We have recently helped a young couple who have taken over the farming business set up many years ago by the husband’s family in East Sussex.
They were keen to develop the livestock and arable farm into a profitable business to secure the family’s future. We advised on their options and helped them through the various procedures and tax planning issues in taking over the land and farm buildings previously tenanted.
They came to us for advice on the notice to quit their old Agricultural Holdings Act tenancy that had been served on them, which left them without valuable succession rights. Fortunately the landlord was willing to sell the land and we then advised on the structure of the purchase and the funding requirements.
It was important to them to maximise the potential of the farm to sustain a livelihood, whilst having to balance the concerns of the seller and neighbouring landowner. We helped them with negotiations on the type of commercial diversification that would be acceptable to both sides, so that they could reach a workable agreement and we successfully completed the purchase.