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Posts published in “Property Investment”

Buying A Derelict Property – What You Need to Know

Derelict property is an often overlooked and extremely viable option when looking to purchase land, plots or an area for building development. There are many advantages to purchasing a derelict or renovation property although it is worth remembering that the rules for building development and planning permission will vary depending on which part of the UK you are in.

For example, planning permission for the erection of a new property is often easier if there was already a derelict property or abandoned property on the site. Essentially this means that a building did exist therefore your new building is not the first house to be there, as opposed to buying the corner of a field and attempting to gain planning permission for a building where no building ever was. Derelict property also comes in all shapes and sizes, such as derelict houses ripe for renovation, barns, industrial buildings, etc. This means the derelict property itself may be suitable for conversion into a dwelling house or perhaps even apartments if the property is large enough.

Derelict Property For Sale

Derelict properties for sale are often listed in different ways depending on which estate agent or website you are looking at. For example, some may be listed under plots for sale, some under houses for sale (yes – even when they are derelict) and others simply as development opportunities. Be sure to have a thorough look though your estate agents website.

Buying derelict or renovation property for sale in the UK is often straightforward but do check the local planning laws and permissions required depending on your circumstances. This is particularly true if you plan to convert a derelict property such as a barn or church into a dwelling house or property for sale. It is well worth looking into every possibility before making your property purchase. A common mistake with derelict property is underestimating the actual costs of developing the property into a suitable house. Many would-be property owners have simply run out of money and been left with a half-finished converted property.

Derelict Property Pitfalls

Apart from actual planning permissions required for derelict property, there are other matters to consider. Common problems include access rights. Is your derelict property on a farm? Do you have permission to use the road that runs through the farm? Other problems include excessive costs for the connection or routing of electricity to the property, sewage disposal and water supply to the property. Remember many derelict properties for sale in the UK were built before the days of piped water and electricity so do your homework before you buy your property!

Renovating A Derelict Property

Just because a property requires renovation or appears to be derelict it doesn’t mean the property or house is for sale or that someone doesn’t own the property. If you see a house, barn, windmill or any other building that requires renovation be sure to check with either neighbours or the local authorities to find out who owns the property. It doesn’t take long to find out and it is not advisable to view or explore a derelict or renovation property until you have permission from the owner. There are right ways and wrong ways of finding your ideal derelict property for sale.

Buying a derelict property for sale may seem like a dream to most people but it can so easily turn into a nightmare. Frankly speaking, renovating a house can be a real headache, especially if starting from a derelict property that may have to be pulled down before you can begin renovating. If you are not certain you have the patience, drive and determination to renovate a property then don’t do it. On the other hand, finding the right derelict property for sale is very exciting and renovating a house from scratch can be extremely rewarding. It may go exactly according to plan but as long as you are prepared for a few home improvement surprises then you won’t be disappointed. Renovating a derelict property is a major commitment but you could end up with your beautiful dream home.

Buying A Derelict Property In Scotland

Scotland has it’s own legal system and this also applies to all property sales and property rentals. When buying a property in Scotland the system allows for the purchase of assets via both an estate agent and directly from the property owner. In the latter case the purchase is conducted under Scots Law and in both the property buyer and the seller must have legal representation.

It is also common when buying property in Scotland to see the ‘offers over’ method of selling. Essentially this is a sealed bid process where you have no idea what other people are offering for the house or building. The seller reviews the offers and takes the one best suited to his needs. If he receives two close offers on a house for sale and one is cash and the other pending finance, he may wish to opt for the cash purchase. However, you are free to offer the seller any price, not just an offer over. This sometimes confuses people from England who are buying property in Scotland.