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Even in uncertain economic times, farm land will be one of the most valuable commodities that farmers deal with. Whether you are buying or selling there are simple steps you can take to protect yourself, minimise liability and maximise value. Vicky Hernandez, Director and Head of Property at Hedges Law, has some top tips.
- Understand what you are buying/selling and the appropriate structure
Most land is held as a separate asset and is sold by one individual or farming partnership direct to another. However, this may not be the most cost-effective way to transfer land. Some land may be owned by a company, for example, and it might be more tax efficient to buy and sell the shares in that company instead of the land itself. Transactions can be as simple or complex as the parties choose to make them, but it is worth considering all the options before settling on an agreed way forward