Of great concern to many clients is the worry of getting caught up in this devastating situation. Firstly buyers should realise that only a very small minority of people are being affected and secondly that this dreadful law only affects certain kinds of land. The media have done an excellent job in alerting potential buyers to the situation, but they have unfortunately also caused great confusion by not actually advising clients how they can so easily avoid getting caught up in this problem.
The LRAU classifies 3 types of land and it is this classification of the land, which is so important:
Developed – urbanised land where developments are completed or nearing completion
Land for development – in the process of being urbanised where all the approvals are in place and the development and its entire infrastructure has already been decided upon and plans established.
Rural or Rustic – land without an approved development or urbanisation programme.
At least 90% of buyers purchase property on land from the first 2 categories, and those buyers can be completely reassured they will not be affected in any way. If the property you intend to purchase is on land already designated as Urban the local authorities cannot change this in the future.
On the other hand buyers who intend to purchase on land from the last category, where no approved development programme is in place, absolutely MUST carry have the necessary surveys and investigations carried out by their solicitor, to find out if they could be at any possibility of risk either now or in the future. Searches can be done at the local town halls to establish this.