If you are interested in purchasing a site or property for development, we assist clients with deciding which type of contract is the most appropriate. We deal with conditional contracts subject to planning and unconditional contracts. Option Agreements and Overage arrangements. We explain the differences and guide you to deciding which is the most appropriate contract. We also deal with planning agreements such as Section 106.
Why or When would someone need this service?
If you are a property developer and looking to buy a site for development. This may include a residential property which you are intending to demolish and build on the land.
How does this process work? What are the steps?
When buying a site for development there are a number of considerations:
Covenants: are there any restrictions on building on the land or intensifying the number of buildings?
Easements: does the land benefit from the right of access to it when intensifying its use?
Is a scaffold licence required?
What utilities are available for connection?
When you instruct us we investigate the title and where possible carry out a site inspection and instruct commercial utility searches. We provide you with a comprehensive report on the title including issues in respect of covenants and easements. We provide you with a report on the searches.
If you are purchasing with the benefit of planning permission then we advise you on the requirements for the benefit of the planning permission to be passed to you.
The contract can be:
Conditional: for example you will only purchase the land if planning permission is granted and once granted the contract becomes unconditional
Unconditional: no conditions and a fixed completion date can be agreed
Option Agreement: you have an option to purchase the property/land once planning has been granted. You do not have to exercise the Option if planning is granted
The contract can include an overage payment which is a requirement to pay to the seller an additional amount of money sometime in the future
Finance: If you are seeking commercial finance then we can act for you and your lender will usually instruct their own solicitors.
How long does it take?
We usually arrange a site visit and instruct searches and review the documents within a week from receipt of instructions. These transactions usually require speed and efficiency and most are exchanged within four weeks from receipt of instructions.
Is it expensive? How does the cost work?
We shall provide you with a fixed fee quote which will be subject to our terms and conditions. Each transaction is different and we shall provide you with a competitive quote.
What are the things people should consider before calling?
Financing the transaction and obtain accurate forecasts for the new build plots that are intended to be built
Planning process and how long it will take to obtain planning and whether a Section 106 Agreement or similar agreement will be required by the Local Authority.
Profitability of the transaction when taking into account the Community Infrastructure Levy, Section 106 Agreement payments/restrictions, costs for obtaining planning permission and any other associated costs.
Why are Grant Saw the best people for the job?
Maria Lati has many years’ experience in acting for property developers buying land for development and identifying the legal issues and finding solutions to enable the development to proceed.