Selling your farm can be a daunting and complex experience, requiring a lot of patience, details and documentation. It is nothing like selling a house as you’re selling a business and a home which means many considerations and processes need to be put in place. However, if you approach it in the right way, with enough planning and organisation, the experience can be a lot calmer and, importantly, more profitable.
Plan in advance
Many farmers, including clients we’ve worked with, have greatly underestimated just how long it takes to effectively sell your farm, from beginning to end, which has created a more complicated and less fruitful selling experience.
To reach its true selling value potential, you need to get things moving well in advance of the time you’d like to sell your farm and land. There is a huge amount of legal information, paperwork and documents that need to be prepared and approved such as division of proceeds between owners, partnership issues, outstanding Basic Payment Scheme (BPS) matters, historic planning permissions investigations, confirming accesses and unwritten tenancies which each need addressed properly so that the sale can be completed.
There is also numerous tax implications involved when it comes to selling your farm so it’s important you keep this at the forefront when planning your sale. It’s vital you understand the tax issues and ensure you’ve addressed them properly at the start of the sale process. Last minute realisations of tax liabilities will not only slow down the sale, it might potentially put the entire sale at risk.
Get the right advice
Once you have made the decision to sell, it’s important that you seek advice on how to sell your farm effectively, to secure the best value. The right advisor will sit down with you at the very beginning and outline everything you need to do, that they can do on your behalf, and explain the entire process and what the sale of your specific farm will entail. We have worked with a wide range of farmers across the region to help sell their farms – whether that’s an arable, stock, equipped farm or bare land with development potential – and our team have the experience and skill set to ensure you sell successfully.
George F. White is currently preparing a number of farms for the market in 2018 and 2019, following a busy 2017 in farm and land sales across the North. If you are considering selling next Spring, now is the time to get in touch with a professional, trusted advisor before the Christmas period where most professional offices are closed.
To discuss the sale of your farm, or if you have any questions, please contact your local Rural Practice Surveyor:
Northumberland and Borders: Tim Michie firstname.lastname@example.org
Durham and Yorkshire: Matthew Brown email@example.com