Self Build - Buying the Land

  1. Home
  2. Products
  3. Mortgages
  4. Self Build
  5. Buying the Land

This is the first formal step in the process and as such is particularly significant.

Finding a plot

There are several online databases that can provide details of local plots for sale. In addition clients are recommended to spend some time in each area under consideration speaking to estate agents, land agents and researching any land sale advertisements in the local press.

Other people to contact include developers, the local council and the utility organisations for the area, all of whom may have an individual plot of land that is surplus to their requirements and available for sale.

A further suggestion might be to get together with a group of other potential self builders and buy a bigger piece of land to develop.

Buying a plot of land

Many development plots are sold via auction where typically a 10 percent deposit will be required on the day with the balance due within 28 days. Therefore the finance required must be securely in place before the auction takes place in order to avoid any possibility of entering into a commitment that cannot subsequently be met.

Alternatively plots can be purchased via land agents, who perform a similar role to residential estate agents. They will source suitable local land that is available for sale that meets the buyers criteria and convey offers to the seller. Again, it is normal for land agents on behalf of their client to insist that a potential buyer can prove his ability to meet the purchase price. If this is to be partly funded by a mortgage, an approval from the lender will usually be required at an early stage.

Our tracker rate mortgages are linked to Bank of England bank rate (also known as Bank of England repo rate). Details of this rate can be found on the Bank of England website at

For independent information on mortgages, visit the website 'Money Advice Service'.

If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority's advising and selling rules. This site is intended for UK residents unless otherwise stated.

Halifax is a division of Bank of Scotland plc. Registered in Scotland No.SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Copyright © , Halifax plc. All rights reserved.