Acquiring your aspirational country estate should be an exhilarating and exciting time for most discerning buyers – for most it's the fulfilment of a pipe dream. However, there are many factors and considerations to consider.
Even the most competent, experienced negotiator in business who is use to negotiating multi-million pound contracts believe it is relatively easy to agree a deal to buy an estate perhaps in excess of £5m. They would be mistaken or at least underestimate the complexities of a potentially intricate negotiation; many high value properties in the country are sizable properties with land, additional dwellings/cottages, outbuildings and the rest.
When contemplating buying a substantial and high value ‘Country Estate or Manor House’ even prior to you starting the search is to retain a conveyancing solicitor with the proven track record and experience of handling such an acquisition. Such an appointment will be invaluable and if possible, insist that the solicitor makes a ‘site visit’ to view the property, estate and walks the boundaries with you. Whether this is prior to making an offer, while the negotiations are on-going or after a deal has been agreed.
Appoint a tax advisor or specialist again who is an expert in this area of business and personal taxation.
Identify and choose the right experienced team of advisors around you that you can work with on a short, medium - long-term basis.
According to Savills 19 country estates in the U.K. were sold or under offer for over £15 million in 2020. In southern England, most country estates valued in excess of £8m are geographically going to be over a two-hour drive from London.
Aristocracy, Land Gentry and tradition over many years meant that the family estate was nearly always and sometimes expected to be passed down from father to the eldest son. The preparation process of this event was planned for many years in an ideal situation enabling the son to become knowledgeable and experienced as to how to understand the running and managing of such a family asset in a rural community. Some rural communities are still dependent and reliant upon employment, involvement and the success of a well-run country or farming estate.
Inheritance and legacy have understandably changed over the past century with fewer estates and farms being hereditary owned. So, a small number of new ‘country lairds’ are people who have chosen to invest and maybe have a complete change of career, swapping the City lifestyle and becoming a ‘country squire’.
The financial commitment in acquiring an ‘estate or farm’ in the country goes well beyond the capital outlay of the purchase price and the overall legal cost of buying such a property. Prior to any high value purchase we would always encourage and insist that the buyer fully accepts and is financially aware of the maintenance and running of such estates. Historical data of invoices and payments made should always be well documented and made available; besides this transaction becomes a business as well as a family home.
Becoming an integral part and being accepted into the local community shouldn’t be underestimated and taken too lightly in its importance. Falling out with locals, the community and even the local parish council could be catastrophic! Identify ways of getting to know the community and start the integration process as soon as possible.
Involve and include the local community where possible; buy your agricultural supplies from them, do your shopping locally using the butcher, grocer, DIY store and post office facilities. Extend an invitation for other local farmers to graze the land with their sheep and cattle.
Look after the local community and they should respect and look after you.
When you need help finding the perfect property, it's time to call in the experienced property buying agents. For more information about buying your next home, please contact Premier Property Search on 01962 793100 or email enquiries@premier-propertysearch.co.uk
