View Full Version : Land sales - POW collierscre


Zebra
02-10-2004, 00:42
Having read the post about the POW camp I went and had a look at the collierscre sitte. I'm interested in this idea of buying land - not the POW site, but I know nothing about the laws on this kinda thing.
Like whats the FR&I terms - what does it mean?
Is land classed as something you can get a mortgage for?
I did a quick search on the net but I dont even know the legal jargon to search for.
If I went ahead I would employ a solicitor but I wanna know the absolute basics first so I know if I really want to do it.
Can anyone help please?

Tony
02-10-2004, 06:38
FRI - Fully repairing and insuring - ie, you have total responsibility for the property.

As for a mortgage, land is normally subject to a commercial mortgage unless you intend to build a house on it. If you just want to 'own' land then you will simply have to prove that you have adequate income to pay the loan and in that respect you are in the same scenario as buying a house.

Buying land is not for the faint hearted though. The rate of inflation is nothing like that for normal property, and you are legally responsible for what happens on it too.