It’s not every day that someone inherits land, but if you find yourself in this position, you may be wondering what to do with your inherited land. Selling inherited land can be a bit of a process, but with the right preparation, it can be done successfully.
In this article we’ll outline how to sell your inherited land and some of the things you need to keep in mind. This includes determining whether an estate or land agent or land investor is the right fit for your inherited land sale.
How Do I Sell My Inherited Land?
The probate process is similar to that when inheriting a house and can be long and time consuming, but determining what to do with inherited land is the first thing you need to decide. We will start this guide from the point that probate has been concluded.
Step 1: Determine the Land’s Value
Before you can sell inherited land, you’ll need to determine how much it’s worth. From the probate process, you should have an estimate of the land’s value. However, if it’s been a year or more since going through probate, the value of the land may have changed.
Start by contacting a valuer who specialises in land and works to value land in the area that your inherited land is located. This will give you an accurate estimate of what fair market value could be for your land.
A land valuer will recognise advantages of the land such as access to utilities, proximity to roads, rail etc. They will also identify disadvantages such as being in an isolated area, or without easy access to the land.
Keep in mind that the value of inherited land will vary drastically depending on what it can be used for, for example building and development, agricultural or renewable energy. Its important that you discuss the different types of use with the land valuer you use.
Step 2: Estate or Land Agent or Investor?
There are a couple different options for selling your land, and the decision comes down to how simple you want the process to be and how long you’re willing to wait to sell your land…
Selling Inherited Property using An Agent
To sell inherited property with an agent, you will need to find an estate agent who specialises in land, or use a dedicated land agent. The agent should be experienced in the area where your property is located.
We recommend that you Interview multiple estate and land agents to find someone who is the right fit for you. We recommend asking at least the 3 questions below
- How many pieces of land have you sold within 5 miles of my land?
- On average how quickly did the land sell?
- How many times did they need to reduce the price of the land?
Remember: Most estate agents prioritise selling houses because that is most profitable for them. Land often takes longer to sell than a property as there are less land buyers than there are house buyers. Estate and land agents charge a hefty commission on land sales, so you could lose up to 3-5% of the sale price.
After choosing an estate or land agent, it’s a waiting game. Your agent needs to find a buyer, and land typically moves slow– we’re talking 6 to 9 months for a sale.
There can be lots of payments to make on a property or land while you are waiting for it to sell. From upkeep of entrances, tree and grass cutting to having drains and dykes cleared. Make sure to account for these costs when determining whether an estate or land agent or investor (or even selling land by owner) makes more sense for your land sale.
Selling Inherited Property To An Investor
If you don’t want to go through the hassle of waiting to find a buyer and dealing with sale costs, you may be a better fit to sell your inherited land to an investor. This can be a quick and easy process, but it’s important to keep in mind that investors usually pay less than market value for property.
However, choosing to sell to a cash land buyer is the fastest option. If your priority is to stop paying to maintain your land and cash out as soon as possible, get in contact with investors who buy land. Most investors will provide you a free, no obligation cash offer for your vacant land. This offer should include all of the costs associated with the sale, so you don’t have to deal with any hidden fees when selling your inherited land.
If you’re happy with the cash offer, your job is done. There is no waiting or delays, which means you can stop paying out on your land as soon as you complete. Not to mention, you don’t have to pay commission on the sale or solicitors or other legal costs when working directly with a land investor.
Step 3: completing the sale
When selling your inherited land, you will be working with a conveyancer or solicitor. They will deal with formalising the sale including getting contracts signed, as well as any other contracts associated with the sale (i.e., easements and rights of way).
You’ll want to provide all relevant documents, such as deeds and surveys for review during the legal process. The conveyancer or solicitor will let you know what is required to complete the sale. Completing the sale of an inherited piece of land can take several weeks and registration several months.
Closing Thoughts: How To Sell Inherited Land
Finding people willing to buy your land would be relatively easy if you know the potential of your land and can identify your target market. If you can use the techniques we have outlined, you’ll have more chance of selling your land fast.
Remember that a land sale may not happen quickly, and you may need to be patient. Land doesn’t usually sell as quickly as property.
If you need help to sell a piece of land you can contact us at K&G Lettings Limited. As active land investors, K&G Lettings Limited, are here to offer you cash to make the process easy for you. We get land owners out of any situation and can help you sell your land fast!
If you have more questions about the tips provided here. or how to find cash buyers for your land, don’t hesitate to contact us! We would be happy to answer any questions if you want to give us a call today on 01482 961961, Text ‘SellMyLand’ to 07984388819, email Land@kandglettings.co.uk or complete the form below to get your price and start your sale.
Get a fair all cash offer on your unwanted land by completing the form below. We’re professional land buyers and can make you a no-hassle no-obligation offer on your property. We specialise in buying land all over the United Kingdom, but particularly in Yorkshire and Lincolnshire.
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