Residential and commercial development
Whether you are looking to buy a building plot for the construction of a single house or a brownfield site for the construction of several commercial or residential units, we can assist with the site acquisition, site set up and onward plot sales or leases of units.
We will carry out a thorough investigation of the legal title, looking specifically at whether there are any restrictive covenants preventing development and if so exploring solutions; discussing and carrying out necessary searches with local authorities and utilities companies; addressing issues relating to easements such as drainage rights and routes for service media.
Working as part of your team of professional advisors we will liaise with your planning team, architects and surveyors to ensure you receive all the advice you need to successfully complete your development scheme.
We can advise land owners and developers in respect of agreements to sell or buy land in the future, for example once planning permission has been obtained. These are referred to as Option Agreements and simply put are contracts which give the developer an option to buy the land during a set period of time, when certain conditions have been satisfied.
These agreements are often used for agricultural land that is likely to come up for planning in the near future and enables developers to reach an agreement with landowners to buy the site once planning permission has been secured. The landowner receives a non-refundable payment on completion of the Option Agreement, but will have restrictions on how they can deal with the property during the Option Period, which can be up to 21 years in length.
Planning or Land Promotion Agreements are a popular alternative to Option Agreements. Rather than granting the developer the option to buy the property, the “Promoter” will work at promoting the site for planning and apply for planning permission for development of the site.
Instead of the Promoter actually buying the property and carrying out the development themselves, then once planning permission has been obtained the site will be sold directly by the landowner to a developer and the Promoter will receive a percentage of the total sale price, plus the costs they have incurred in the planning process.
Unlike an option agreement which provides the developer with a choice as to whether to exercise the option to buy the land, a conditional contract is a firm agreement to sell and buy once conditions have been satisfied.
This kind of agreement is useful in situations where a planning application has been submitted but not yet received and both parties are committed to completing the transaction if the permission is granted.
A contract can be entered into for the sale and purchase of the property, at a fixed price, say 10 working days after the planning permission has been granted.
If you would like more advice or would like to discuss which kind of agreement is most suitable in your circumstances then please contact Elizabeth Williams on 01926 679631 or firstname.lastname@example.org
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