'Mixed-use' rate - Stamp Duty Tax
Jack Keats | 06.03.2019
01.03.2019 Sarah Jordan
We are regularly being asked to report on the status of agricultural tenants who occupy land required for development by the landowner, whether access can be obtained by a promoter and buyer for site surveys and investigations; and for providing a strategy for delivering vacant possession of the land in question.
In many cases, this work crosses over nicely with our land development specialists – such as Steven Watts who is featured in this edition of Rural News – who are working on options and promotion agreements for the landowners.
Agricultural tenancies are a ‘minefield’ and careful consideration will need to be given to consider the type of tenancy in question and potential rights the tenant may have, which Simon Beetham touches on in his article.
Our team will provide a formal report assessing what type of tenancy is involved, how access for site surveys may be obtained and essential advice for landowners and their development advisers on how and when vacant possession can be delivered.
Communication and open negotiation between the landowner, agents, lawyers and the tenant will be key to help achieve early vacant possession for a landowner.
Often, a financial deal can be done with a tenant to surrender early. This may appear costly in the short term, but is often more cost effective than a battle for possession under agricultural tenancy legislation.