning on building a property yourself. If you are granted permission for a particular development you can then sell the land at an increased price. This can serve as an ideal head start for someone wanting to build a home as they can begin to build much sooner with the pre-approved planning permission in place. 

Use it for farming or lease it

If the land has a farming history or you are looking to get into farming as a career you may be able to use the land in this way. The type of land and the location will obviously be a big factor in this.  Your soil quality will have an impact on what you can grow and the quality of your crops. You can arrange to have a soil sample carried out for under £50 online.

Renewable energy

If you own land which is in a position known for its strong winds renewable energy can be a very worthwhile option. Although it comes with considerable outlay, wind farms can generate large profits by generating electricity that is then sold to the national grid. There are a number of community owned wind farms in the UK that have successfully set this up and reaped the benefits. If you wanted to go down this route you would first need to hire a company to conduct a wind resource assessment which would calculate the wind potential of the land.

Re-wild the land

If the land you’ve inherited is unsuitable for any of the above or you have no use for it at the moment you could consider re-wilding it to help the environment. Rewilding land that was formerly used for farming can help to restore ecosystems and wildlife which helps the environment in a number of ways.