Recently the Land Registry issued a warning, see Practice Guide 78: Land Banking, to land banking investment schemes. Land banking is the practice of purchasing undeveloped land, then splitting it into smaller plots. These plots are then resold at an increased price to investors and buyers for a profit. Investors often buy these plots as they are told they too can profit from this land if they gain planning permission for housing or other developments.
However this is not always the case, the Practice Guide warns that land banking schemes can actually be scams. This is because individuals are sold land which is not eligible for planning permission, often Greenbelt land. In these cases the investing party or individual is forced to resell the land at a loss.
The land registry is responsible for registering sales of plots within land banking schemes, provided all required legal necessities have been met for that specific sale. This is often easier said than done, as dedicated Manchester based Commercial Dispute Resolution Solicitors we are on hand to provide support to ensure that your land banking schemes meet the required legal necessities.
If you suspect you have been miss-sold a land banking scheme then our team of Manchester based land litigation solicitors are on hand to support you.
For further information, our team can be contacted by calling:0161 832 6131