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Hi, does anyone recommend any templates to use for option to buy land for property development - ie right to buy the land once planning is given and after the development has finished .
There are quite a few plots of land that I want to offer on so do not want to have to get a solicitor for each. To make these legal would the vendor need to sign in front of a solicitor or who?
I’m not.a solicitor but if there is no chance consideration to the option and you are not in Scotland then you will need to execute as a deed. However why don’t you get a lawyer for one and replicate if you want. I think they are two ways to do this - separate option deed or conditional completion terms on exchange.
Chartered Accountant, Tax Advisor and Mortgage broker
(and BTL portfolio owner)
If you don't know what you are doing it is fraught with danger, doing it DIY. This will obviously involve a lot of money which you are putting at risk, so is it worth it? My solicitor has done many house purchases for me over the years and on numerous occasions has raised concerns that have led to us walking away. Issues that maybe we wouldn't have seen. Including local knowledge of the unsavoury nature of the sellers or freeholders. Good luck but I certainly wouldn't go down your route.
Just spoke to a friend who said his brother used - simply-docs.co.uk/Option-Agreements-Over-Land/Option-Agreement-Buyer-to-Obtain-Planning-Permission
That seemed fine for him last year. Anyone else used that?
If tying land up on Option agreements I would recommend enaging a solicitor familiar with such transactions...many commercial solicitors are but many standard high street solicitors are not. If you are looking to develop a piece of land (from planning through build out) without buying the land until the development is completed, then you would might need to consider structuring the deal along the lines of a joint venture with the landowner...otherwise most would want their money soon after you gain planning consent...unless there is a large financial incentive for them to wait for the development to complete....bearing in mind also that any development finance you use for the build out will want security over the land.
As for legal representation for the seller, if you want the Option to stick and not risk getting turned over in the future then the seller should have independent legal representation. Once you have an Option agreement from a first deal you can reuse it for others. I have heard it said a benefit of having an Option agreement prepared for you is that the solicitor's professional indemnity insurance then stands behind you if things went wrong.
As for offering on plots of land, you could do that without engaging a solicitor until you get an accepted offer, and make offers conditional on there being no issues with the legal title, restrictive covenants etc.
* New build residential developments and flat conversions in the Home Counties* High end HMOs in Reading and Bracknell