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Track your progress >LAND REGISTRY PUBLISHES PRACTICE GUIDE ON LAND BANKING
The Land Registry has published Practice guide 78: land banking, which provides warnings about land banking investment schemes.
Land banking is the practice of buying undeveloped land with the aim of dividing it up into small plots and then selling them on to buyers at inflated prices. The plots are offered for sale to individual investors, sometimes with the claim that there will be huge returns if they get planning permission for housing or other development.
Although some land banking schemes can provide useful investments for owners or buyers wishing to buy land for future sale or development, schemes can sometimes be used as part of a scam, causing buyers to lose money paid for land that cannot be developed.
The Land Registry has to register sales of plots within land banking schemes if all the necessary legal formalities have been met for that sale. It cannot refuse to process applications even if it suspects that the seller has been operating an illegal collective investment scheme or misrepresented the value of the land sold.
The aim of the Practice Guide is to improve public awareness of the risks of investing in these schemes.
