Best to buy a we farm or land, when you pass on to kids etc there is no capital gains tax.
I had a seasonal job in M&S in the run up to retirement, including a spell on the tills. When a colleague put her shopping on the conveyor belt, I enquired, 'Is that Stollen or have you forgotten your Staff Discount Card?'. Added a bit of variety to the tedium of scanning gateaux galore and Xmas puddings by the tonne ...I like stollen. prefer it to English Christmas Cake.
Salutary warning: near where I live are a lot of cliffside chalets. Most are holiday homes but some are permanent residences. Around the turn of the Millennium, a lot of those chalets came up for sale at asking prices low enough to set alarm bells ringing. All were leasehold and many of those coming up for sale only had five years or so of the lease remaining. Turns out that the leaseholder had died and the person who inherited the leases chose not to renew them and instead offered the freeholds for sale at ridiculously high prices (more than what the market price should have been for the chalet and land together). Several people who bought got badly burned. Some long-standing owners destroyed their chalets so that the new landlord couldn't benefit ... and then walked away!For most housing estate dwellings, 99 year leases were the norm, Trev, and there was no guarantee of lease renewal, much less any certainty of a reasonable Ground Rent. But the iniquity of that system has begun to change, and the law is being changed, but slowly
Steve
FWIW, I suspect that's either a recent change in the law or doesn't apply to holiday homes (i.e. those where you're not officially allowed to spend the entire year in residence).Lease holder can't refuse the extension if you've been the property owner for over 2years.
I never liked the idea of leasehold properties, would never have bought one myself, and, for anyone starting out, suggest you avoid them like the plague.
The thieving "land grabs" happened a long time ago and the majority of "acreage" has continued to swap hands amongst the landed gentry or the very wealthy ever since. As a Northern pleb, it's quite satisfying to have acquired a little of it back, no matter how miniscule.
Caution: you might think you own it, but never forget it can always be compulsorily purchased or taken away from you at any point, if the government and their backers want it for something.
Wonder how many people's lives were upended with the unmitigated fiasco that was HS2, for example?
Above post 100% as you only have the use of it, and anyway you cant take it with you in the end.
Exactly!
Never councillors houses that get compulsory purchased though?
Nah, probably too many brown envelopes to clear out the way first, Rob...
You been reading my mind.The good thing about buying land is , they ain't going to make anymore,
good one Gadabout. I live on just such an development but as we bought the plot from the council and we had a folding caravan at the time we got the council to remove the clause so we are OK. However there are several others ignoring the clause and they seem to be OkJust park your perfectly legal fully insured, taxed and MOTd motor vehicle on the road (provided there are no other parking restrictions) outside the house of anyone who complains about a covenant preventing you from parking you MH in your drive. The nimbys will soon get the point and withdraw their complaints.
OR, perhaps the Councillors use their connections to get the information on where the CPOs will feature, and steer clear of them [or, take a gamble that there is a CPO threat on, say, the HS2 route, and wait for property prices to recover once the project has been cancelled and the CPO threat lifted]Never councillors houses that get compulsory purchased though?