Sale of land to family friend - is auctioneer needed as well as solicitor?

C

creditworthy

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Good afternoon ,
We intend selling a piece of land to a family friend . It will be sold at market value . Do we need to involve an auctioneer or can a solicitor / solicitors ( is a separate one needed for the seller and purchaser ? ) complete the transaction on our behalf ?
Thank you
 
You don't need an auctioneer/estate agent for such a transfer. Both parties will need their own solicitor to advise and to deal with the conveyancing.
 
ClubMan said:
You don't need an auctioneer/estate agent for such a transfer.
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You don’t, but both parties would be wise to get a written valuation.

There is probably a CGT liability for someone at some point and it’s good to have evidence of the property’s market value.

Likewise if there is stamp duty due.
 
Well, exactly. The written valuation would be the agreed method of establishing the market value with some degree of obectivity and expertise. It reduces the chance of one party later going sour on the deal and saying they were conned into paying too much/accepting too little for the property.
 
@ClubMan

Market value for farmland is notoriously difficult to ascertain for a few reasons such as peculiarity of terrain, illiquid market, and lack of transparency in sales. It’s not like valuing a 3-bed semi in an estate of 100 3-bed semis.

I wouldn’t like to have to defend “market value” with no expert opinion in place to Revenue in 20 years time.
 
creditworthy said:
Ok , thanks ! Thought it would be good for transparency !
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How? Unless they arrive at the same figure (in which case I'd be wondering), you'll end up with valuations, one higher than the other.

You'll still be no further on in determining which one to use.

And if you split the difference, you'll be disagreeing with both valuations.
 
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